The fight against money laundering and terrorist financing requires a united front, with financial institutions and large corporations playing a critical role.  One key weapon in this arsenal? Politically Exposed Persons (PEP) screening. PEP screening identifies individuals with prominent public positions or close ties to them, who may be exposed to a higher risk of bribery, corruption, and other financial crimes due to their influence.  For institutions subject to anti-money laundering (AML) regulations, screening PEPs is an essential part of a robust risk management strategy. Whil ..read more

Neobanks, which operate exclusively online without traditional physical branch networks, are facing an increasingly challenging landscape due to a significant rise in fraud cases. In recent years, financial institutions have reported a marked increase in fraudulent activities, with the average cost of fraud for institutions with assets over $5 billion rising by 65% from $2.3 million in 2022 to $3.8 million in 2023. This rise in fraud rates includes a significant proportion of unauthorized transactions, where external actors compromise accounts or impersonate bank tech support and the IRS to c ..read more

Artificial intelligence (AI) is swiftly reshaping our reality, sparking innovation across diverse domains. Yet, amid this advancement lies a pressing issue: deepfakes. These ultra-authentic synthetic media pieces can alter videos or audio to fabricate instances where individuals seem to say or do things they never actually did. The ‘2023 State of Deepfakes Report’ by ‘Home Security Heroes,’ a US web security services company, reveals a staggering five-fold surge in deepfake videos since 2019. This exponential growth trend has seen the volume of deepfake content online double every six months ..read more

In the modern digital landscape, the importance of document assessment and data extraction in ID verification processes cannot be overstated. These technologies are pivotal for businesses and organizations to ensure security, compliance, and efficient customer onboarding. With the rapid digitalization of services, from neobanks to telehealth, efficient and secure digital customer acquisition has become crucial. However, this digitalization also presents opportunities for fraudsters, who have leveraged artificial intelligence to create sophisticated forgeries, including deepfakes and forged ID ..read more

Global System Integrators (GSIs) are at the forefront of digital transformation, pioneering the integration of advanced ID verification technologies to enhance security, efficiency, and user experience. As businesses worldwide continue to digitize their operations, the demand for robust identity verification (IDV) solutions has never been higher. These solutions are critical in combating the ever-evolving landscape of cyber threats, including identity fraud and scams, which cost billions annually and affect millions globally​​. The Evolution of Identity Verification Technologies Recent years ..read more

The initial overview of the role of system integrators in enhancing business security through access control and identity verification has been validated and expanded with recent trends and technological advancements in identity verification. Here’s an enhanced and updated analysis based on the latest insights: Advanced Biometrics and AI Integration Advanced biometrics, including not just fingerprints and facial recognition but also voice recognition, gait analysis, and even vein or retinal scanning, are becoming increasingly common. These methods offer higher security levels by making spoofi ..read more

The Blockchain Revolution in ID Verification is reshaping the landscape of digital identity through the advancement of Self-Sovereign Identity (SSI). SSI empowers individuals with control over their own identity information, leveraging blockchain technology for a secure, decentralized framework. This transformation is driven by the need to address challenges such as identity theft, privacy concerns, and the inefficiencies of traditional ID verification processes. Redefining the Identity Landscape with SSI SSI is disrupting traditional federated identity management systems, presenting a soluti ..read more

In the crucible of 2024, the domain of identity verification (IDV) is not just evolving—it’s revolutionizing. Anchored by a stark revelation from Sumsub’s 2023 report, we observe a 73% global upsurge in identity fraud, coupled with escalation in deepfake attacks. This is not merely data; it’s a clarion call underscoring the urgent need for innovative IDV strategies, and it positions system integrators at the epicenter of this transformative wave​​. System integrators, in this context, are not just participants but pivotal catalysts. They are tasked with a complex and noble endeavor: to intric ..read more

Introduction to a New Era of Digital Identity in the EU In an age where digital transactions are becoming the norm, the European Union has taken a significant leap forward with the introduction of eIDAS 2.0, aiming to revolutionize how individuals and organizations authenticate their identities online. This update to the Electronic Identification, Authentication, and Trust Services (eIDAS) regulation is not merely a policy update; it’s a foundational shift towards creating a more integrated, secure, and user-centric digital ecosystem across EU member states​​​​. The EUDI Wallet: Central Pilla ..read more

In the rapidly evolving digital landscape, secure identity verification has emerged as a cornerstone of online security and trust. System integrators are at the forefront of deploying these solutions, ensuring that businesses can verify the identities of their users confidently. This blog delves into the strategic considerations and best practices for system integrators tasked with implementing these critical solutions. Understanding the Current Landscape The digital identity verification space is marked by rapid technological advancements and regulatory changes. With the proliferation of dig ..read more