In the ever-evolving landscape of finance, regional banks are vital players in providing banking services to their communities. However, they face a significant challenge in combating fraud, which threatens the security of their customers’ financial assets and erodes trust in their institutions. Check fraud is especially problematic and is growing at an alarming rate. Regional banks, with their wide-ranging networks and technological capabilities, are prime targets for fraudsters seeking to exploit vulnerabilities in online banking systems. As financial transactions increasingly migrate to dig ..read more

With deepfakes on the rise, establishing trust online has never been more important. But sacrificing user experience — and losing customers as a result — is not an acceptable trade-off. Successful businesses use advanced identity verification solutions that can detect deepfakes and stop fraudsters while providing a streamlined onboarding experience for legitimate customers. In fact, according to a Liminal report, using an integrated identity platform can result in a 15.3x annual return per dollar spent, enabling businesses to onboard and transact with more consumers, avoid high overhead costs ..read more

Know Your Customer (KYC) procedures are critical processes for financial institutions and other high-fraud-risk organizations onboarding new customers. But as customers’ preferences for digital onboarding emerge, traditional KYC identity verification processes aren’t enough to ensure safety and security for customers or the organization. KYC procedures are advancing and evolving, helping organizations improve efficiency and increase security, all while meeting and even exceeding changing customer demands. Keep reading to learn: How the KYC onboarding process has evolved What impact KYC change ..read more

In the age of digital transactions and online commerce, payment technologies have become an integral part of our daily lives. However, with the convenience of electronic payments comes the risk of identity fraud. As cybercriminals become more sophisticated, businesses must prioritize robust identity verification solutions to protect themselves and their customers. In this article, we’ll look at the intersection of payment technologies and identity fraud, and outline key considerations for choosing an identity verification solution provider. Understanding the Landscape of Identity Fraud Identit ..read more

As financial institutions have become an essential part of the global economy, it’s increasingly important to ensure their safety and security. Implementing a Know Your Customer (KYC) process is critical to understanding their customers and identifying potential risks or threats. Customer due diligence is a key component of the KYC process. By conducting customer due diligence, financial institutions verify customer information to determine their identity, financial history and risk level. This verification process helps the entire financial system by reducing the risk of financial crimes, sca ..read more

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