Five banks get BOT okay to use facial recognition technology

[rooster59]

Five banks get BOT okay to use facial recognition technology

By The Nation

 

Bank of Thailand’s assistant governor Siritida Panomwon Na Ayudhya

 

The central bank issued guidelines on July 22 on using biometric technology, including facial recognition, for use in financial services, and five banks have put the KYC (know-your-client) procedure in place for the opening of accounts.

 

 

Bank of Thailand’s assistant governor Siritida Panomwon Na Ayudhya said on Friday (July 24) that 14 banks and non-banking financial institutions have applied to use the biometric technology as a KYC tool for identity verification. 

 

So far, five bank – Kasikornbank, Bangkok Bank, Krungsri, TMB and CIMB Thailand – have been given the green light as they have successfully passed the experiment in a regulatory sandbox, she said. Now all five banks use facial recognition technology for their services, meaning clients can open bank accounts using a mobile phone app or ATM machine without having to go to the bank in person. 

 

As many as 5 million accounts have been opened so far using the facial-recognition technology, which fits perfectly in the “new normal” brought on by the Covid-19 pandemic. 

 

According to the central bank’s guidelines on biometric technology, service providers must implement six measures:

 

1. They must put in place policy and regulations on using the technology, 

 

2. Gather users’ information and ensure it is secure,

 

3. Accurately assess the client using biometrics; 

 

4. Meet international standards in protecting users’ information; 

 

5. Protect users and educate them about the technology; 

 

6. Put in place operational risk management and ensure continuous service.  

 

In the initial phase, banks will apply the biometric technology to their own customers, while in the second phase, the central bank will allow cross-verification of users’ identity among financial service providers, Siritida added.

 

Source: https://www.nationthailand.com/business/30391895

 

-- © Copyright The Nation Thailand 2020-07-25

 

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[Justgrazing]

1 hour ago, rooster59 said:

put the KYC (know-your-client) procedure

Not to be confused with the KYJ procedure .. which you shouldn't really be doing in a bank anyway .. 

[bluesofa]

1 hour ago, rooster59 said:

3. Accurately assess the client using biometrics; 

Is that saying they will compare the facial image submitted by the customer against something else - perhaps from the Thai ID database?

 

[Justgrazing]

4 hours ago, bluesofa said:

Is that saying they will compare the facial image submitted by the customer against something else - perhaps from the Thai ID database?

 

Interesting observation there Mr Sofa .. in filming bank clients for " assessment " would they not be comparing images with ones from a known source .. And it won't stop at banks if successful ..

this type of technology is also big in China which I should point it is merely coincidence .. 

[wombat]

welcome to the future......clearview ai seems to be getting a lot of discussion

https://clearview.ai/

[bluesofa]

1 hour ago, Justgrazing said:

Interesting observation there Mr Sofa .. in filming bank clients for " assessment " would they not be comparing images with ones from a known source .. And it won't stop at banks if successful ..

this type of technology is also big in China which I should point it is merely coincidence .. 

Yes, I saw a documentary about China using this facial recognition on the Uyghurs. They can't go anywhere without tracked.

 

[Hayduke]

8 hours ago, rooster59 said:

Five banks get BOT okay to use facial recognition technology

 

Bank of Thailand’s brightest minds are already hard at work exploring ways to use this futuristic technology…to create a demand for colossal new piles of redundant and unnecessary paperwork.

 

 

 

[topt]

35 minutes ago, wombat said:

welcome to the future......clearview ai seems to be getting a lot of discussion

https://clearview.ai/

yes and not all of it positive -

https://www.theverge.com/2020/5/7/21251387/clearview-ai-law-enforcement-police-facial-recognition-illinois-privacy-law

[nervona81732]

2 hours ago, bluesofa said:

Yes, I saw a documentary about China using this facial recognition on the Uyghurs. They can't go anywhere without tracked.

 

Nobody can go anywhere without being spied upon. Welcome to 1984 0n super steroids. Life will soon be not worth living on the insane asylum. Absolute tyranny is the objective. Total compliance. Down on your knees naives.

[stouricks]

8 hours ago, bluesofa said:

Is that saying they will compare the facial image submitted by the customer against something else - perhaps from the Thai ID database?

 

Recently when registering for a bank I had to submit a copy of my passport or Driving Licence, then a short video which the app asked me to submit. It seemed to work OK. 

But of course, if someone had nicked my passport, phone and knew all my personal details then it wouldn't be so good.

[holy cow cm]

World is turning to <deleted>. I don’t want any part of it.