You wouldn’t hire a new employee without making sure they’re the right fit for the job, right? Just as employers thoroughly vet candidates, banks and financial institutions need to have a good read on their prospective clients before allowing them to open an account. This is where customer due diligence comes into play. What is […]
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This month, the UK’s Financial Conduct Authority (FCA) confirmed an 18-month delay to the introduction of Strong Customer Authentication (SCA) rules in order to give financial and retail firms a little breathing room to prepare. “The FCA has been working with the industry to put in place stronger means of ensuring that anyone seeking to […]
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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 KYC guidelines. When a financial institution creates a new business partnership with individuals or organizations without fully […]
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Asia-Pacific smartphone adoption is through the roof, and nine countries in Asia already have the same or higher smartphone ownership rate than the U.S. This skyrocketing mobile device adoption is a positive step for APAC banks and financial institutions when it comes to customer onboarding. Consumers increasingly expect that their online banking experience should be […]
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Updates to Canada’s anti-money laundering (AML) and anti-terrorist funding (ATF) regulations are about to make customer onboarding and compliance much easier for banks and fintechs because they change the way end users can verify their identities. The Government of Canada recently published new regulation amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing […]
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The California Consumer Privacy Act, or CCPA, is an unprecedented privacy law going into effect January 1, 2020. CCPA is expected to be the strictest data privacy law in the U.S. and will accomplish three major objectives, giving California residents the right to: Know what information businesses are collecting about them Tell a business not […]
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Account takeover (ATO) fraud is when a fraudster seizes control of an online account, changes information such as the username, password or other personal information, and then makes unauthorized transactions with that account. ATO is on the rise, and businesses and banks are in the crosshairs. Cybercriminals are targeting a variety of accounts including checking […]
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Check out the before and after pictures The Jonas Brothers created with FaceApp. While the app has been around since 2017, it’s gone viral in the last week as people use it to see how they would look when they’re older. Pretty cool. Pretty innocuous. Well, maybe, not so much. Let’s start with FaceApp’s own […]
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Biometric authentication refers to security processes that verify a user’s identity through unique biological traits such as retinas, irises, voices, facial characteristics, and fingerprints. Biometric authentication systems store this biometric data in order to verify a user’s identity when that user accesses their account. Because this data is unique to individual users, biometric authentication is […]
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When it comes to online gaming, there are a number of converging regulatory trends that are challenging operators’ ability to quickly verify and onboard new players. If you’re a UK-based operator, you now have to contend with new UKGC rules to prevent underage gambling. These new rules prevent players from gambling until their name, address […]
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