Get up to speed with financial regulations, KYC and due diligence requirements, and AML, CFT, Sanctions and anti-bribery policy.
Chip Reading is a extraction data stored on a chip embedded in an ID or payment facility. Used for automated retrieval of facility and holder data but, also for the detection of forgery or counterfeiting by comparing chip data to other data sets on the document or in previous records.
Chip reading requires specialized chip readers. Chip readers are still primarily physical devices that read physical ID facilities. In the foreseeable future smartphones will be equipped with a capacity to retrieve and transmit data stored on chips for identification and payment purposes.