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By Mohini Sahu
Transaction monitoring in the realm of Anti-Money Laundering (AML) is a critical process that financial institutions employ to detect and prevent illicit activities such as money laundering, terrorist financing, and fraud. As regulatory scrutiny intensifies globally, the importance of robust transaction monitoring systems cannot be overstated.
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By IDcentral
Increasing your online customer base might seem beneficial, but is it always advantageous for your business? Our guide aims to help you identify and understand customers who might pose long-term challenges, commonly referred to as high-risk customers. Financial institutions, such as banks, must adhere to regulations that require thorough customer screening to prevent fraud and money laundering.
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By Mohini Sahu
In 2023, identity theft and fraud reached significant levels, with various reports highlighting the extensive impact on consumers and businesses. The Federal Trade Commission (FTC) reported that consumers lost more than $10 billion to fraud, marking a 14% increase from the previous year. Identity theft remained a pervasive issue, with nearly 560,000 cases reported in the first half of 2023 alone.
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By Mohini Sahu
As we navigate through 2024, banking fraud continues to evolve, presenting new challenges for financial institutions. Driven by advancements in technology and changing economic conditions, these threats require banks to stay vigilant and adopt robust strategies to protect themselves and their customers.
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By Mohini Sahu
KYC is a set of regulations that financial institutions and other businesses must follow to verify the identity of their customers. It’s about understanding who you’re doing business with and assessing any potential risks. KYC compliance helps to.
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By IDcentral
Travel fraud is a growing concern within the industry, posing significant challenges to businesses and consumers alike. As travel becomes increasingly digital, the opportunities for fraudsters to exploit online transactions and reservations have also expanded. Research from global Edgar, Dunn & Company, on behalf of eNett, said in total, fraud costs the travel industry over $21 billion dollars annually, including $6 billion dollars in damages and $15 billion in overheads.
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By Mohini Sahu
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.
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By Mohini Sahu
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.
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By Mohini Sahu
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.
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By IDcentral
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.
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By IDcentral
Even as COVD-19 slammed the brakes on in-person interactions across the globe, it simultaneously accelerated the virtualization of working models. Everything that was online was accessible; anything that was not, lagged behind. In response, companies have raced to support and retain their customers by providing digital capabilities and online experience at a speed that was previously unimaginable. As the digital economy amplifies on a global level, seamless online transactions are penetrating communities all over the world. But with this, there is a growing threat of probable frauds too.
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IDcentral enables the effective use of alternate sources of data to enable customer onboarding, verification, and deliver of identity analytics. Leveraging our relationships with carriers across the globe that spans over two decades, we have access to one of the largest repositories of data in the world. Our objective is to help organizations succeed in the digital era by the right use of technology to influence trust and customer experience.
Our Digital ID solution enables businesses to verify customer identities using alternate sources of data in real-time.
- ID Cloud: A comprehensive identity repository enabling enterprises to convert attributes to digital identities.
- ID Verification: Identity verification and authentication solutions based on phone number and alternate ID.
- Identity Scoring: Data driven intelligence for a comprehensive behavioral score of your consumers.
Your one-stop-shop for Digital Identity solutions!