Mashreq NEO Uses Facial Recognition to Safeguard Against Fraud
Mashreq NEO, the full-service digital bank from Mashreq Bank, has announced that it will enable residents to conveniently open a bank account using facial recognition technology. The initiative, launched in collaboration with the UAE’s Ministry of Interior, leverages the ministry’s existing facial recognition verification system, which uses technology to validate and authenticate Rightful holders of […]
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Mashreq NEO, the full-service digital bank from Mashreq Bank, has announced that it will enable residents to conveniently open a bank account using facial recognition technology.
The initiative, launched in collaboration with the UAE’s Ministry of Interior, leverages the ministry’s existing facial recognition verification system, which uses technology to validate and authenticate Rightful holders of official documents in real-time against government databases to safeguard against fraud. This process, in turn, enables customers to open their new accounts securely and seamlessly.
Starting from early November 2021, new customers of Mashreq NEO will be able to access banking services by simply scanning their Emirates ID and using their face as their primary authentication method; eliminating the need to visit a bank branch, as well as making the process more secure.
Fernando Morillo, Senior Executive Vice President, Group Head of Retail Banking, Mashreq Bank, said, “We are delighted to launch this service , the first of its kind by a digital bank in the UAE, in collaboration with the Ministry of Interior. Capitalising on the latest facial recognition technology, our customers’ identities will be verified instantly through artificial intelligence, thus providing our customers with a convenient and seamless experience without compromising on their data security.
“The service builds on the UAE’s leading digital agenda, and at Mashreq, we see biometric technologies such as this playing a larger role going forward, as customers look for safe but convenient ways to conduct their financial transactions and benefit from a superior customer experience.”
Lt Colonel Dr Ahmed Saeed Al Shamsi, Head of the Artificial Intelligence Systems and Services Development Team at General Directorate of Security Support, MoI said, “We are keen to develop our relations with all national institutions to benefit from modern technologies and the distinguished infrastructure of the UAE Government. This aims to achieve the directions of the UAE government and the vision of UAE wise leadership in enhancing the quality of life of the Emirati community by providing modern and updated services that meet the needs of customers.”
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“We are working to expand the integrative work with all institutions in the public and private sectors and support them in enhancing the security of digital transactions and services in the face of the challenges of the times and technical developments in which The Ministry has invested in new technologies, including the facial recognition, and its employment and generalisation of its use to achieve the directives of the UAE government.”
Sridhar Iyer, Executive Vice President and Head of Mashreq NEO and Liability Products, Mashreq Bank, said, “Facial Recognition verification system allows customers to open a bank account instantly, in a secure as well as seamless manner. As a bank, we strive to continuously offer innovative products and services to our customers to conduct their daily digital financial transactions with complete ease and peace of mind.
He said that the Ministry of Interior’s facial recognition system provides improved security and enhances “infrastructures compatible with the needs of biometric identification of people and digital document holders” that use the latest facial recognition technology to complete identity verifications in seconds.
