Mexico City, Mexico — A new law of the National Banking and Security Commission (CNBV) will see the installation of bio-metric machines in banks. The move comes in an attempt to curb identity theft, a problem that continues to grow in Mexico. The commission says that within the next 12 months, all banking institutions in the country will need to be outfitted with a fingerprint reader for clients.
When bank clients apply for services such as loans or a new account, 10 fingerprints will be taken at the bank and matched against information in the database of the National Electoral Institute.
This new method will be used for all bank clients requesting services including the application of credit cards, payroll, personal loans and group loans as well as home and auto loans. It will also apply toward micro-credit loans.
Marcos Martinez, president of the Mexican Banking Association, says that the industry made the main investments, which will amount to a billion-peso investment in technology. He adds that banking institutions are willing to spend what is necessary to reduce cases of identity theft in the Mexican financial system.
The current law states that a banking customer must submit two pieces of identification to open a level 3 or 4 account with more than 17,000 peso, as well as those who are applying for credit. The new laws will require banking institutions to collect fingerprint bio metrics of their clients and begin a database.
The new bio-metric technology also allows banks to verify clients by facial or speech recognition in the event a client applies for credit other than face-to-face. Clients who apply for service other than in-person can be identified by the technology in video conference.