Are banks using ML to verify my signature?

#1

Post by nuane » Thu, Apr 13, 2017, 11:52 PM UTC

I recently noticed that someone compromised my identity and opened a retail credit card with my information. Having worked in retail where I opened store credit cards, I know that employees don't always reliably verify someone's identity, and often times all someone needs is a social security number to open a fraudulent account.

But now, with modern Machine Learning applications, are banks deploying software to actually verify that someone's signature is at least 80% legitimate? Or are there any startups/projects/organizations/open-source projects anyone might know that are actively working on this?

Re: Are banks using ML to verify my signature?

#2

Post by icedchai » Fri, Apr 14, 2017, 12:17 AM UTC

You must be kidding. Banks don't even look at your signature unless there's some sort of dispute.

Re: Are banks using ML to verify my signature?

#3

Post by Zekio » Fri, Apr 14, 2017, 12:57 AM UTC

If ML was used on my signature I would never be able to use a bank, pretty sure I've never written it remotely similar.

All I consider a Signature to be is like a confirmation, pretty much the same as a checkbox or clicking an OK button, just in a more inconvenient form

Re: Are banks using ML to verify my signature?

#4

Post by oferzelig » Fri, Apr 14, 2017, 1:08 AM UTC

My previous bank took 4 samples of my signature when I opened an account. When one of them was off, the software could tell that and I'd be asked to sign again, until the computer had 4 "similar enough" signatures.

And then, in reality, I think it's only checked against when you someone deposits a high amount check you've given them or when you do some other substantial trnasactions.

Re: Are banks using ML to verify my signature?

#5

Post by nuane » Fri, Apr 14, 2017, 2:05 AM UTC

Zekio wrote: post #3

If ML was used on my signature I would never be able to use a bank, pretty sure I've never written it remotely similar. All I consider a Signature to be is like a confirmation, pretty much the same as a checkbox or clicking an OK button, just in a more inconvenient form

This is what it's become. I just scribble a line mostly, because most signatures are done on an electronic device (nothing beats good ol' pen and paper). And this is how employees actually feel about a signature.

But when you open a credit card the employee is supposed to verify that the signature matches the signature on your state-issued id, and a basic AI program would only better enable the employee. Seems like such an obvious solution to counter fraud too

Re: Are banks using ML to verify my signature?

#6

Post by icedchai » Fri, Apr 14, 2017, 3:42 AM UTC

nuane wrote: post #5

Zekio wrote: post #3

If ML was used on my signature I would never be able to use a bank, pretty sure I've never written it remotely similar. All I consider a Signature to be is like a confirmation, pretty much the same as a checkbox or clicking an OK button, just in a more inconvenient form

This is what it's become. I just scribble a line mostly, because most signatures are done on an electronic device (nothing beats good ol' pen and paper). And this is how employees actually feel about a signature. But when you open a credit card the employee is supposed to verify that the signature matches the signature on your state-issued id, and a basic AI program would only better enable the employee. Seems like s…

Credit card employees aren't verifying anything. All of my credit cards have been opened remotely: online, and through the mail.

And I can count on one hand the time a merchant has actually checked my signature against the credit card. And for charges under $50, most places don't even ask for a signature.

Best to just get rid of the signature entirely and speed up the transaction. It's pointless.