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Digital ID partnerships for financial services unveiled, fraud shifting to new sectors

Digital ID partnerships for financial services unveiled, fraud shifting to new sectors

More firms from various industries are partnering with digital identity verification companies to adopt digital KYC functions to tackle fraud. U.S. financial regulators this week published new guidance on strengthening customer authentication, including biometrics as an example. A new study finds increasing fraud attempts beyond financial services, such as in the gaming sector as a betting platform partners with iDenfy. Plus Mauritius gets eKYC for its financial sector, and IDnow launches a new capability to help banks meet strict AML regulations.

Refinitiv’s World-Check and GIACT’s EPIC Platform available through single API

A new approach to risk and fraud is being offered by the merging of Refinitiv’s World-Check and GIACT’s EPIC Platform through a single API.

The integration is intended to combine World-Check’s risk intelligence service and GIACT’s capabilities in consumer and business digital identities, payments and compliance across the whole customer lifecycle.

The solution should enable users to strengthen onboarding and KYC, conduct due diligence and be better prepared for increasingly sophisticated fraud threats.

Fraudsters shift to travel and leisure

Travel, leisure and gaming industries and increasingly the focus of digital fraud attempts as fraudsters shift their attention away from financial services, according to research by TransUnion.

The firm used data on billions of transactions and more than 40,000 websites and apps in TransUnion TruValidate, its identity proofing, risk-based authentication and fraud analytics tool, to determine a 393 percent increase in suspected digital fraud attempts in gaming globally from Q2 2020 to Q2 2021. For travel and leisure the jump was 156 percent. In the U.S. the figures were 272 percent and 137 percent respectively.

The background rate of suspected digital fraud attempts rose by 16.5 percent worldwide and 17.1 percent in the U.S. The rates for financial services in the same annual period rose 18.8 percent globally and 38.3 percent in the U.S. But a comparison of the first four months of 2021 with the last four months of 2020 shows a global increase of 149 percent for financial services online fraud attempts.

iDenfy partners with gaming industry startup Sparlay for verifying betters

Sparlay is a peer-to-peer sports betting platform with algorithms to allow betters to choose their own spreads and odds. It is working with digital ID verification company iDenfy to mitigate fraud with customer verification through selfie biometrics, and ensure gamblers are in the correct territories, wagering real funds.

iDenfy’s system also runs users against anti-terror and AML lists. Sparlay says the partnership allows their customers to feel safe using the app.

The iDenfy app is being proposed as a potential solution to the migration crisis at the Lithuania-Belarus border by helping Lithuanian authorities identify migrants with or without travel documents.

ARIE Finance launches digital KYC tool in Mauritius

ARIE Finance has launched an eKYC tool compliant with the Mauritian Financial Services. The service is launching initially in Mauritius and will verify the identity and addresses of people as well as corporate clients’ details.

ARIE Finance is also implementing electronic signatures for client-signed documents, along with multiple unspecified authentication methods.

Commenting on the launch, Aisha Sudally, ARIE Finance’s managing director for Middle East, Asia and Africa, said, “The launch of our new e-verification process is a major step for ARIE Finance. It meets all the regulatory requirements of the Financial Services Commission and will not only improve the experience of our clients and efficiencies of our processes, but form the industry standard in Mauritius moving forward.”

IDnow expands AML compliance toolbox

IDnow has added Qualified Electronic Signatures (QESs) to its selfie biometrics-based identity verification solution AutoIdent to enable customer compliance with European anti money-laundering laws, including Germany’s AML Act.

The solution combines the QES function with the customer’s existing online bank account to enable fully compliant remote onboarding through processes such as a one-cent bank transfer.

The updated AutoIdent for highly-regulated use cases is offered as a component of the IDnow platform.

“Our belief in providing an advanced identity verification platform which increases security improves conversion and streamlines our customers’ onboarding process across geographical borders drives us forward. By making our automated solution AML-compliant with additional regulations, our customers can offer a faster process and therefore a better user experience while ensuring high security and regulatory standards. This gives our customers, who operate in a constantly evolving environment, the peace of mind and the flexibility to choose the solution that meets their needs best,” says Andreas Bodczek, CEO at IDnow.

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