Brazilian fintech startup Nubank announced earlier this week the launch of its new facial biometrics feature, AccessoBio. According to various reports, the fintech firm will now use the AccessoBio tool to help prevent identity fraud in credit card transactions.
ZDNet noted that Nubank believes the introduction of biometrics to its technology is a positive for customers due to the fact it does improve the mobile-based experience around the credit card requests and reduces the possibility of false rejects while reducing identity fraud possibility. Guilherme Wunsch, Fraud Prevention Lead at Nubank stated:
“From the customer’s point of view, the process of requesting the card remains simple, fast and transparent.”
As previously reported, Nubank was founded in 2013 and is committed to fighting complexity and empowering Brazilians to take control of their finances. The company revealed in December that eight million consumers have applied for its mobile-controlled credit card since its launch in September 2014. The fintech firm has also raised $180 million through an investment round led by Sequoia Capital, Founders Fund, Tiger Global, Kaszek Ventures, Goldman Sachs, QED investors, and DST Global.