Over the past couple of years, Africa’s financial tech industry has taken off. There has been a significant rise in mobile money. However, as you could expect, the increase of financial situations has also resulted in the need for ID verification and extensive onboarding measures. As Africa’s financial systems continue to grow, they’ll need to continue to improve their onboarding systems.
Statistics show that roughly 4.4 billion people worldwide use the internet. Additionally, approximately 80 percent of Americans shop online, according to information from Pew Research. While this has increased our ability to stay connected and access information, it’s also paved the way for issues such as money laundering, terrorist activity, and the sale of drugs and other illegal goods on the “Dark Web.”
Over the past few years, ID authentication and KYC regulations have become more and more prominent. Many governments have updated their KYC regulations to help prevent the chances of fraudulent or terrorist activity. One of the industries that should be jumping on board this train of enhanced management is the gaming industry. The gaming industry is currently eyeing 2nd gen technology to comply with KYC regulations and new ID authentication, but the rollout is slow
Across the globe, it seems as though various countries have their own laws regulating identification and KYC requirements. Some companies are more aggressive with these requirements to cut back on money laundering and the funneling of terrorist funds. Other countries have been laxer about these standards.
Over the past few years, KYC remediation and ID verification have become increasingly more critical. Even if it’s not required by law, participating in these practices could help protect sensitive information and your customers. Unfortunately, many companies use ID verification practices that they think are safe and effective, when this is not the case.
Over the past few years, companies have invested heavily in facial recognition technology. As a result, facial recognition technology has become increasingly prevalent in our daily lives. For instance, you can unlock your smartphone or laptop by using the stock cameras that come equipped on these devices. The reason why this is possible is because of the increased number of biomarkers that these cameras can identify. The cameras are incredibly accurate and provide users with a way to protect their information