The Identity and Beyond Blog

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

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remote onboarding: Make or Break

Why Remote Onboarding Will Make or Break Banks in 2020

June 18, 2020

A J.D. Power study released in February 2020 found that the number of new account openings at bank branches now comprises just 55% of all new account openings, down 10 percentage points from just a year ago. The same study found that 31% of new account openings are executed through a bank website or mobile…

Beyond the ID

5 Ways It Pays to Go Beyond ID-Only Verification

June 11, 2020

Identity theft and account takeover are on the rise, with cyberattacks targeting the financial sector increasing 238% from February to April 2020, according to a VMware Carbon Black report. Now more than ever, as businesses deal with the financial stressors of the global health and economic crisis brought on by COVID-19, there has never been…

Defending Against Synthetic Identity Fraud

Your Face as a Fraud Signal

June 08, 2020

Synthetic identity fraud is one the fastest-growing — and hardest-to-detect — forms of identity theft in the U.S., according to the U.S. Federal Trade Commission. Synthetic identity fraud is responsible for up to 20% of credit losses and costs lenders billions each year, according to Auriemma Consulting Group. Synthetic identity fraud is when criminals combine…

New Account Fraud: Addressing the Problem

Signals and Compliance: Addressing the Problem of New Account Fraud

May 29, 2020

New account fraud isn’t new, but it’s fast becoming one of the biggest problems in the digital banking era, costing the financial services industry billions each year. In fact, 48% of all fraud value stems from accounts that are less than a day old (according to RSA Security) and Experian’s 2020 Global Identity and Fraud…

Bad Actors vs. Charitable Heroes

A New Virtual Reality: Bad Actors vs. Charitable Heroes

May 21, 2020

A recent study by the UK National Fraud & Cyber Security Centre reported that coronavirus-related fraud increased by 400% in March, but amidst these dark times, a new generation of heroes has emerged. People across the globe are teaming up virtually and finding ways to help each other overcome the difficulties brought on by the…

Identity proofing through informed AI. Jumio and Okta

How Identity Proofing Anchors Okta’s Customer Identity

May 20, 2020

Identity proofing has been fundamental to businesses for a very long time to ensure that customers are who they say they are. The concept of identity proofing dates back to prehistoric times when beads were used to communicate wealth, familial lineage and personal identity. Facial tattoos such as those adorned by the Maori of New…

What’s New in Beam? May 2020 Product Update

May 19, 2020

Update: The Beam platform is now Jumio Transaction Monitoring *** It’s been two months since San Francisco issued the shelter-in-place order. Like everyone else, we at Beam are looking forward to the day when we can all go safely back to our normal routines. But during this time, we have been busier than ever getting…

Age Verification: The Fine Line

Age Verification: The Fine Line Between Clever and Stupid

May 14, 2020

More children are going online, more frequently, via more devices and services, at ever-younger ages. The internet offers huge opportunities for children, but it also poses major risks to minors’ safety, well-being and rights. There is growing evidence of harm to children online, but addressing the risks is complex because the risks are often highly…

Telcos in the Aftermatch of COVID-19

How Online Identity Verification Can Help Telcos in the Aftermath of COVID-19

May 12, 2020

We are using technology, specifically our mobile devices, more and more to communicate with friends and colleagues because of the COVID-19 pandemic. Telcos are part of the critical infrastructure that enables this change. However, even if our online activity has grown as well as our use of telecommunications, there are some areas where telcos are…

Is AI Enough?

Understanding the Limitations of Machine-Based Decisions for Online Identity Verification

May 06, 2020

Accelerating digital transformation and the growing virtual banking market are driving increasing adoption of artificial intelligence (AI) technologies in the financial services sector to streamline operational workflows and better serve a broader set of customers….

Strong Customer Authentication Suffers Another Delay

Strong Customer Authentication Suffers Another Delay

May 05, 2020

The Financial Conduct Authority has announced it is allowing extra time for the rollout of Strong Customer Authentication (SCA) for e-commerce transactions in the UK, and the move is likely to be followed by others across Europe….

YOU Are the First Line of Your Own Defense for Fraud Prevention

YOU Are the First Line of Your Own Defense for Fraud Prevention

April 23, 2020

We are already starting to see the massive impact that COVID-19 is having on the global economy. And as unemployment rates explode, cybercrime and fraud will grow as well. In the UK, online banking fraud losses increased from £22.6m in 2007 to £52.5m in 2008 when the Great Recession hit, and then to £59.7m in…