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How to prevent ATM frauds using Artificial Intelligence?

With the increase in digital payments, ATM banking scams have also increased. Scammers have been using various techniques to cheat banks and customers via ATM skimming. And, reports of such cases have increased in recent months.

A pictorial representation of a fraudster stealing ATM card details

Global Losses

Recently in Alaska, the local police caught a man who has a history of International skimming. Now he is being charged for possession of a counterfeit access device in U.S. District Court in Alaska. He’s used over 12 different aliases. He admits of skimming for more than $200 thousand only in Utah.

A graph depicting the Nilson report, which shows the increase in worldwide losses due to ATM Skimming & other ATM frauds.
Gross fraud losses reached $27.85 billion in 2018, up 16.2% from $23.97 billion in 2017. However, fraud losses per $100 of total sales declined to 6.86¢ from 6.95¢ the prior year.

Actions taken by Banks

Recently the ATM fraud reports have increased. Many banks have been sending warning messages to their customers.

  • Improve customer experience as customers don’t need their ATM cards to withdraw money.

How can FaceQuest help?

FaceQuest offers 1:1 Face Match in which a user can upload two different photographs and verify if they are of the same person. Banks can integrate FaceQuest’s facial recognition AI with ATM servers to add an extra layer of security. The banks can store photographs of their account holders in FaceQuest’s encrypted server.

Photograph of the account holder stored as a reference face
Photograph of the account holder stored as a reference face

Workflow:

  • The bank’s ATM machine will click the photograph of the user and match it with the account holder.
Photograph of the ATM user clicked via ATM machine
Photograph of the ATM user clicked via ATM machine
  • A successful match of the photograph will authenticate the transaction.
FaceQuest shows the completed match result with correct detection of face
FaceQuest shows the completed match result with correct detection of face

To know more about FaceQuest’s Facial Recognition as a Service, schedule a call with the team.

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