Consumers continue to demand robust online and mobile channels for everything from enrollments to transacting and more. Firms must bolster their NAF prevention tools while simultaneously developing their digital service capabilities.
Consumers continue to demand robust online and mobile channels for everything from enrollments to transacting and more. Firms must bolster their NAF prevention tools while simultaneously developing their digital service capabilities.
In the face of new and emerging fraud threats, as well as onerous regulations, companies that want to mitigate fraud-related losses and streamline compliance will need to enhance how they monitor their customer population. To learn how, join GIACT’s David Barnhardt, Chief Experience Officer, for a webinar that discusses innovations in identity verification monitoring.
Consumers continue to demand robust online and mobile channels for everything from enrollments to transacting and more. Firms must bolster their NAF prevention tools while simultaneously developing their digital service capabilities.
On May 11, 2018, a new FinCEN rule went into effect requiring financial institutions to implement greater due diligence on their legal entity customers than previously. FinCEN’s beneficial ownership rule impacts virtually any FI with legal entity customers. According to FinCEN estimates, the potential cost to FIs and their clients in the first year of implementation alone ranges in the hundreds of millions.
As the methods of fraud become more sophisticated, the traditional tools and techniques used to verify identity have become less effective over time. Synthetic Identities have quickly emerged as an acute blind spot that resulting in unnecessarily high rates of application fraud and charge-offs. In order to successfully discern between fraudsters and legitimate customers, financial institutions must be able to bring a wide range of capabilities to bear as part of their identity verification workflows.
Faster Payments is quickly becoming a reality in the U.S. for multiple use cases, ranging from person-to-person (P2P), to corporate disbursements (B2C), and much larger B2B transactions. While the transition to faster payments is a positive development for both businesses and consumers, it carries significant and hidden risks.
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