Since the Bank Secrecy Act (BSA) was first enacted in 1970, the U.S. government has strengthened the anti-money laundering (AML) regulations several times, including in 2020 and 2021. These changes were necessary because financial criminals have become more sophisticated and now use advanced technology to mask their crimes. Too many are still successful at hiding…
During account opening, many businesses have some sort of onboarding process for new clients that requires gathering basic personal information and introducing clients to the product/services they are entitled to. In the financial sector, onboarding becomes more important because serious security issues are involved. The government carefully regulates financial transactions in order to prevent financial…
Did you know that in 2020, 84% of businesses in Asia Pacific reported losses in revenue due to payment fraud? Or that synthetic identity theft is growing despite strong Know Your Customer (KYC) practices — because, to date, there has been no efficient way to uncover this type of fraud? Thanks to the rise of…
When the world first went into a pandemic lockdown, it became necessary — almost overnight — to transact and interact online. This, in turn, accelerated the shift toward digital identity (ID) systems for many countries. Why digital IDs? Essentially a set of electronically captured credentials about a person, these digital IDs help ensure that everyone…
Money laundering is a widespread issue in the financial industry and is hard to eliminate. Because the practice is so prevalent and damaging, most financial institutions are required to have anti-money laundering (AML) technology in place so they can stay compliant with federal regulations. These institutions must be proactive in the fight against money laundering…
Online minor safety is a fundamental requirement for every business with a digital presence. Whether it’s preventing underage users from accessing adult content, gambling or even renting a scooter, businesses must ensure their customers are who they say they are and are suitable to do business with. But kids are savvy, and many have found…
Governments have always issued some type of “traditional” identity document (e.g., passports, national IDs, driver’s licenses) that helped citizens identify themselves in the physical world. With the rising importance of online transactions for both public and private services, governments as well as private identity providers are creating electronic versions of these traditional documents, which are…
Providing a digital identity to create an online account or complete a transaction is becoming more commonplace globally. A digital identity is an electronic file containing a person’s identity information, often used to prove their identity online. Gartner has predicted that by 2024, “a true global, portable, decentralized identity standard will emerge in the market…
With the continued rise of cybercrime, companies have adopted more sophisticated methods of ID verification. In addition to user names, passwords, security questions and ID documents, many are using multi-factor authentication, biometric verification (including facial and iris verification) and liveness detection. These methods are sometimes necessary to determine whether a person is who they claim…
Blockchain technology has not yet achieved true mainstream status, although its uses have been expanding over the last few years. Cryptocurrency, for example, has been a tempting and lucrative investment for many consumers who are attracted to its decentralized structure. Crypto is not controlled by a single entity such as a bank or government, and…