A facial recognition-based payments system developed by Mastercard will be released in Singapore in 2017, according to the payments firm.The 'Selfie' verification system, called Identity Check, will be used for online transactions.It is an additional layer on top of other authentication factors such as tokenisation, and behavioural analytics.Banks can select a threshold on how accurate the face recognition needs to be, senior staff said recently.The “selfie” would not need to be a perfect match, and banks would set the threshold for the matching accuracy, Bob Reany, executive vice-president for identity solutions at Mastercard, told reporters at a recent media session held in the US.”We'll advise the bank and say 'you don't want to be too open and have only 20 per cent of the things match'. Then, everybody and their dog could use it,” said Reany. The function can either be on a standalone application or integrated into the existing bank apps. It can also work with any other payment brands, as long as the bank that wants to offer the selfie verification also sells Mastercard products. The technology has been rolled out in 12 markets in Europe that include the UK, Germany and Sweden.
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