Wema Bank in Nigeria has teamed up with Daon to implement facial recognition technology as a defense against identity fraud.
Wema Bank in Nigeria has recently entered into a strategic partnership with Daon, a renowned international digital identity trust company, to bolster its security measures against prevalent identity fraud incidents within the financial sector.
As part of this collaboration, Wema Bank has integrated the advanced Daon xProof (xAuth/xFace) and Daon IdentityX platforms into its banking application infrastructure. This integration facilitates robust digital identity verification and authentication processes, enhancing the security of customer transactions across various digital channels.
By incorporating xAuth/xFace technology into their operational framework, Wema Bank customers can now conveniently perform routine banking activities simply by verifying their identities through facial recognition, akin to taking a selfie.
Clive Bourke, President of Europe, Middle East, Africa, and Asia-Pacific at Daon, emphasized the significant financial risks associated with identity fraud in the banking industry, underlining the critical need for cutting-edge security solutions to safeguard customer data. Bourke affirmed that deploying Daon’s suite of authentication solutions within Wema Bank’s app would not only streamline user experience but also fortify data security protocols.
Established in 1945, Wema Bank is celebrated for its resilience and trailblazing innovations in the Nigerian banking landscape. The bank made a significant milestone in 2017 with the launch of ALAT, Africa’s pioneer fully digital bank.
Olusegun Adeniyi, Chief Digital Officer at Wema Bank, expressed confidence in the transformative impact of integrating the Daon IdentityX platform into their digital banking ecosystem. Adeniyi highlighted that this integration would empower customers with seamless access to an extensive array of financial services, ensuring secure account operations for enhanced savings, transfers, and rewards within the digital banking realm.
