Risk signals are various types of checks that help verify that a person is who they say they are and that they’re suitable to do business with. For example, when a new user is creating an account online, you can check the reputation of their phone number, email address and IP address to see whether…
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New Report: Regulatory Trends in Online Gambling for 2024
The iGaming market is hotter than ever as more and more players discover the fun and convenience of gambling online. Many governments around the world are legalizing online sports betting and casino games in an effort to reduce illegal gambling and put better consumer protections in place. But regulations vary widely from country to country…
The Harsh Reality of Account Takeover Fraud and the Future of Prevention [Infographic]
Account takeover (ATO) fraud is when a bad actor 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. 2022 had the second-highest number of data compromises…
The Pandora Papers: The Importance of Enhanced Customer Due Diligence for PEPs
Anti-money laundering (AML) starts with knowing your customer. Multiple leaks such as the Panama Papers, Paradise Papers and most recently the Pandora Papers show that politically exposed persons (PEPs) are at higher risk for corruption. PEP screening is critical for ensuring your business takes a risk-based approach and performs enhanced due diligence on high-risk customers…
What is a Risk-Based Approach to AML?
As the world has become more connected and reliant on technology, criminals have become more sophisticated. Narcotics and arms traffickers as well as terrorists rely on money laundering to disguise the sources of their illegal funds. And they use a range of tools and methods to get around regulations and through loopholes in the financial system. But…
COVID-19: A Call for Digital Transformation
The COVID-19 outbreak is a tragedy that will have widespread and long-lasting implications for humanity and our global economy. As the coronavirus continues to spread around the world, more and more enterprises will miss their financial targets because of supply chain disruptions and dampened customer demand. It’s also unclear how long this pandemic will last,…
Rethinking eKYC for Digital Banking in Asia-Pacific
In recent years, we have witnessed accelerated growth in Asia’s digital banking sector. More fintechs and newly licensed virtual banks are coming to market to address the unbanked segment, while traditional banks are transforming to manage costs and achieve operational efficiency in this increasingly competitive landscape. However, digitization has also exposed businesses to new risks,…
Identification vs. Verification vs. Authentication vs. Authorization: Comparing Definitions & Key Differences
Data breaches, compliance mandates, and identity theft have made it increasingly difficult for organizations and individuals to establish trust online. Yet, for those very same reasons, it’s more important than ever. From the baseline identification of a customer or user to the recurring authentication process of ensuring that the person logging into or using your…
10 Tips to Convert More Customers During Account Onboarding [Infographic]
The digital onboarding journey is in need of a serious shake-up. While 72% of consumers want an all-digital onboarding experience, they’re clearly not happy with the current state of affairs — 56% of online bank account applications in the UK were abandoned due to a long or complicated enrollment process. There are a number of…
Why States’ Unclaimed Property Websites are Becoming a Lucrative Target for Fraud
There are literally billions of dollars — somewhere between $40 billion and $50 billion — of unclaimed property held by states. Each year, unclaimed or abandoned assets are turned over to each state’s Unclaimed Property divisions by financial institutions and businesses that lose contact with the owners of those assets. Each state’s treasury department serves…