Many consumer banking apps have begun integrating similar identity verification third-party providers. They are very inaccurate.
Sometimes it works with the front camera on one smartphone but doesn’t with another (iPhone 17’s distortion), sometimes it recognizes your face on one day, but desperately fails to recognize you on another. I had to repeatedly record videos for it only to fail over and over again. Anything their system flags as suspicious, anything, will trigger the same video identification flow again, which effectively blocks your money in the account.
I’m closing my accounts with a couple of banks with these video id flows. Simply because it’s way too easy to lose access to my money in the account with them. If their QA is not good enough for this vital requirement, I don’t want to know how they treat other requirements. They simply outsourced the id verification to some third parties that are way too unreliable.
Name and shame please, so that we can avoid these nasty banks. I also hope you leave some bad reviews on TrustPilot.
Can you elaborate on this and tells us which banks?
When I researched a bank learning they want to use some third party never-herd-of identification service on me was the moment I knew I do not want to share any of my personal details and consumer habits with that so called bank. They do not care enough to pretend they keep all my data in-house.
I’ve got the feeling that it’s spreading and is soon to become the default.
Another banking app has failed to identify me a couple of times (I attribute it to iPhone 17’s front camera distortion) and fell back to the snail mail id code as a 2nd factor. It arrived only several business days later. Instead of just letting me use my own 2nd factor such as a TOTP device or a physical security key. But maybe there are some legal requirements for that flow, I’m out of the loop.
So there’s a whole range between passkey-is-enough on one end and outsourced video id or snail mail for 2nd factor on the other. The latter can of course be misused to siphon as much personal information as possible out of you, even linking and scraping your other banking accounts for consumer profiling - designed as a requisite part of the authentication/authorization flow.