First Vietnamese bank applies facial recognition technology in transactions

First Vietnamese bank applies facial recognition technology in transactions

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The Viet A Bank became the first bank in Vietnam to apply facial recognition technology to enhance security of internet banking and mobile banking transactions.

Accordingly, customers will have two choices of authentication with One Time Password (OTP) or facial recognition, reported local Vietnam Economic Times (VET) online newspaper on Tuesday.

As a result, with the latter option, instead of receiving an SMS with OTP to confirm transactions, customers will use cameras on their devices to recognize their faces and confirm transactions.

The facial recognition technology is a security mechanism that receives higher appreciation and encouraged by the State Bank of Vietnam, said VET.

In a recent draft circular on security issue, the country’s central bank is planning to regulate the application of biometric security to further enhance security of online transactions, reports AFP.

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