When It Comes to Payments, Its Risky to Use Your Face - Fintech Hong Kong


In China, platforms and services like Alibaba's Alipay and Tencent's WeChat Pay have brought facial recognition payments to online and brick-and-mortar retail stores. But as biometrics and facial recognition technologies become mainstream, experts and regulators are concerned about the privacy and cybersecurity risks associated with these, according to a report by Abacus. Li Wei, director of the technology department of the People's Bank of China, said consumers should realize that when they are using these features, they are giving up privacy for convenience. Faces are very sensitive personal information, and it could have a critical impact on someone if it were leaked or stolen. While people can put their bank cards in their pockets, faces are out in the open all the time, Li said, adding that some companies have not considered these issues.

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