As part of the deal, via the online fingerprint verification system, banks will be able to verify the identity of potential and current clients using their fingerprints. The verification will be done before customers complete the transaction in order to prevent fraud, corruption and identity theft.
Until now, there are five banks which have agreed to implement the new system, namely ABSA, African Bank, FNB, Nedbank and Standard Bank. Each bank has different levels of implementation.
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