Banks will implement an online fingerprint verification system to reduce incidents of fraudulent activities, Kalyani Pillay, CEO of the SA Banking Risk Information Centre (Sabric), said on Tuesday.

“Phase one of the project, which was completed last year, was successful. It proved the system was feasible,” Pillay said in Midrand after the signing of a partnership with the department of home affairs.

In terms of the agreement, the department will allow banks real-time access to its database to verify the identity of prospective and current clients.

“We are excited about the prospects of this unique project as we anticipate that it will assist the banks in reducing application fraud and identity theft,” said Pillay.

Home affairs director-general Mavuso Msimang said the project symbolises public private sector collaboration in combating potential identity crime.

Both parties were pleased with the response time, but could not say how much the project costs. The second phase of the project will be implemented in the next
three to six months. — Sapa