The Identity and Beyond Blog

Our take on identity and compliance in a digital-first world.

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How Does Digital Onboarding Work?

June 24, 2022

During account opening, many businesses have some sort of onboarding process for new clients that requires gathering basic personal information and introducing clients to the product/services they are entitled to. In the financial sector, onboarding becomes more important because serious security issues are involved. The government carefully regulates financial transactions in order to prevent financial…

How to Build End-to-End Digital Trust for Payments and Financial Services

June 21, 2022

Did you know that in 2020, 84% of businesses in Asia Pacific reported losses in revenue due to payment fraud? Or that synthetic identity theft is growing despite strong Know Your Customer (KYC) practices — because, to date, there has been no efficient way to uncover this type of fraud? Thanks to the rise of…

What is a Digital Identity?

June 17, 2022

In the real world, proving your identity is pretty straightforward. When you show up in person to open a bank account, rent a car, book a hotel room, gamble at a casino or purchase alcohol, you present your government-issued ID, proof of address or whatever else might be required for the transaction, and the company…

Identity Verification Best Practices for a Competitive Bake-Off

June 17, 2022

Increasing scrutiny from customers and regulators combined with increasingly scrupulous fraudsters means your online identity verification program must get real. Verifying the real life identity of your online customers is a growing concern and necessity of businesses across industries. Many of solutions exist to help companies identify the true identity of their online customers. If…

KYC Requirements Guide For AML Compliance in Financial Institutions

June 10, 2022

A key component of all Anti-Money Laundering (AML) efforts is Know Your Customer (KYC). Financial services organizations and any business that deals with the collection and disbursement of money help limit money laundering when they follow KYC procedures and verify the identity of customers. The main goal of KYC is to start this verification process…

When are database checks enough for digital businesses?

June 07, 2022

When the world first went into a pandemic lockdown, it became necessary — almost overnight — to transact and interact online. This, in turn, accelerated the shift toward digital identity (ID) systems for many countries. Why digital IDs? Essentially a set of electronically captured credentials about a person, these digital IDs help ensure that everyone…

7 Common Examples of Money Laundering Techniques & How They Are Used

June 03, 2022

Money laundering is a widespread issue in the financial industry and is hard to eliminate. Because the practice is so prevalent and damaging, most financial institutions are required to have anti-money laundering (AML) technology in place so they can stay compliant with federal regulations. These institutions must be proactive in the fight against money laundering…

Protecting Minors — and Businesses — Online

May 31, 2022

Online minor safety is a fundamental requirement for every business with a digital presence. Whether it’s preventing underage users from accessing adult content, gambling or even renting a scooter, businesses must ensure their customers are who they say they are and are suitable to do business with. But kids are savvy, and many have found…

eIDAS 2: Transforming Electronic Identification with Digital Wallets

May 26, 2022

Governments have always issued some type of “traditional” identity document (e.g., passports, national IDs, driver’s licenses) that helped citizens identify themselves in the physical world. With the rising importance of online transactions for both public and private services, governments as well as private identity providers are creating electronic versions of these traditional documents, which are…

digital identity research infographic

3 Key Findings from Jumio’s Digital Identity 2022 Research [Infographic]

May 25, 2022

Providing a digital identity to create an online account or complete a transaction is becoming more commonplace globally. A digital identity is an electronic file containing a person’s identity information, often used to prove their identity online. Gartner has predicted that by 2024, “a true global, portable, decentralized identity standard will emerge in the market…

What Is Synthetic Identity Fraud?

May 13, 2022

Identity fraud is a major concern for any company, particularly for those in the financial industry. One scam you need to guard against is synthetic identity fraud, a fast-growing type of identity theft that uses a combination of real and fake information. Sometimes known as Frankenstein IDs, criminals create these fake identities by stitching together…

How Does Selfie Identity Verification Work?

May 06, 2022

With the continued rise of cybercrime, companies have adopted more sophisticated methods of ID verification. In addition to user names, passwords, security questions and ID documents, many are using multi-factor authentication, biometric verification (including facial and iris verification) and liveness detection. These methods are sometimes necessary to determine whether a person is who they claim…