The Identity and Beyond Blog

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

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The Relationship Between Know Your Customer (KYC) & Customer Due Diligence (CDD)

November 09, 2022

Anti-money laundering (AML) regulations are necessary to battle crimes in the financial services industry, including terrorist financing, identity fraud and illegal drug transactions. They are the primary means used to reduce this type of unlawful activity. AML regulations encompass several subsets. Know Your Customer (KYC) is perhaps the most important of these subsets and, in…

evaluating device risk

Evaluating Device Risk During Onboarding — Zero Friction, High Reward

November 01, 2022

When onboarding new customers online, there are many different risk signals you can evaluate to ensure the customer is who they say they are and that they don’t cause unnecessary risk to your business. For example, you might look at the history of the email address or phone number the customer provides to see if…

What’s New in the Jumio KYX Platform

October 24, 2022

Today we are proud to announce the continued evolution of the Jumio KYX Platform with additional features that further enhance our intuitive, one-stop orchestration hub. The KYX Platform provides end-to-end identity proofing, risk assessment and KYC/AML compliance management to help you fight fraud and financial crime. Following are the highlights of the latest improvements. Enhanced…

The Power of a Reusable Digital Identity: Security, Privacy and Efficiency

October 18, 2022

In the past decade, “digital identity” has simply referred to uploading a digital copy of your driver’s license, passport or other identification document (ID). Identity verification solutions use these digital snapshots to help businesses know and trust their customers online. But these snapshots have some flaws. First, it’s easy for fraudsters to digitally manipulate these…

KYC Checklist: Creating a Compliant Know Your Customer Program

October 14, 2022

Designing an effective Know Your Customer (KYC) program is a critical component of an effective anti-money laundering (AML) program. KYC requirements are meant to protect your organization from doing business with — or becoming the victim of — financial criminals. Without a well-designed KYC process, your organization is unlikely to be compliant with government regulations….

How to Evaluate Identity Verification Technology

October 13, 2022

If you’re confused by all the identity verification solutions on the market and how they’re different, you’re not alone. With everyone claiming to have the fastest and most accurate solution for helping you know and trust your customers, it can be hard to decide which one is really the best. The technical jargon makes it…

Navigating Asia Pacific’s Identity Fraud Landscape

October 11, 2022

Have you ever watched the chilling cult classic “Invasion of the Body Snatchers”? The 1950s alien takeover movie is best remembered for evoking paranoia about the faceless evil lurking within society. Now, 70 years later, this invasion may be more real than reel. People who are not who they claim to be are silently and…

Mitigating AML Risk in Correspondent Banking

September 30, 2022

Financial criminals depend on advanced technology to complete many of their illegal activities, so financial institutions must use sophisticated methods to identify and stop suspicious activity. Government agencies require these anti-money laundering (AML) efforts, which include identity verification, deep background checks, and transaction monitoring. AML regulations hold financial institutions responsible for practicing due diligence. You…

Sharing Economy: trust and security in a virtual exchange space

September 29, 2022

Versión en español The sharing economy aims to reach an estimated market size of $355 billion by 2025, according to PWC. These figures do not come as a surprise considering the accelerated digitalization driven by COVID-19. According to the ITU, a specialized telecommunications agency within the United Nations, during the first year of the pandemic…

Uncovering the DNA of a Fraudster: How Businesses Can Stay One Step Ahead

September 28, 2022

To beat your enemy, you have to know the enemy. Sage counsel, indeed, written some 2,500 years ago in an influential military strategy book, “The Art of War.” Yet, what do we know of today’s digital fraudster — one who stays hidden behind the cloak of anonymity? How do organizations challenge this unknown adversary hiding…

Accelerating Trust for Financial Services

September 28, 2022

Versión en español As more and more customers transact online, smart banks are making sure they can stay in the fast lane and onboard as many customers as possible. But is it possible to establish trust with a customer you’ve never met? Green light for digital onboarding Challenger banks and fintechs have figured out that…

Financial Inclusion: How Online Services Play a Key Role in Providing an Equal, Unbiased Ecosystem

September 16, 2022

The COVID-19 pandemic forced many brick-and-mortar companies to move online, including banks and financial services. Challenger banks and fintechs led the charge, offering everything from savings accounts to mortgages, all online. One positive outcome of this shift to digital banking is that underserved communities could have better access to financial services than ever before. Instead…