Airtel Payments Bank has introduced a cutting-edge security feature called Face Match, aimed at enhancing the security of user accounts and preventing fraudulent transactions. With digital payment fraud incidents on the rise, this innovative measure seeks to address a critical need for improved transaction protection. The Face Match feature leverages advanced machine learning algorithms to analyze user behavior, transaction patterns, and historical data to compute a threat score. When the calculated threat score surpasses a predefined threshold, users are alerted and must verify their identity through a selfie, matched against their onboarding photograph using facial recognition technology. This ensures that only legitimate users can proceed with their transactions, while those who fail the face match must visit a banking point for biometric verification.
Airtel Payments Bank, a digital payments and financial services provider under Bharti Airtel, focuses on offering accessible and convenient financial solutions, especially in rural and semi-urban regions of India. In recent years, there has been a significant increase in digital payment fraud, prompting the need for more robust security measures. According to recent data, the value of digital payment fraud surged over fivefold, reaching 14.57 billion rupees in the fiscal year ending March 2024. This alarming rise corresponds with the rapid expansion of digital payment systems like the Unified Payments Interface (UPI), which saw a 137 percent increase in transaction value over two years.
Rising Incidents of Digital Payment Fraud
The alarming trend of rising digital payment fraud was underscored by the Reserve Bank of India’s (RBI) annual report for the fiscal year 2023-24. The report detailed an almost 300 percent increase in banking fraud cases, escalating to 36,075 from 13,564 in the previous year. While the number of fraud incidents soared, the total amount involved in these fraudulent activities surprisingly decreased by 46.7 percent, from Rs 26,127 crore to Rs 13,930 crore. This paradox highlights the evolving nature of digital fraud, where more frequent yet potentially smaller-scale incidents are occurring.
The surge in fraud cases has placed significant pressure on financial institutions to bolster their security infrastructures and protect consumer interests. As digital transactions become an integral part of daily life, especially in more remote areas, the potential for fraud increases. Hence, implementing sophisticated security measures, such as Face Match, becomes paramount in maintaining user trust and ensuring the integrity of digital payment systems. Airtel Payments Bank’s proactive approach in employing advanced technology aims to address the dual challenge of providing convenient financial services while safeguarding against potential risks.
Implementing Advanced Security Measures
Airtel Payments Bank has launched an advanced security feature named Face Match to enhance user account protection and curb fraudulent transactions. With the rise in digital payment fraud, this innovative feature aims to address a crucial need for secure transactions. Face Match utilizes sophisticated machine learning algorithms to scrutinize user behavior, transaction patterns, and historical data, calculating a threat score. If this score exceeds a set threshold, users receive an alert demanding identity verification through a selfie. This selfie is then matched against their onboarding photo using facial recognition technology, ensuring only legitimate users can complete transactions. Users who fail the Face Match are required to visit a banking point for biometric verification.
As a digital payments and financial services provider under Bharti Airtel, Airtel Payments Bank prioritizes accessible and convenient financial solutions, notably in India’s rural and semi-urban areas. With the surge in digital payment fraud, which rose over fivefold to 14.57 billion rupees by March 2024, the need for stringent security has grown. This increase in fraud aligns with the rapid growth of digital payment platforms like the Unified Payments Interface (UPI), which observed a 137 percent rise in transaction value over two years.
