Investors call for ethical approach to facial recognition technology, Banking News & Top Stories

 Investors call for ethical approach to facial recognition technology, Banking News & Top Stories

LONDON (REUTERS) – A group of 50 investors managing more than US$4.5 trillion (S$5.95 trillion) in assets is calling on companies involved in the development and use of facial recognition technology, such as Amazon and Facebook, to do so in an ethical way.

The investor group, which is led by asset manager Candriam, a European division of United States financial services company New York Life, said in a statement the technology could infringe on an individual’s privacy rights, given the lack of consent of those being identified, and that there is often no official oversight.

The initiative shows how fund managers are increasingly taking up policy issues that were once considered fringe subjects for shareholders as retail investors pour billions of dollars into funds focused on ethical and sustainability criteria.

Human rights advocates say face recognition technology, which can be used to unlock smartphones or verify bank…

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