The release comes as both the Federal Bureau of Investigation (FBI) and the Financial Fraud Action UK (FFFA) revealed a rising surge in phishing scams, in which fraudsters spoof an email message from the company’s leader in an effort to trick the employee into making a payment to the fraudster.
The FBI estimates that these scams have cost organizations over USD 2, 9 billion in losses over the past three years, with the average loss of a phishing scam estimated to fall around USD 72,328.
By using Facebanx’s anti-fraud solution, an organization’s CFO can now live stream to their accounts department a broadcast of them confirming the transfer request. Therefore, the live streaming can be watched in real time or played back later to confirm that the transfer was in fact official.
The CFO can also display their company ID card during the live stream to confirm they are exactly who they say they are.
As an extra security layer, the CFO would be required to login to their account to make the live broadcast by using a combination of face and voice authentication.
Several banks are currently looking to integrate this technology into their current corporate accounts to prevent future phishing fraud.
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