The sharing economy is a comparatively recent economic idea, yet it is fast increasing. It’s predicted to reach $335 billion by 2025. eBay was the first widely known sharing economy platform with online P2P buying and selling. After more than two decades of eBay, the sharing economy offers other solutions also, such as ride-sharing, crowdfunding, apartment sharing, and many others.

With an urgent need for the deployment of a new biometric and biographic authenticator at the borders, US officials in departments such as the Department of Homeland Security (DHS), U.S. Customs and Border Protection (CBP) decided to use a Facial Recognition Technology over their Manual ID or Document Verification techniques.

Discussing on the subject of KYC and AML compliance and how it helps keeps risk under control, here is how the new CBDC establishment is to benefit. CBDC’s primary purpose is to provide privacy, transferability, ease, and financial security to individuals and businesses. They also help reduce the expenses of maintaining a complicated financial system, reduce transaction costs, and provide cost-effective money transfer methods.

India’s online gaming industry has witnessed an unprecedented rise even before the pandemic. It is in the world’s top five mobile gaming markets. However, COVID-19 and the following lockdowns saw significant growth in online gaming in India. By September 2020, almost 17% of worldwide downloads, with 7.3 billion installed games in September 2020. India has 400+ online gaming market players and is home to 420 million online gamers, second only to China.

Identity fraud has been a significant threat to businesses. Industries related to finance and financial institutes, tourism, and hospitality are the most affected by this. Although scammers use various methods and tricks for identity theft, synthetic identity is a major concern and is a popular trend amongst fraudsters. Synthetic Identity Theft is a complex form of theft in which the person’s identity is imitated.

Identity can be defined as the group of qualities and attributes that make one person unique from others. As a measurable and recordable set of features, identity is also comprehended in terms of the range of those measurable metrics so it can be saved on a system as a digital ID. Like all digital data, ID verification online is also a must to confirm ID to ensure the fraud-free operation and prove the person is who they claim to be.

As per the news reports published MTN’s Mobile Money Bank suffers N22B Fraud, Drags 18 Banks to court for recovery The newly licensed Mobile Money Payment Service Bank Limited (MOMO PSB) a banking subsidiary of MTN Communications Limited has in less than a month operation suffered a massive fraud worth over N22 billion on its network. The suspicious transfers were due to the fact that the MoMo PSB suffered system exploitation which led to the said debits.

The National Crime Record Bureau (NCRB), in its report, recorded 50,035 cybercrime cases in 2020, and it is alarming to see that the numbers have surged exponentially ever since the pandemic. This opened the gates to remote onboarding and the use of facial recognition algorithms to distinguish users’ unique features, enhancing their onboarding experience. On the flip side, this has also given scamsters and fraudsters ample opportunities to manipulate and employ technologies for wrongful gains.

Globally, the telecom service providers are under massive pressure to add new revenue streams because of the commoditization of voice and data services and dropping margins. In this regard, several service providers have started offering financial services to leverage their distributor network and existing relationship with the subscribers.

With the speed of technological advancements, one term is ubiquitous, Artificial Intelligence. Across various fields, AI is changing how we look at current technologies. One technology transformed with the implementation of AI is OCR, Optical Character Recognition. OCR can process images of text and convert them into a machine-readable format. It can take handwriting and printed documents and convert them into a digital format.