Inside the heated fight against facial-recognition scams
Synopsis
Facial recognition has been increasingly adopted by payment providers and banks as an additional identity-verification method for online transactions. However, the biometric technology is in the crosshairs of fraudsters, with a rising number of scams exposing its vulnerabilities. Industry insiders say the cases reflect the challenge facing institutions in staying ahead of criminals.
Han WeiBeijing resident Li was appalled when she found that 430,000 yuan ($60,680) disappeared from her bank savings within minutes. The money transfer, which was supposed to be verified through facial recognition, went undetected, Li said. It all happened in June 2021 after Li received a call from someone claiming to be a police officer who questioned her on alleged money laundering. To prove her innocence, Li followed the caller’s instructions
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