ANNA Money Introduces Pioneering Biometric Re-authentication to Combat Financial Crime

ANNA Money, a Fintech Wales member that serves over 100,000 UK SMEs through its all-in-one business and tax app, has taken a bold step in the fight against financial crime by rolling out advanced biometric re-authentication measures. These trailblazing security features position ANNA among the first financial institutions in the UK to adopt such innovative anti-fraud techniques.

In a move designed to thwart criminals attempting to access compromised accounts, ANNA has implemented a security feature that triggers biometric re-authentication if an account is accessed from an unregistered device. This feature requires the user to take a selfie for identity verification. If the biometric data doesn’t match the original account holder’s profile, the account is instantly suspended.

To further bolster account security, ANNA has also introduced random ongoing biometric checks. These require customers to periodically authenticate themselves with a selfie. Whether criminals have exploited a ‘mule’ account, stolen an unlocked phone, or bypassed traditional security measures, these new layers of protection will immediately block unauthorised access.

Leven Li, ANNA’s Chief Compliance Officer, explains:

“ANNA was one of the first in the industry to push these changes live, and we continue to make improvements. Our random biometric re-authentication programme went live this week, and we expect other financial institutions will follow our lead. While these measures are focused on preventing account misuse by those who haven’t undergone our Know Your Customer (KYC) process, regular customers experience no friction – just a quick selfie, which enhances security against everyday threats.”

This move comes ahead of the Payment Systems Regulator’s new rules on Authorised Push Payment (APP) fraud, which went live in the UK on 7 October 2024. The new rules require payment service providers (PSPs), including ANNA, to reimburse victims of APP fraud, provided they meet eligibility criteria. The repayment covers faster payments and CHAPs transactions, with a £100 excess for claims and shared liability between the sending and receiving PSPs.

ANNA already employs rigorous checks to ensure the authenticity of new accounts, allowing only UK residents and businesses to open accounts. With access to national fraud databases like CIFAS, ANNA remains committed to safeguarding its customers’ funds and staying one step ahead of emerging fraud threats.