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…
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…
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…
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…
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…
Anti-money laundering (AML) compliance is not a simple matter. Your company has to practice Know Your Customer (KYC) and customer due diligence (CDD) to meet governmental regulatory measures. In addition, you are responsible for screening international sanctions lists to avoid doing business with known or suspected financial criminals such as drug dealers, human traffickers, terrorists…
Anti-money laundering is a guiding force for financial services companies. Know Your Customer (KYC) is an integral part of AML regulations and helps financial institutions weed out customers who commit financial crimes, including terrorist financing, human trafficking and the drug trade. While these efforts are necessary, they apply constant stress to your company. Several government…
Alarming reports have emerged about a crypto investment scam that’s so heinous it sounds fictional. Dubbed “pig butchering” because of the amount of time and care that goes into “fattening up” the victims, this scheme involves targeting people on social media, dating sites and WhatsApp, developing trust with them over days or weeks and manipulating…
More than 114 million people in the U.S. are required annually to provide proof of vaccinations for their work or education. Unfortunately, there is no national organization for authenticating and maintaining vaccine records, putting the onus on the individual to keep track of their own records. COVID-19 only amplified the need for an innovative solution…
A massive shift is happening in the way people prove their identities. From banking to healthcare to gaming, as more business moves from the physical world to the digital world it’s become essential for organizations to determine that the person on the other end of the screen is who they say they are and to…