Explore how financial institutions can meet compliance obligations while onboarding their customers in a secure and user-friendly manner
We’ve recently partnered with Finextra to publish their whitepaper, “Meeting EU regulatory requirements in a post data breach era.” The report explores the ways in which financial institutions can meet their compliance obligations and securely onboard customers in a user-friendly manner.
The plethora of digital account services available to customers today is convenient and a mark of progress, but with it comes more opportunities for cyber criminals to use data stolen in data breaches for illegal and nefarious acts. Beyond the impacts on fraud rates, last year’s barrage of data breaches has not done any favours for the public’s already waning trust in financial services. Complicating matters further, as the frequency of these data breaches and resulting fraud rates grow, regulatory requirements for verification and data protection have become more and more stringent.
So, in the face of rising fraud and updated regulations like the Payment Services Directive (PSD2), the General Data Protection Regulation (GDPR) and Anti-Money Laundering Directives (AMLD4 + AMLD5) new identity verification methods are needed to replace old, outdated ones that are overly reliant on data that has been breached.
And as a response to these large-scale data breaches, traditional id verification checks like knowledge-based authentication (KBA) methods are losing credibility. Fraudsters are becoming more sophisticated, and as we are all storing more and more personal information online, they can more easily hack our KBA passwords.
Interested in learning more?