The Union Bank of the Philippines announced last Wednesday it has rolled out a biometric verification and authentication technology in subsidiary UnionDigital Bank Inc. bought from London, United Kingdom-based iProov Ltd.
The lender didn’t say in a statement how much it invested in the technology. UnionDigital Bank Chief Information Security Officer Russell Hernandez was quoted in the statement as saying the lender needs ‘a flexible and future-ready solution.as we shift toward risk-based authentication.’
According to the lender, the technology would be used mainly against money mules and ‘account takeovers.’
The latter happens when fraudsters gain access to customers’ bank accounts as if they were the legitimate owner.