National Australia Bank (NAB) plans to introduce the use of selfies next month as a measure to tackle identity theft.
The bank said the new feature will be a breakthrough in the fight against cybercriminals.
NAB said new customers will verify their identity using their biometric data, also known as full facial recognition.
It’s designed to stop stolen licences and passports being used to open dummy bank accounts, which is a fast-moving problem in the world of scams.
“More than 255,000 Australians annually experience identity theft or compromise,” Chris Sheehan, Head of NAB group investigations, informed 9News Finance Editor Chris Kohler.
”Now that number, I suspect, is on the low side.
“We’re confident we’re going to make a real difference.”
Industry analysts support the move, but say with more data actually comes more exposure.
“What we need to worry about is where is this information being held,” technology expert Trevor Long said.
”This is the last thing we want, our names, our details and photos of ourselves being hacked.”
NAB clarified there are no current intentions to require this identity verification for existing customers, and those concerned can visit a branch in person to set up an account.
The move comes as the ACCC reports scam losses are increasing, with $175 million lost in just the first half of this year alone.
