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6 Glaring Limitations of OCR for Identity Verification

June 25, 2019

We’re starting to observe a new market phenomenon: the rise of DIY online identity verification and efforts by companies to cobble together OCR technology, facial recognition software and low-cost manual review teams. Want to learn more now? Download Jumio’s eKYC in APAC Guide.  At its face, this approach makes some sense, but it’s important to understand…

How APAC Fintechs and Banks Can Get eKYC Right

June 18, 2019

Banks are striving to grow their customer base through faster, easier and lower-cost digital channels. Yet, the current regulatory and cybersecurity landscape creates a layer of complexity. Consumers want the convenience of signing up through digital channels, but financial institutions must comply with stringent anti-money laundering (AML) and know your customer (KYC) regulations that typically…

The Sudden Emergence of KYP: Know Your Patient

June 13, 2019

Over the last decade, there have been over 2,550 health care data breaches impacting more than 175 million medical records. That’s the equivalent of affecting more than 50 percent of the U.S. population. What’s not commonly understood is that medical records command a high value on the dark web. These medical records can be listed…

CCPA

CCPA: Making Sense of California’s Strict New Data Privacy Law

June 06, 2019

Is your business ready for January 1, 2020? This is the date when the California Consumer Privacy Act, or CCPA, is slated to take effect. It’s expected to be the strictest data privacy law in the U.S., and will require data privacy protections and requirements similar to or broader than those imposed by GDPR. The…

5AMLD

5AMLD is Upon Us: Is Your Online Customer Identity Verification Program Up to Snuff?

June 02, 2019

With the deadline to comply with the 5th EU Anti-Money Laundering Directive (5AMLD) looming on 10 January 2020, businesses in the EU are getting serious (or should be) about what the updated rules mean to them. One thing is for sure —the impact of the directive will be far-reaching, extending into a wide range of…

A More Sensible Approach to Account Recovery

May 23, 2019

Let’s face it — passwords suck. Why? Let me count the ways: They’re routinely forgotten They’re highly insecure thanks to near-weekly data breaches They’re usually pretty crackable They’re often shared with friends and family They’re reused and recycled across websites That’s why they’re usually considered the weakest link in the security chain. And that’s one…

Facial-Recognition-vs-Face-Based-Biometrics

Does San Francisco’s Ban on Facial Recognition Mean You Should Run From Face-Based Identity Verification?

May 17, 2019

Earlier this week, San Francisco’s Board of Supervisors voted to ban the use of facial recognition, the first U.S. city to do so. Local agencies, such as the city’s transport authority and law enforcement, won’t be able to use this emerging technology, and any plans to buy any kind of new surveillance technology must now…

Widespread Russian Money Laundering Discovered in EU Banking System

March 18, 2019

Multiple major European banks are facing allegations of failing to prevent money laundering from taking place through their banking services. This growing scandal was first uncovered through US investigations into Latvia’s ABLV bank and Malta’s Pilatus Bank. As the investigation has continued, many other major banks have been pulled into the scandal. The banks under…

jumio-sanctions-screening

Sanctions Screening Starts with Onboarding … But it Shouldn’t End There

March 18, 2019

A staggering $26 billion in fines has been imposed for non-compliance with Anti-Money Laundering (AML), Know Your Customer (KYC) and sanctions regulations in the last decade, according to recent Fenergo analysis. All 10 of Europe’s biggest banks, including BNP Paribas, Société Générale, Santander and other popular banks have fallen foul of anti-money laundering authorities. Recent…

JWIN

Jumio Women on the Rise: Women’s International Network

March 08, 2019

Today, on International Women’s Day, Jumio launches the Jumio Women’s International Network (JWIN), the company’s first official internal organization dedicated to positively influence women’s development and workplace culture. JWIN’s mission is to implement the core ideas of integrity, diversity, empowerment, inclusiveness, accountability and leading innovation across Jumio’s international network of female professionals. The organization will…

authentication

Why Selfie-Based Authentication is an Absolute Must Have

February 21, 2019

Consumers are increasingly using their mobile devices to create new online accounts and to access those accounts and online services on the go. That’s why it’s not surprising that face-based biometrics are now taking the place of fingerprints, PINs and even passwords. Counterpoint Research suggests that more than one billion smartphones will have some form…

Regulators to Financial Institutions: New Technology Creates Better BSA/AML Compliance

February 20, 2019

In her December 3rd, 2018 remarks to the ABA/ABA Financial Crimes Enforcement Conference, U.S. Treasury Department undersecretary Sigal Mandelker emphasized the importance of adopting new technological advances for the detection of illicit financial activity. “Private sector innovation, including new ways of using existing tools or by adopting new technologies, can be an important element in…