Know Your Customer (KYC) processes are put in place to protect against fraud, identity theft and red-flag transactions. And while they’re crucial for creating a safe and secure banking environment, they can often be time-consuming and resource-intensive to complete. Thanks to new technologies, KYC processes are becoming easier to manage. KYC APIs are creating new opportunities to streamline onboarding processes and automate ongoing monitoring and risk assessments. Using KYC APIs can save time, create safer and more secure financial environments for customers and be incredibly cost-effective. B ..read more

DolarApp aims to make finances borderless by providing digital dollar accounts for Latin Americans. DolarApp makes it possible for customers in the LATAM region to send and receive transfers locally and in the U.S., dollarize their savings in a legal way and pay with an international Mastercard in any currency at the best rates – both when they travel and when they use DolarApp for everyday expenses. DolarApp’s three co-founders saw a need for access to banking in dollars in LATAM. When developing the app, the team sought out an automated solution that would help quickly and easily verify cust ..read more

In today’s digital-first world, our most vital information exists online and in the cloud — making it more difficult than ever to keep it protected. Companies holding that sensitive information have a responsibility to keep it secure and ensure only authorized users are able to access accounts and databases. In the past, companies have relied on physical identity checks for authorizations, like presenting a photo ID for important bank transactions or when traveling. But today when fewer and fewer transactions are happening face-to-face, companies need to find ways to securely and reliably ..read more

In 2023, 48% of consumers said their primary method of accessing their bank account was through their mobile phone and online platforms. The preference for digital banking channels is especially strong among younger generations, with 74% of millennials reporting that they choose to bank digitally. The growing popularity of digital banking platforms provides fraudsters and hackers new opportunities to create false accounts or take control of existing accounts. Financial institutions must implement new security measures to keep criminals out while providing a positive experience for legitimate u ..read more

As photo-editing and creation tools become more advanced and easier to use, it’s more and more difficult to identify fraudulent documents, like identity document (ID) cards. And with the latest deepfake technology, it’s easier than ever to fool traditional fraud detection systems. Stopping savvy fraudsters requires taking a smarter approach to identity document verification. Enter artificial intelligence (AI). Like many other processes and industries, AI has the power to reinvent and improve the way we verify identity documents in today’s digital-first world. Using AI technology to detect frau ..read more

Fraudsters’ attacks are getting more and more advanced. They’re discovering new ways to bypass conventional fraud detection systems, allowing them to slip under the radar for longer and longer amounts of time. Fast detection is key to stopping damages caused by fraud from spreading. With smarter cybercriminals, companies need smarter prevention and detection systems to combat fraud — specifically tools capable of detecting fraud in real time. Let’s break down why real-time fraud detection is critical, how it works and how to implement it. The Benefits of Real-Time Fraud Detection Financia ..read more

With the increasing rise in air travel around the world, the stakes for airlines couldn’t be higher. Security and efficiency are top concerns, and ensuring passengers have a frictionless experience has become an imperative. But there’s a hidden vulnerability that often goes unnoticed amidst the hustle and bustle of terminals and boarding gates: airline frequent flyer programs. For travelers, airline miles and hotel points represent more than just loyalty rewards — they’re a valuable currency facilitating journeys across the globe. And just as with bank accounts, they are a prime target for cyb ..read more

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 those channels have been used in fraudulent transactions in the past. Because risk signals are inexpensive and low-friction for users, they provide an excellent way to check the risk of the user before you perform more expensive and active methods of identity verification. That’s why so many busines ..read more

In the ever-evolving financial realm, credit unions are experiencing a notable surge in membership, indicating a shift in consumer preferences towards a holistic banking experience. This encompasses not only competitive loan rates but also factors such as convenience, security and personalized service. Credit unions, serving as pillars of trust and reliability within their communities, face the challenge of adapting to the digital revolution while maintaining the utmost security standards. With an increasing number of transactions occurring online and through mobile applications, safeguarding ..read more

Face ID was added to most smartphones in 2017. The revolutionary technology largely replaced iPhones’ TouchID software and added an extra layer of security to Apple smartphone devices. The two-layer security combination of Face ID and Passcode keeps iPhones more secure than traditional facial recognition done by a simple 2D front-facing camera. But Face ID is doing more than just unlocking smartphones. The technology is also used to authorize online transactions on most Apple devices — and it’s raised some safety and security concerns. Let’s explore how Face ID works and whether or not it’s a ..read more