Security Bank enhances eKYC process in digital app

It has included enhanced fraud detection capabilities, including deepfake prevention.

Security Bank has partnered with security solutions provider Entrust to enhance its electronic Know Your Customer (eKYC) process.

The Philippine-based bank will use the Entrust Onfido Studio platform, which offers security features with fraud detection capabilities, including deepfake detection and prevention.

This will reportedly enable Security Bank to create customized onboarding workflows whilst maintaining regulatory compliance.

Security Bank said that it is modernizing its eKYC process through its new app with the goal of streamlining the digital onboarding journey for its customers.

The move comes as the Philippines’ digital banking market is poised for rapid expansion, with a projected compound annual growth rate of 31% through 2029, reaching a market volume of $2.16b, according to Statista.

While initially focused on retail banking onboarding, Security Bank plans to extend Entrust identity verification solutions across its broader portfolio of services.

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