Thought leadership views on industry trends and developments
As technology continues to become more and more prominent in our lives, our ability to connect with one another becomes more and more possible. However, one of the areas where people have struggled to keep up was with verification processes. We seek to live our lives in “real time,” but we haven’t had solutions that make real-time verification possible.
The United States recently enacted a measure that changed how individual states issue licenses. Millions of Americans will soon be going to their local state government to receive an updated ID. However, one of the many ripple effects that this new law will have is on the way companies verify IDs. Companies may now have to invest in modern ID verification technology to ensure that they can read the new licenses.
If you’re a company in Europe, you may have recently heard about the Revised Payment Service Directive, otherwise known as PSD2. The European Parliament adopted these rules on October 8, 2015, to help foster a safer system for European payments.
At AU10Tix, we continually seek to provide our customers with the most advanced technology available. Not only can our technology help ensure that companies remain compliant with local regulations, but it also helps to protect financial institutions from those looking to use their services for money laundering or other illicit activity. One of the technologies that we are most proud of is our liveness detection. We offer our customers randomized, strong liveness detection for both online and mobile face matching. Implementing this technology during the onboarding process provides our customers with another opportunity to help protect their sensitive financial information. Below, we’ll offer a brief breakdown of what liveness detection is and why ours stands out.
The rise in technology that has occurred over the past decade has changed how we conduct business. It has also presented new challenges for how we protect our sensitive information online. One of the areas where the marketplace is most prime for fintech is Africa. Countries in Africa are rapidly emerging as a modern fintech marketplace. However, companies must ensure that they do not grow too quickly and that they make efforts to protect their financial information while meeting regulations set forth by local governments.
Around the world, countries have been stepping up their anti-money laundering efforts in an attempt to keep citizens and businesses safe. One country who has recently stepped up its anti-money laundering efforts is Chile, who recently launched new KYC regulations set to take place by September 2019.
As the popularity of cryptocurrencies has risen across the world, many governments have taken measures to safeguard their citizens. One such example can be seen in Mexico, where the government recently instituted new KYC regulations that are set to go into place beginning in September 2019. However, many critics disagree with the laws and are pushing hard for Mexican lawmakers to reconsider.
Over the past couple of years, as KYC regulatory compliance has become more and more necessary, one of the programs that has gained popularity is liveness detection. Liveness detection is a complicated procedure that involves analyzing multiple features of an individual’s face. It also relies on live commands, having a back-end user perform a sequence of tasks to ensure that they are indeed who they claim.
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
Over the past few years, manufacturers have advanced the camera capabilities of their smartphones considerably. The first phones featured a single camera lens on the back of the phone. Soon after that, manufacturers started placing a camera on the front of the phone.
Today’s technology has made facial recognition more prevalent than ever. This is primarily due to AI-based machine learning. Machine learning technology now gives computers the capability to learn without explicitly being told to do so by a user. These computers can learn from data, which allows them to make predictions based on data that they have not yet received. Machine-learning computers don’t exhibit a relationship between its inputs and its outputs.
Card issuers, banks, and financial institutions have a serious and growing problem. Money launderers are making use of the most sophisticated technology available to hide their tracks, and today’s risk analysts are often overwhelmed with false positives.
“Knowing Your Customer” or “Knowing Your Client” is integral for financial institutions and other businesses dealing with sensitive information. KYC remediation capabilities have grown considerably over the past few years, proving essential in keeping businesses safe. Recently, a new development that impacts facial recognition technology has helped KYC remediation grow even more robust. What Is KYC Remediation?
Forex trading, otherwise known as foreign exchange currency trading, is a global market that regularly trades the world’s currencies. The decentralized exchange is considered the world’s most liquid market. Each day, the market sees an average trading volume of approximately $5 trillion.
Gone are the days when the cryptocurrency was considered to be one of those mediums of transactions which were considered to be untouchable. The EU is the first set of countries that have come up with the best and the most advanced set of rules for Bitcoin regulation.
The use of tech advancements is one of the best ways to make sure that the ID verification is performed with great accuracy. The ID verification is something that is highly regarded as one of the best and the most used service that can elaborate on the value of financial safety and security.
ID verification is becoming a complex process with the passage of time and it is all because of the fact that the criminals are also making significant advancements. This includes the understanding of the systems that are in place by the governments from all over the world. The desired results cannot be achieved until and unless the systems are not aligned with the demands of the shared economy.
Customer identification is something that is highly in demand and therefore it is regarded as one of the best and the most advanced way to implement other regulations. How can kyc automation save time for organizations? Here some of the advantages that are associated with the KYC automation.
There are several processes that require ID verification and each has its own importance. From bank transactions to entering another country it is important that the ID verification processes are followed to get that is required.
Despite the fact that the advancement in the technologies is leading to a good level of security and safety of the customers online but still there are problems. This concept of synthetic IDs is not new and there have been many instances that have been recorded in the past. Read more..
If you work for a financial institution, you’ve likely heard of the phrase, “Online Identity Verification.” Online identify verification allows companies to identify customers from anywhere in the world in a matter of seconds. Online identity verification technology has come a long way over the past couple of years and is incredibly relevant thanks to new initiatives like the European Union’s Fifth Anti-Money Laundering Directive.
This past July, the Fifth Money Laundering Directive – also known as 5MLD or 5AMLD – went into effect. Members of the European Union must abide by the laws outlined in this regulation no later than January 20, 2020. As that timeline is now less than 12 months away, it’s critical that businesses have a firm understanding of the directives outlined in the new initiative.
We’ve spent a reasonable amount of time talking about cryptocurrency regulation in the European Union, primarily how it changed thanks to the Fifth Anti-Money Laundering Directive. However, one of the countries that deserve special attention when it comes to cryptocurrency regulation is Switzerland. Because Switzerland is not part of the European Union, they have their own rules in place.
Over the past year or so, cryptocurrencies have worked their way into the spotlight. The digital currencies allow consumers to complete anonymous transactions thanks to blockchain technology – a blessing to consumers and those involved with illegal activities, but a nightmare for regulators.
The General Data Protection Regulation is groundbreaking regulation passed by the European Union on May 25, 2018. The measure seeks to protect the data and privacy of all individuals in the European Union and surrounding European Economic Area. The regulation also worked to control the passing of data outside of these areas. Below, you’ll find everything that you need to know about the GDPR.
We all know the importance of rating on daily basis. The experts and regulators also speak low about the ID authentication systems if they do not perform the function as per demands. How should ID authentication system work? How should company choose such system wisely?
SDK is the way or the set of rules which make sure that the conversion rate of the customers is increased. They make sure that multiple databases are captured and connected while authenticating the CNP transaction. How can SDK overcome frauds?
The cryptocurrency is notorious for the transactions which cannot be traced especially the bitcoin which is the earliest form of cryptocurrency. securing customer onboarding is super important cause of the increasing transactions online.
ID authentication is a very important aspect which should be performed to make sure that the best and the most advanced outcome is generated for both business and user. more info about how make AML And KYC Regulations Implement complete.
Integrating the liveness detection with the mobile authentication means that the voice, fingerprint, and facial recognition is done all in a single go which will save time and effort for the users. What types of systems there is? al info inside.
It is very important that the mobile phones are used for the ID authentication and even verification. There are many reasons for which the ID authentication and verification is considered to be more reliable when it is done through a mobile phone. about using Mobile apps and Mobile device equipment for ID authentication..
The security identity crises are one of the worse ideas which can prove to be a nightmare for the companies. The fake accounts which are related to social media are a great security threat and therefore it should be overcome without any further delay. How to use identity bots in a war against fake accounts?
It is a known fact that the document forgery is one of the most problematic issues which are faced by the authorities from all over the world. It is very important to note that there is the need for the development of the counterfeiting detection technology which will make sure that the problem of this kind is curbed.
There are many places both online and offline where the documents are presented to make sure that they are verified and the person gets all that he or she needs. The worse part of the online ID authentication is the fact that it cannot be relied on completely. more about advanced solutions of ID document authentication.
Automation system that allows users to trust the company as a high-end business which can lead to better customer conversion enhancing . There is no need for hiring additional staff for the task. The systems handle the prime processes and register the customers as required. With ID authentication it embedded the safety of the project definitely reaches new heights.
With ID authentication systems, it is not a problem to make sure that the fake IDs edited by photoshop experts are detected. Markings on the documents makes fakeness very easy to detect on documents. So how exactly Au10tix 2nd generation ID authentication technology works? more information coming up.
The economy which currently occupies most of the world business can be regarded as a shared economy. When facing the fact that the economies largely depend upon the internet and online resources, it is highly recommended that all the personal info will remain invisible. About the new challenge and top solution in the field of Online ID Verification..
Know Your Customer regulations have been in place since the mid-1950s. However, in recent years, governments around the world have become much more stringent enforcing the regulations. The crackdown has had a significant impact on both financial institutions and the consumers they serve.
there is a term which is known as the mobile ID Authenticator. The best part of the mobile ID authentication is that it allows the users to keep the identity hidden. Learn more about Fingerprint Security and securing profiles of customers on servers.
ThreatMetrix Q1 2018 Cybercrime Report noted that one quarter of all account registrations from South America are rejected as fraudulent. Stolen data gives cybercrime a fraudulent mask, as they highjack identities to open new accounts, takeover legitimate user accounts or...