Brazilian fintech Nubank is using facial biometrics to improve security in credit card requests.
The mobile-centric credit card and payment services provider is using the tool AcessoBio, provided by local technology firm Acesso Digital to add to the data analytics toolset the firm already employs.
The technology compares prospective clients' faces to the information available in a shared database utilized by the largest banks, retailers and fintechs in Brazil.
AcessoBio is what is considered to be the largest privately-run biometric database in Brazil. It records biometric details of 1 million Brazilians monthly and aims to capture the details of all the economically active population in the country within the next three years.
According to Nubank, the introduction of biometrics is positive for customers, since it improves the mobile-based experience around the credit card requests and reduces the possibility of false rejections, while reducing the possibility of identity fraud.
"From the customer's point of view, the process of requesting the card remains simple, fast and transparent," says Guilherme Wunsch, fraud prevention lead at the fintech.
Founded in 2013, Nubank is one of the best-funded Brazilian tech startups. Its latest Series D funding round in December 2016 had backers DST Global, Sequoia Capital, Founders Fund, Tiger Global Management.
The company has become appealing to the public by providing mobile-centric, tariff-exempt credit cards. In October last year, it announced it would target Brazil's unbanked population with a digital bank account.