PYMNTS

NOVEMBER 13, 2020

Digital identity solutions have become increasingly widespread in recent years as alternatives or supplements to old-fashioned authentication methods like passwords. Multifactor authentication (MFA) and biometric scans are quickly becoming the norm in numerous fields, including online accounts for banks and other businesses.

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Multifactor Authentication MFA Verification Online and Mobile Banking 97

PYMNTS

MARCH 21, 2019

However, that backlash also promises to drive the eCigarette business online, and provide even more opportunities for ID verification and authentication providers. To dig deeper into the ongoing changes, PYMNTS caught up with Reinhard Hochrieser, director of product management at Jumio , an authentication services provider.

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Authentication Verification Regulations Rules 61

PYMNTS

JUNE 4, 2019

However, if data is vital to the digital economy, so is identity (ID) verification. If anything has become clear within the last few years, it’s that electronic ID verification — using digital methods and data to confirm and authenticate identities — is increasingly taking on crucial importance. Evolving ID.

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Verification Online and Mobile Banking Fraud Prevention Privacy 62

PYMNTS

SEPTEMBER 11, 2017

When it comes to identity verification, the (possible) devil is in the details — and the details are in the documents. As financial services become ever more digital, the identity verification method employed by some firms may no longer be optimal. To that end, digital identity technology company Socure announced news on Monday (Sept.

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Verification Social Security Addressing Financial Inclusion 53

PYMNTS

NOVEMBER 6, 2019

In a recent interview, PYMNTS spoke with Affirm Chief Strategy and Risk Officer Sandeep Bhandari and Head of Data Science Nitesh Kumar about the company’s authentication techniques and how Affirm deters fraud by leveraging a sophisticated artificial intelligence (AI)-driven analytics system. Verification Relies on Existing Information .

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Verification Fraud Prevention Authentication Credit Cards 40

PYMNTS

OCTOBER 7, 2019

Identity security is key when it comes to protecting financial information, and it can be devastating if sensitive documents from credit checks fall into the wrong hands, making authentication critical. Authenticating Users. How Nav Works. Hanson estimated that the latter comprises approximately 90 percent of its customer base.

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Verification Authentication Small Business Checks 40

Fi911

JANUARY 18, 2024

They demonstrate the diverse methods and strategies employed by fraudsters to exploit individuals and financial institutions for their own gain: Identity Theft A criminal steals an individual’s personal information, such as Social Security number, bank account details, or credit card information, and uses it to impersonate the victim.

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Account Takeovers MFA Fraud Detection Credit Cards 94

PYMNTS

DECEMBER 13, 2017

Identity verification and user authentication are hot spaces right now, and only getting hotter as merchants, financial institutions (FIs) and consumers demand more foolproof protection against fraudsters. Today, though, visit any industry trade show and the halls are packed with identity verification products.

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Verification Social Security Enrollments Security 62

PYMNTS

AUGUST 8, 2019

And that fact — shared by Cognito CEO Alain Meier during a recent PYMNTS interview centered around changes in digital ID – serves to show the weakness of knowledge-based authentication. “We As Meier told it to PYMNTS, that provides an opening for a concept called gradual verification.

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Security Verification Online and Mobile Banking Breach 58

Basis Theory

NOVEMBER 12, 2024

Today, we can tokenize anything from credit card primary account numbers (PAN) to one-time debit card transactions or social security numbers. The token vault offers a secure and PCI-compliant location to store original data (e.g., credit card or social security numbers).

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Encryption Payment APIs and Integration PCI DSS Returns 88

PYMNTS

MARCH 27, 2020

First-party fraud seems difficult to perpetrate because loan applications typically require identity verification with Social Security numbers, which enable banks to track down loan applicants who go off the grid. Many FIs are thus relying on AI or ML tools to automate authentication. Preventing Application Fraud.

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Identity Theft Technology Authentication Credit Cards 83

PYMNTS

APRIL 30, 2019

We at PYMNTS come here not to bury biometrics, but to explore another way of bringing identification and age verification to the masses — a method that, in the view of Alain Meier, CEO of Cognito , could help eCommerce operators stay ahead of regulators and otherwise offer relatively friction-free authentication to consumers around the world.

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Verification Authentication Online and Mobile Banking Law Enforcement 64

PYMNTS

DECEMBER 3, 2019

Digital identities are growing more important and omnipresent in everyday life, and the need to keep them secure grows more pressing by the day. Financial information, Social Security numbers and a host of other private data is wrapped up in each person’s digital identity, making a potential data breach catastrophic.

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PYMNTS

JUNE 11, 2019

Phone numbers, email addresses, usernames and other online signifiers have become vital to digital identity verification, as the world becomes increasingly connected. How Western Governors University handles Digital ID Verification. For more on these and other digital identity developments, download this month’s Tracker.

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Verification Authentication Blockchain Addressing 58

PYMNTS

SEPTEMBER 24, 2020

One of the key ways in which banks can counter this threat is through ironclad authentication processes, according to Sameer Shetty , head of digital banking at the Mumbai, India-based Axis Bank. Social Security numbers. ATOs mostly] happen through social engineering,” he said. Fraud Threats To Digital Banking.

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Account Takeovers Database Authentication Crime 82

FICO

APRIL 8, 2020

For example, this process looks to establish there is a person such as Jane Smith and that she has the corresponding attributes such as date of birth and/or social security number. Identity Verification. Together identity validation and identity verification are often referred to as identity proofing. Enrollment.

Accounts 52

Accounts Enrollments Authentication Verification 52

PYMNTS

DECEMBER 15, 2020

According to Bud Walker , chief strategy officer at the address and identity verification firm Melissa , the time, money and reputational costs caused by incorrectly addressing letters and packages are “humongous.”. We’re seeing that the size and scope of companies that want to use some type of ID verification has changed,” Walker said.

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Addressing Returns Duplicate Verification 73

PYMNTS

AUGUST 7, 2019

Department of Commerce established the National Program Office (NPO), led by NIST, to implement the program and collaborate with the private sector on tighter digital ID security. It was built around four guiding principles: That identity management should be privacy-enhancing, secure, interoperable, cost-effective and easy to use.”. “It

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Multifactor Authentication Government Governance Data Breach 47

PYMNTS

JULY 27, 2020

Using real credentials lends authenticity to these schemes and allows them to elude many fraud detection systems, and cybercriminals can avoid tipping off victims by not using pilfered identities wholesale. Where Standard ID Verification Falls Short. Device Authentication.

Credit Union 58

Credit Union Authentication Credential Assessments 58

PYMNTS

JULY 15, 2020

This seismic shift is, in turn, making it more important than ever for providers to examine the use of digital identity authentication technologies.”. As things like “deep fakes” get real and digital onboarding replaces face-to-face document presentation and authentication post-pandemic, KYP tech is fast becoming indispensable.

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Data Breach CCPA Social Security Breach 58

PYMNTS

DECEMBER 3, 2018

Excuse the homespun wisdom, but offering weak authentication defenses in the face of those determined young consumers can bring down heavy fines and unwanted attention, and threaten a growing retail or online business. However, authentication also provides business opportunity. Market Growth. First, a word about the stakes involved.

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Authentication Privacy Checks AI 70

PYMNTS

APRIL 11, 2019

Indeed, that was the message this week from Philipp Pointner, chief product officer at authentication services provider Jumio , during an interview with PYMNTS. In Jumio’s case, the authentication effort comes down to ID data points , biometrics and computer intelligence. This needs to be taken very seriously,” Pointner said.

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PYMNTS

JULY 24, 2020

The result is a persona that often holds up against financial institutions’ (FIs’) traditional verification methods. Criminals can then use these identities to open bank and credit union accounts, secure loans and ultimately vanish without ever repaying. Read the full story in the Playbook. Deep Dive: Confronting FIs’ $14.7B

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Credit Union Federal Reserve Crime Authentication 73

PYMNTS

AUGUST 15, 2019

In the days before eCommerce, before data breaches grabbed everything from Social Security numbers to passwords, before fraudsters began to craft synthetic identities, strong customer authentication was rather simple. Although delayed, the migration will take place. Identifying Identity.

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Authentication Compromise Addressing Regulations 53

PYMNTS

APRIL 22, 2020

FIs should thus consider which details they are using during this process, as access to valid and current data is critical, and its impact on authentication and customer satisfaction has grown as more users start asking for digital banking services over in-person ones. Data and Authentication Frustrations. Biometrics and Onboarding.

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Security Online and Mobile Banking Authentication Account Takeovers 53

PYMNTS

MAY 5, 2020

In an interview with PYMNTS, Mitch Pangretic, senior vice president of strategic partnerships at Elan , said that in-person card fraud may have decreased thanks to EMV chips and multi-factor authentication, but card-not-present (CNP) scams are increasingly gaining traction. Interacting With The Cardmember.

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Fraud Detection Online and Mobile Banking Scams Issuers 78

PYMNTS

NOVEMBER 15, 2017

Put another way, and to paraphrase a hockey great: When it comes to identity verification and the technology that comes with it, FIs need to skate where the technology is headed, not where it has been. It makes us comfortable with new ways of authentication and new ways of verification.”.

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Verification Authentication Online and Mobile Banking Enrollments 40

FICO

JULY 7, 2020

Beware of people claiming to be part of reputable organizations, like research firms or government agencies, asking you for personal information like bank card numbers or your Social Security number. Use a different password for each account and enable multi-factor authentication where available. Fake Profiles.

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Scams Smishing Phishing IRS 97

Seon

SEPTEMBER 20, 2023

Depending on the jurisdiction and the organization’s policies, other PII may be requested, such as the individual’s social security number in the US. The prospective customer is then eligible for the organization’s KYC verification. This may include – but is far from limited to – AML and identity verification procedures.

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Process Due Diligence AML Verification 52

PYMNTS

SEPTEMBER 22, 2017

Among the front row seat observers in the battle for payments security is Stephen Stuut, CEO of online mobile payments and identity verification company Jumio. We employ a large team of verification experts to visually inspect suspect verification requests. We’re fortunate to serve a large and varied customer base.

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Online and Mobile Banking Verification Data Breach Breach 56

PYMNTS

MAY 22, 2020

Banks must instead leverage multilayered defenses that harness employee and customer education, ironclad verification and artificial intelligence (AI)-enhanced fraud detection systems to keep customers’ money and personal data safe. Understanding the Scope of Financial Crimes.

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Fraud Prevention Financial Crimes Federal Trade Commission Crime 74

PYMNTS

JANUARY 27, 2017

In your wallet is a driver’s license and possibly a Social Security card. There are issuing authorities stretching from the Social Security Administration to the DMV, who, as Webster noted, may offer an analogue for the issuance of such attributes. Maybe a credit card or two. Perhaps you keep a passport in a side pocket.

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Social Security Online and Mobile Banking Credential Government 57

Clearly Payments

JANUARY 8, 2024

The first step is implementing robust authentication processes, including multi-factor authentication, biometric verification , and tokenization , to enhance user access security. Empowering customers to be vigilant about their own security is another key aspect.

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Risk Management Risk PCI DSS Process 68

PYMNTS

FEBRUARY 19, 2019

Banks, financial institutions (FIs) and other members of the financial world are, thus, dealing with a rising flood of identity theft and application fraud, as bad actors look to capitalize on the email addresses, Social Security numbers, credit details and other information they have on hand. Around the Digital Fraud World.

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Identity Theft Data Breach Breach Verification 63

PYMNTS

FEBRUARY 4, 2019

The issue dates to 2014, when the procedures were first rolled out by FinCEN, which intentionally left out specific authentication standards that FIs must follow. Different institutions use varying forms of customer identification for verification, for example. This, in turn, can offer a more thorough customer identification review.

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AML Money Laundering Due Diligence Fincen 64

Nanonets

JULY 29, 2024

  Fraudulent payslips Companies need to check whether pay slips are authentic. Form 26AS (in India) fraud checks record-keeping Looking to extract or parse data from payslips and W2 forms ? Extract field from salary slip An advanced OCR captures and accurately extracts different key-value pairs from a salary slip.

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Payment APIs and Integration Payroll Automation API 52

PYMNTS

JUNE 22, 2020

And for the customers, there’s the rabbit hole of trying to prove that the bad guys co-opted their names, social security numbers and other data. Against that backdrop, FIs must walk a tightrope, balancing customer security with the customer experience, minimizing onboarding friction while meeting regulatory requirements.

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Identity Theft Database Account Takeovers Issuers 77