As the presence of online transactions continues to increase, the importance of a streamlined Know Your Customer (KYC) protocol is essential. eKYC or Electronic Know Your Customer is an advanced method for performing KYC that minimizes fraud and increases speed and conversion rates. Learn about eKYC and whether this digital identity verification method suits your organization. What […]
Enhanced Due Diligence (EDD) procedures protect businesses when onboarding customers who have been identified as high-risk. EDD finance checks involve stricter verification methods than standard Customer Due Diligence (CDD). They may be required for certain customers, such as foreign government officials or large cash transactions, and serve to strengthen protection against fraud and money laundering. Here we’ll […]
Chances are, you’ve been asked to submit a copy of your ID or social security card for digital onboarding at a credit union, a bank, or a financial organization. Email addresses, phone numbers, and addresses are even more common forms of information collection, spanning multiple industries. While you may not have known, these procedures are […]
Across the financial industry, growing customer demand for accessible digital services is leading to a new and exciting phase of business transformation powered by digital identity. Making seamless digital services a reality, however, rests upon a key pillar that all financial institutions need to implement successfully – identity verification. With a smooth, secure, and privacy-enabled […]
Quick Answer Synthetic identity theft is a form of digital fraud where an identity thief combines stolen information with other real or invented data to create phony credentials that can be used to commit acts of financial fraud. Synthetic identity theft represents a growing threat to digital customers and online businesses. It works by piecing […]
As a frequent business traveller, there are fewer experiences more frustrating than getting to your hotel after a long international flight, tired and jetlagged before tomorrow’s meeting, waiting in line to check-in to your hotel – only to have to produce all your documents and wait for the front desk clerk to organize your room. […]
A Know Your Customer (KYC) service provider can help you navigate the complexities of the compliance process and provide you with the technology tools to authenticate client identities efficiently. But with KYC technology advancing rapidly and the field of providers continually growing, choosing the right solution can be a challenge. Here’s our guide to finding the right […]
After more than two years of pandemic induced remote digital interactions, consumer expectations for fast and easy-to-use mobile experiences are higher than they’ve ever been. Yet despite the ubiquity of digital and remote offerings, companies are finding it difficult to keep up with growing consumer expectations for a better mobile experience. Brands are no longer […]
For many organizations, safeguarding customer data, company information, trade secrets, and confidential information continues to be difficult, especially as cybercriminals work on developing new ways to beat even the most advanced security measures. Due to the susceptibility of other security measures to breaches, many organizations are implementing biometric authentication technologies. What Is Biometric Authentication? Biometric authentication […]
The Know Your Customer (KYC) process is a set of identification processes and requirements that financial institutions employ while onboarding clients. These client onboarding procedures protect the financial institutes against fraud, corruption, money laundering, and terrorist financing. It essentially helps these institutes access their customers’ identities, allowing them to find the source of their funds and anticipate […]
It was not so long ago that a banking manager would sit across from a new customer at a brick-and-mortar branch and ask the customer to hand over a physical photo ID and a pay stub and have to fill out reams after reams of paperwork. While a small percentage of banking customers today still prefer to go […]
This article will define digital identity, its use, and how organizations can ensure their customers’ digital attributes are kept safe through digital identity verification. What Is Digital Identity and Why Is It Important? What is an online identity? It comprises all the personal data a person has online that can be traced back to them. […]
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