Fraudsters seek to penetrate your organization’s data and steal your users’ identities. The fraudsters’ attacks intensify with every new year. How will they threaten your organization’s security and your users’ privacy in 2023? We have identified four threats to institutional user identities that you will face in 2023. Fraudsters will compromise numerous accounts protected by […]
Simplified Due Diligence (SDD) is the most basic form of Customer Due Diligence (CDD), an essential step in Anti-Money Laundering (AML) security checks. Having efficient SDD procedures in place can speed up your operations, helping you deliver better service while keeping your customers safe and your business in regulatory compliance. In this article, we’ll explain what […]
On Wednesday, January 25 at 2:00 pm Eastern Standard Time, the CyberRisk Alliance and Incode Technologies will jointly host a live webcast, “Bolstering Customer Account Security Without Diminishing Privacy.” Identity authentication is a critical tool in the fight against fraud, especially as malicious attackers steal consumer credentials in an attempt to take over their online […]
How Banks Can Fix Apple Pay Vulnerabilities Yellow path authentication uses a color coding system to flag unverified users for further confirmation. This is intended to prevent digital wallet fraud on iPhones and other Apple Pay-compatible devices. Unfortunately, cybercriminals have developed methods to exploit vulnerabilities in the yellow path Apple Pay procedures. Banks and credit card providers […]
Quick Answer A Customer Identification Program or CIP is a set of procedures used by financial institutions to confirm the ID credentials of new customers and cross-reference them against lists of suspected terrorist and criminal organizations. A Customer Identification Program (CIP) helps you confirm that new clients are who they say they are. If you’re […]
Know Your Business (KYB) Essentials for Regulatory Compliance Know Your Business (KYB) is the B2B counterpart of Know Your Customer (KYC) identification verification procedures, and it’s equally important for compliance with Anti-Money Laundering (AML) regulations. If you’re in banking or another financial service industry, you are required to perform KYB checks. This article will cover the essentials you need […]
Chapter 1: What Is Money Laundering? What is money laundering, what can financial institutions do to stop it, and what technology tools can help? This comprehensive guide will cover what you need to know about anti-money laundering (AML) essentials. We’ll look at: To lay a foundation for discussing these topics, let’s begin by understanding what […]
Facial recognition vs. fingerprint identification: is one better than the other? Security teams today are shifting to biometrics, prompting an assessment of whether fingerprinting remains viable in a digital context or whether selfies now offer a better option. Here we’ll cover what you need to know to make an informed assessment. First, we’ll look at […]
The Future of Biometrics: A Glimpse at Emerging Trends The future of biometrics is the future of security technology. Biometric authentication methods such as facial recognition and fingerprint recognition are becoming increasingly popular tools to secure digital transactions while providing customers with a frictionless user experience. Applications of biometrics are growing in industries from healthcare […]
With biometric boarding, your face is your boarding pass. As facial recognition software becomes more widespread, the use of biometrics in airports is growing rapidly. This blog looks at this emerging trend in airport biometrics technology. We’ll examine what biometric boarding is, how it works, how it’s being used in airports, and what its pros and cons […]
Liveness detection is today’s most important tool for preventing identity thieves from bypassing biometrics security checks. Cybercriminals have begun developing techniques for getting around these protective measures as security technology has begun incorporating biometrics identity verification methods such as facial recognition. For example, identity thieves may use photos or videos to fool facial recognition checks. Liveness […]
Age Verification and Age Gating: What Your Website Needs to Protect Minors Age gating is a common but outdated way to prevent minors from accessing websites they shouldn’t. Sites dealing with products and services such as alcohol, gambling, and online dating often ask visitors to confirm their age. But anyone can pretend to be an adult, […]
Customer Identity and Access Management (CIAM) solutions help you verify account logins and protect yourself and your customers from fraud. They form a critical tool for combining digital security with frictionless customer experience. For industries such as financial services, eCommerce, and healthcare, an effective CIAM solution is essential. Here we’ll cover what you need to know […]
NFT Ticket Authentication: How It Can Protect Your Event Security Non-Fungible Token (NFT) tickets use encryption to verify ticketholders and prevent fraud. Combining NFT ticketing with biometric authentication methods such as facial recognition provides one of today’s most secure methods of safeguarding event ticket sales. Here we’ll introduce you to the essentials you need to […]
Customer Verification: Seven Ways to Confirm Customers’ Identities Customer verification provides essential protection for any business which conducts transactions online. Customer identity verification protects both your customers and your business from threats such as identity theft, fraud, and risks to minors while ensuring that you remain in compliance with government regulations. Here we’ll walk you through […]
Consumers now expect a frictionless experience in their interactions with their favorite brands. Companies using biometric authentication have redefined expectations for digital customer experiences by delivering frictionless, contactless, and highly secure transactions between people, data, and systems. What Is Customer Friction? Friction occurs anytime in your customer’s journey when they encounter an obstacle, delay, or […]
When governments and institutions discuss compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) laws and regulations, they also discuss the need to comply with “Know Your Business (KYB)” laws and regulations. What is KYB? KYB is one of many tests that governments and businesses use to detect illegal financial activity. Specifically, KYB confirms that […]
You’re probably familiar with “Know Your Customer,” in which you ensure that you know who your customers really are. What about “know your employee”? When you are hiring new employees, whether they will work remotely or in an office, you need to know who they are. But you may not know who is really behind […]
Some organizations implement Electronic Know Your Customer (eKYC) solutions that rely on manual identity verification, rather than automated identity verification. These organizations need to know about three problems present in manual identity verification. One critical drawback of manual identity verification is that manual identity verification compromises accuracy. Do you want to understand more about this critical […]
More and more valuable digital data is stored online—and more and more threat actors would love to get their hands on that digital data. Although there are many ways for criminals to access data that is not theirs, one of the most common methods is to steal data using a legitimate person’s credentials. Since 2008, […]
On September 28, 2022, Incode Technologies and Frost & Sullivan jointly presented a webinar entitled “Closing the Trust Gap to Transform the Customer Experience.” The presenters were Danielle VanZandt of Frost & Sullivan and Jonathan Andresen of Incode. Danielle VanZandt is a Senior Industry Analyst for Frost & Sullivan’s Security research team. She heads global […]
PwC recently released their 2022 Customer Loyalty Survey, compiling insights from more than 4,000 U.S. participants on consumer behavior two years after the start of the COVID-19 pandemic. The pandemic drastically affected business operations and changed consumer needs, resulting in accelerated digital transformations in organizations and increased tech savviness in customers. PwC notes that technology created […]
“[O]rganizations that deploy DIV (digital identity verification) platforms and authentication measures experience friction from some end users who question the privacy controls and personal data protections of these systems.” (Frost & Sullivan executive brief, “The Next Phase of Digital Identity Verification and Authentication: Closing the Trust Gap to Transform the Customer Experience,” page 5.) This […]
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 […]
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. […]
Digital transformation has accelerated at an unprecedented pace since the COVID-19 pandemic began, with companies investing in digital transformation by implementing new digital use cases. In fact, as far back as 2020, a McKinsey study estimated that during the first 2 months of the pandemic, digital adoption accelerated by seven years. To offer the type of digital-first experiences with […]
One of the biggest growth areas in the entertainment industry in recent years has been the rising popularity of online casinos and gambling. The Covid-19 pandemic has helped to fast track the projected value of the global gambling market to over $94 billion USD over the next two years. As online casinos gain in popularity, […]
Identity verification and authentication are essential for secure transitions, data, and account activity. Yet, these terms can be confusing or interchanged in an evolving digital world. Your company can alleviate complicated onboarding and log-in requirements while boosting security and efficacy by creating a quality identity identification and authentication process. To understand what processes you should implement with your business, […]
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