The Identity and Beyond Blog

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

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enhanced due diligence

Enhanced Due Diligence Explained: Importance in Banking and Finance

January 27, 2023

In today’s business and regulatory climate, a business should not only be concerned with making profits — it should also attempt to know who it has business dealings with. This means identifying and verifying customers’ identities and meeting Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines. When a financial institution creates a new business…

3 Key Insights into Building a Cost-Effective KYC Program

January 06, 2023

Did you know that Know Your Customer (KYC) procedures can cost around 3% of a bank’s total operational cost base? This is a significant expense, but the penalty for having an insufficient KYC program is even higher. Increasing and ever-changing Anti-Money Laundering (AML) regulations consistently raise the bar for financial institutions, and failure to comply…

Americans Question Social Media’s Commitment to Protecting Minors

December 21, 2022

Do social media networks truly care about defending minors from mature content? If you ask everyday Americans, the answer appears to be no. Recent Jumio research found that only 37% of consumers expressed confidence in the commitment of social media sites to shield minors from mature content through age verification measures. Similarly, just 39% of…

Fighting Fraud with End-to-end Orchestration Platforms

December 20, 2022

The fight against fraud has reached a critical juncture. The pandemic drove a huge increase in digital commerce, which unfortunately also gave a boost to online fraud. According to Aite-Novarica Group, U.S. businesses alone are projected to lose $635 billion in 2023 to identity fraud, an increase of 26% since 2019. That’s why smart leaders…

The Future of Digital Identity in Latin America: What’s Happening in 2023?

December 19, 2022

Spanish Version Portuguese Version As digital transaction trends accelerate, financial firms must stay one step ahead to ensure security and prevent fraud. In Latin America the annual cost of cybercrime mounts up to $90 billion USD so it’s no surprise that companies are increasingly supporting digital tools that verify customer identity quickly and efficiently. This…

Know Your Customer Remediation: What Is It and How Does It Impact Business?

December 15, 2022

Know Your Customer, or KYC, is a key component of anti-money laundering regulations (AML) and requires gathering in-depth identity and transactional data on new and current clients. KYC remediation is the process of analyzing this data, identifying risks and resolving discrepancies in order to achieve regulatory compliance. Financial institutions — including banks, fintechs and financial…

image showing a computer screen with checkmark and title: 14 Best Practices for a Competitive Bake-Off

Identity Verification Best Practices for a Competitive Bake-Off

December 09, 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…

Why a Real-time Rules Editor Is Essential for Stopping Fraud

December 06, 2022

When many people think of fraud, they imagine a solitary individual who compromises data, creates fake credit cards based on that data, and then uses the cards to make purchases. In fact, it is very rare to find this type of structure where one person does everything, simply because it’s not efficient. Most successful fraudsters…

:Dribe Case Study: Accelerating the Customer Onboarding Workflow with Jumio

November 30, 2022

:Dribe is determined to revolutionize the way people drive. They believe that Denmark — one of the world’s best countries for adopting new technology — is ready to trade car ownership for a smarter approach to mobility and thus offers a fully digital car subscription service designed to give customers unmatched freedom, convenience and peace…

The Power of Orchestration: Why Businesses are Turning to End-to-End Identity Proofing Platforms

November 29, 2022

When it comes to onboarding customers online, businesses have adopted eKYC solutions to ensure their new customers are who they say they are and are suitable to do business with. But most eKYC solutions are limited in scope, forcing companies to research, purchase, integrate and maintain dozens of different point solutions to meet all their…

KYC in Fintech: How to Stay Compliant

November 28, 2022

Anti-Money Laundering (AML) regulations apply to all financial institutions, including fintech companies. The purpose of AML is to prevent financial crimes, such as terrorist financing and identify fraud. Know Your Customer (KYC) is a core component of AML and is especially important for fintech organizations. KYC in fintech is more challenging than in other financial…

Is Your Financial Institution Ready for Open Banking?

November 21, 2022

Hello banking and fintech friends! I had the opportunity to sit down with Anmol Grover, Open Banking Lead for Wipro and Alix Melchy, VP of AI at Jumio, to learn more about how we work together to provide banks with a secure and innovative solution that enables digital transformation and identity verification. What is open…