This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
09/20/2022
What do you mean by Identity Verification? Why is Identity Verification an important process?
Security Boulevard
Ever since the digital transformation in banking, we have seen a giant shift towards digital onboarding in financial services. Technologies like liveness and identity verification solutions have started to be a prominent step in intelligent digital onboarding. ID verification software with the capability to onboard customers quickly and remotely have helped in this shift towards digital customer onboarding.
Going forward into 2023, lets understand how these Identity Verification Software work and why it is a crucial step for all businesses to use an identity verification solution on their platform.
Identity Verification: What is it?
When opening a bank account, asking for a loan, or engaging in other financial transactions, identity verification is a crucial step in making sure a person is who they say they are. Although identity verification is a crucial security tool in the fight against new account fraud, it also helps financial institutions’ Know Your Client (KYC) and anti-money laundering (AML) initiatives, which evaluate and track customer risk.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information