The Trusted Identity Blog

10 Reasons We’re Pumped for Money20/20 USA

We're Pumped Money2020

Aside from the obvious one (Las Vegas), there are so many reasons to get excited about Money20/20 USA. It’s a great opportunity to learn about innovative new financial products and services, connect with our customers (and meet some new ones!), rub elbows with industry leaders and hear some of fintech’s finest speak on everything from AI and regtech to cybersecurity and digital identity.

Here are 10 reasons to get pumped up about this year’s Money20/20 USA:

1. Discover how regtech can help undo the damage of yesteryear’s Equifax breach

High-profile data breaches like the one Equifax suffered last year make it clear that traditional security and authentication methods are going the way of the dinosaurs. Last month’s Facebook data breach demonstrates how even simple authentication methods like Facebook Login have fallen prey to hacks, making it increasingly difficult to really know the online identity of users. Considering how much personal identifying information (PII) has been exposed in recent years, businesses need to be on guard. Big breaches are renewing interest in accurately identifying the true identity of online customers, and the world of identity verification is evolving to meet that need.

2. Learn why 2018 needs to be the year fintech organizations wean themselves off of KBA and 2FA

One takeaway from the aforementioned Equifax breach is that traditional authentication methods such as knowledge-based authentication (KBA) and SMS-based two-factor authentication (2FA) pose serious security concerns and are no longer recommended by the National Institute of Standards and Technology (NIST). KBA questions are easy for users but the information people use to answer these questions is also easy to find on social media and through the dark web, and can then be used by cybercriminals to easily answer security questions. 2FA is flawed because fraudsters can intercept SMS messages intended for the user with man-in-the-middle exploits.

3. GDPR is coming to our shores. Is your business ready?

General Data Protection Regulation (GDPR) went into effect back in May and requires businesses to protect the personal data and privacy of EU citizens and covers how data is collected, stored, processed and destroyed. GDPR applies to any organization that conducts business with EU citizens, and a fear of losing market share to EU-based competitors is a top reason U.S. businesses are motivating to become GDPR compliant. Still trying to wrap your head around GDPR and want to know how it affects your business? Don’t miss Robert Prigge, Jumio’s Chief Revenue Officer, speaking about “GDPR, Identity & The Right to Be Forgotten” at 10:50 a.m. Sunday, Oct. 21. Learn more: http://sched.co/FHGP

4. Are challenger banks finally making inroads in America?

While challenger banks like Monzo are big in Europe, they are also starting to make headlines, and inroads, in the American market. Mobile bank Chime says it has more than 1.7 million bank accounts on its platform and is opening more than 150,000 accounts per month, while European challenger banks N26 and Revolut are both aiming to launch in the U.S. this year (and are encouraging interested parties to sign up now to get early access).

5. The fight for top spot in the peer-to-peer payments space

By 2022, nearly 130 million mobile phone users will use a P2P mobile payment service at least once per month, and more than half of all mobile device users will as well, according to eMarketer. Who’s winning in the peer-to-peer payment platform space? Zelle is the newest biggie in the space, launched last year as a joint effort by banks to compete against PayPal’s Venmo and Square’s Cash App. Venmo had a big 2017 (17.3 million mobile phone P2P payment users, versus Zelle’s 15.8 million and Square Cash’s 6.9 million), but Zelle is gaining on PayPal’s offering and is projected to have 56.1 million users by 2022.

6. Customer distrust (and how online identity verification can help)

Whether a potential customer wants to open a new bank account or start hailing rides using your ride-sharing app, you need to be able to confirm that they are who they say they are online and that they’re not trying to pull a fast one in order to create a fraudulent account. Threats take various forms depending on your business model, but identity verification can help to build trust in your digital ecosystem by helping businesses ensure users are who they claim to be. Effective online identity verification solutions leverage machine learning, biometrics and human experts to build trust in an increasingly unsafe digital world.

7. The battle of the remittances market

Global remittances to developing countries reached about $466 billion in 2017, according to The Economist. The cross-border interbank payments space, which is a critical lifeline for many people around the world, is ripe for digital disruption. What are money-transfer networks doing to make cross-border pay cheaper, easier and more accessible to those who need it most, while also creating a solution that is more secure for all involved parties?

8. The mainstreaming of biometrics

Two-thirds (67 percent) of adults are comfortable using biometric authentication today (this bumps up to 75 percent of millennials), while 87 percent say they will be comfortable with these technologies in the future, according to the IBM Security: Future of Identity Study. The fintech industry is working to better understand how biometric-based authentication can help fight fraud. One development on this front is using biometric facial recognition and liveness detection to thwart cybercriminals who attempt to use static images or pre-recorded video to fake their identity during the identity verification process.

9. Where AI and online identity meet

Advances in artificial intelligence (AI) and machine learning are helping companies level the playing field against cybercriminals, and top identity verification vendors are investing heavily in AI and machine learning to help identify criminal patterns and protect against fraud and account takeover. We look forward to learning more about how other companies are using AI to gain the upper hand over identity fraud.

10. Get inspired by Sir Richard Branson

We’re excited to hear what the founder of the Virgin Group (and seasoned Guinness World Record breaker) has to say during his keynote address.

We hope you’re as excited about Money20/20 USA, and we hope to see you there! Stop by our booth (booth 2135) and learn how Jumio is making the internet a safer place by protecting your ecosystem against fraud. We’re blazing trails on a number of fronts from AI, machine learning, biometrics and fraud prevention. We’d love to see you.

Jumio