2023-10-06 16:30:00
PagBank announced, this Friday (06), the launch of a new security feature for transactions on the platform. This is a facial recognition function that will allow users to authenticate customers and verify credit card ownership when making payments, in order to prevent fraud and improve the shopping experience.
Initially, facial biometrics verification will be implemented in Payment Links, where the seller can create a link for the buyer to make payment via social networks, e‑mail or WhatsApp. The expectation is that the feature will expand to more digital banking services soon to expand its protection once morest scams.
Using the customer’s facial biometrics, the application will be able to authenticate the user’s identity and verify card ownership. There will be a “proof of life” algorithm integrated into the tool to verify that the person is not using another individual’s photo to circumvent the system and carry out the transaction on the platform.
The objective of fintech is to increase security in the approval process for credit card transactions. For sellers, biometric authentication can avoid losses from purchases that would otherwise be declined by the issuer, while customers can benefit from a better online shopping experience.
The cost of online commerce to take the customer to your website is increasing, and losing the sale due to fraud or transaction conversion is very costly. With the inclusion of this new solution, we estimate a 40% increase in the approval of transactions that were previously denied, ensuring more sales and cost efficiency in the retailer’s operation.
Angelo Aguilar
Executive Director of Products and Acquiring at PagBank
Economy and market
25 Ago
Economy and market
17 Ago
In a recent survey carried out by the National Confederation of Store Managers (CNDL) and the Credit Protection Service (SPC Brasil), 78% of Brazilians interviewed stated that credit cards were the most used type of credit in the last 12 months, followed by by personal loan (25%) and special check limit (22%).
Given the frequency with which this payment method is used, the digital bank’s new security mechanism should ensure that transactions carried out between buyers and sellers in its system occur with fewer chances of refusal.
Bank Banking
Developer: PagSeguro Internet SA
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