Banks Get Caught Up in Facial Recognition Backlash

Last week there was a call from 40 consumer advocacy groups that facial recognition technology should be banned, starting with college campuses; banks have also started to feel the pressure as many institutions now allow users to log in using facial recognition technology; the advocacy groups say even though bank login systems are opt-in that does not alleviate the concerns about potential misuse of the technology; “Having the process be opt-in does not alleviate these concerns,” Evan Greer, Deputy Director of Fight for the Future, said to American Banker. “People are not giving informed consent because they often are not aware of the potential risks associated with handing over this type of information.”; consumers on the other hand are not as concerned with 24 percent of people between ages 25 – 39 already using facial recognition for online purchases according to a study from Paysafe; a new Experian survey found 72 percent of consumers were willing to give up more information for easier access to accounts; banks are being careful. American Banker

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