Importance of Trusted User Identity Verification to Counter Fraud in Financial Sector #infographic

Importance of Trusted User Identity Verification to Counter Fraud in Financial Sector #infographic


Monetary benefit in infiltrating banking institutions is also the motive of criminals, rendering the financial sector more vulnerable to fraud than other sectors. Laws such as the PATRIOT Act require financial institutions to introduce processes for identity authentication in compliance with the regulations. These processes of identity verification are deployed when embedding new customers and before approving transactions to ensure that the person who accesses the financial services is who they say is.

However, fraudsters are becoming increasingly willing to bypass banks' security measures. Processes of identity authentication such as mobile facial biometrics are seen as a viable fraud prevention solution. These methods of authentication provide banks with a safe and easy way of identifying the legitimacy of the person who transacts with them.

For more detail on the value of implementing trustworthy customer recognition technology in the financial sector, here is Ipsidy's infographic courtesy.


Importance of Trusted User Identity Verification to Counter Fraud in Financial Sector #infographic

infographic by: www.ipsidy.com


 

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