FinTech

Standard Bank launches DigiMe to improve smartphone banking security

Standard Bank has launched DigiMe, its solution to provide increased security on its mobile banking app. “With the accelerating pace of technological change, there is a need for strong authentication by using a combination of two or more factors to authenticate the identity of a natural person,” said Standard Bank. “DigiMe makes use of the […]

Standard Bank has launched DigiMe, its solution to provide increased security on its mobile banking app.

“With the accelerating pace of technological change, there is a need for strong authentication by using a combination of two or more factors to authenticate the identity of a natural person,” said Standard Bank.

“DigiMe makes use of the latest biometric and facial recognition software, combined with multi-factor authentication to create a safe and secure banking experience on a mobile device.”

Alongside improved security, DigiMe offers a better user experience, said Standard Bank, as it will reduce the number of one-time PINs and other verification methods used in favour of a simpler, faster, and streamlined approach.

Identity binding

When a user sets up DigiMe, their device will be checked to determine which authentication features it supports – including facial and fingerprint recognition.

Users will then be given a choice of these supported authentication options to implement as their primary verification method for their digital profile.

Andrew van der Hoven, Head of Digital Banking and eCommerce at Standard Bank, said Standard Bank has an agreement with SABRIC which allows it to connect this digital profile to the real person via the Home Affairs database.

This is called identity binding and makes it is much harder for fraudsters to create fake digital profiles.

Better facial recognition

Another way that DigiMe offers improved security, said van der Hoven, is by offering “world-class facial recognition” to validate the user.

This was reiterated by Standard Bank’s partner in the project, Iidentifii, which said DigiMe uses a superior facial recognition technology to those used by most other banks.

“A lot of the institutions at the moment use gesture-based liveness. This was a big topic at the World Economic Forum recently as it is very vulnerable to deep fakes,” said Iidentifii.

“Standard Bank is instead using a different, patented liveness technology that uses different lights which flash and reflect off your face.”

“To date no one has been able to spoof that,” said Iidentifii, adding that many hackers from around the world had been contracted to try to do so – and had been unsuccessful.

“It is critical for Standard Bank to be one step ahead in the race to provide safe and secure digital banking. This means implementing systems and controls that keep up with the evolution of customer preferences and cyber risks,” said van der Hoven.

How to activate DigiMe

To use this new solution, users need their South African ID document or passport, and must be willing to take a photo of themselves.

The process of verifying your digital profile is as follows:

  • Step 1: Sign into your Standard Bank App and click on the “Profile” icon.
  • Step 2: Click “Link and secure your profile”.
  • Step 3: Click on the “Home” or “Work” button.
  • Step 4: Capture your ID number.
  • Step 5: Scan your ID document (ID Book, ID card, or Passport).
  • Step 6: Take a selfie.

DigiME is available now on the Standard Bank App.

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