Banks still struggle to properly integrate clients even though the majority of financial institutions (FIs) have explicit digital-first initiatives to automate & optimise their backend operations. The majority of corporate clients need an easy-to-use onboarding process with little human involvement and foolproof verification, but due to strict compliance requirements and a high demand for customization, this is a challenging challenge.

Eighty percent of modern attacks are identity-driven. Why would an attacker hack into a system when they can simply use stolen credentials to masquerade as an approved user and log in to the target organization? Once inside, attackers increasingly target Microsoft Active Directory because it holds the proverbial keys to the kingdom, providing broad access to the systems, applications, resources and data that adversaries exploit in their attacks.

As a new alternative to offline seller onboarding, a new digital onboarding method is being tested by amazon for verifying the identity of merchants online, this biometric verification system uses facial recognition in the form of Face Match for automated identity verification to onboard vendors. According to a post issued from the online business giant – Amazon, the test will be made available to potential sellers in the United States as a voluntary option starting today.

Passport verification is a process that is used to confirm a person’s identity using their passport as proof of identification. In the housing industry, this process is commonly used to verify the identity of prospective tenants or buyers before they are allowed to rent or purchase a property. This is often done as part of the overall background check process to ensure that the person is who they claim to be and to protect against fraud or other illegal activities.

The customer experience at the world’s biggest banks and fintech firms is undergoing a significant change. Because of technological advancements, account users may now not only transfer money online but also log in using Identity Verification using face match technology and do a variety of operations using simply their smartphone and its front camera. Technology in this area has made things faster, easier, and safer during the last decade.

APIs provide rapid and scalable applications for banking, payments, and other businesses that require identity verification for AML and KYC compliance. In most countries, some firms are obliged by law to comply with AML and KYC. When such firms authenticate their consumers, APIs may provide a faster, simpler, and less expensive way to comply while fulfilling speed, security, and privacy demands.

Airtel’s latest initiative prioritizes digital onboarding methods to assist online customer onboarding for its payments bank to create an account simply by doing a face match eKYC check on mobile devices. Airtel Payments Bank is the country’s first Payments Bank to offer this service, and it foreshadows India’s shift toward complete digital banking.

The Unique Identification Authority of India (UIDAI), which issues Aadhaar cards, has advised states and organizations to verify a person’s Aadhaar number before accepting it as proof of identity in physical or online platforms. The UIDAI has proposed the move to prevent Aadhaar misuse and to verify the authenticity of the individual’s ID verification evidence in any form (Aadhaar Card, PAN card, Driver’s license, Voter ID).

A new paper outlines the impact of fraud on customer trust. According to the study paper “Fraud vs.

The Telecom Regulatory Authority of India (TRAI), the government’s telecom authority, would implement a caller identification system similar to other caller ID applications on the app store within the next three weeks. The new system will employ KYC verification to guarantee that callers’ identities are real and aren’t forged with synthetic identities.