FacePhi provides tech for remote pension payments in Argentina

As a means to combat fraud, argentine legislation previously required pensioners to visit a physical branch location in order to receive their pension. During the COVID-19 pandemic, Argentina relaxed the regulations, allowing banks to accept a facial recognition scan as a valid form of liveness proof.

This authentication technology allows users to create bank accounts with a photo of the identity document and a selfie. In this way, once they are clients of the entity, they can log in and carry out different procedures such as confirming their right to a pension, checking the collection date, checking payment vouchers, or validating a cash withdrawal from home. 

The creation of this app sets an important precedent in the fight against fraud for LATAM banks. Due to the security provided by the combination of facial recognition with electronic character reading, this system prevents identity theft, assisting banks and public administrations in the fight against fraud and cybercrime.