Can you imagine a vacation or a business trip where you can board a plane, check in and pay for hotel expenses, and rent a car just by looking at a smartphone? Have you thought about the convenience of making a payment or checking in at buildings, all without the need for a credit card […]
In July, Cheryl Chiodi wrote an article for the Bank Administration Institute (BAI) that addressed how banks can streamline chargeback representment, an important topic for the financial services industry. If you’re not familiar with “chargebacks” or “chargeback representment,” here are the definitions of these terms: Chiodi proposes to simplify chargeback representments by replacing manual processes with automatic ones. This makes […]
What does the phrase “progressive identity verification” mean, and why is it important? In “progressive identity verification,” the identities of users who want to access a service are verified according to the level of trust associated with the service. If you perform stringent identity verification on everyone, regardless of need, this wastes organizational and user time. […]
We use the word “friction” in multiple contexts. In identity proofing, friction results when it takes significant effort for a person to prove who they are. If it takes a user too long to prove their identity, the user may become frustrated and give up. This hurts businesses that depend upon digital onboarding for their […]
Companies and government agencies are supporting digital transformation initiatives, allowing customers to open accounts online using a computer and/or smartphone. These organizations and their partners are working with technology providers to implement digital onboarding solutions that comply with local “Know Your Customer” (KYC) regulations. Despite the convenience of digital onboarding, many applicants do not complete […]
Are your users who they say they are? Robust online identity proofing protocols boost cybersecurity, prevent fraud, and ensure regulatory compliance. Here’s what online identity proofing, including both identity verification and authentication, really means and how your organization can verify or authenticate a person’s identity online. What Is Online Identity Verification and Authentication? Online identity verification […]
Using biometrics for authentication and identification is safer than many traditional methods like passwords while offering ease-of-use advantages. For example, instead of requiring an in-person visit or scheduling a meeting with a representative, some financial institutions allow clients to open accounts remotely using biometric identity verification. Through their cell phone and the company’s app, a […]
Leading government agencies are digitizing and streamlining traditional identity verification processes—from financial professional background checks to driver’s license renewals to entitlement applications. With digital processes, constituents do not need to carry their personal documents to application centers, travel to remote offices, or wait in line for a clerk to manually process their applications. This reduces […]
As Know Your Customer (KYC) guidelines have adapted to keep pace with technological advances, Application Programming Interfaces (APIs) have become critical tools to help organizations comply with KYC requirements at scAs the demand for self-service onboarding solutions continues to grow, companies in the financial and fintech industries must rely on technology to ensure they’re prioritizing security and […]
In the last couple of years, and particularly during COVID-19, online and remote transactions requiring identity verification have become the norm. Using biometrics as part of digital identity verification is a secure and frictionless experience. For example, opening a new banking account is as simple as taking a selfie and uploading a picture of your […]
This blog is part of our “Identity in the News” series where we discuss events from the recent news cycle relating to digital identity. France has recently announced a smartphone-based system for proving digital identity called the “Digital Identity Guarantee Service”’ (SGIN, or “Service de garantie de l’identité numérique”). To be used in conjunction with […]
Photo ID verification has long been used in retail, but the rise of eCommerce has made it an increasingly important tool for digital security. Knowing how to verify photo IDs online can help your organization strengthen your Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures. Here we’ll cover what you need to know about ID verification photo technology […]
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