Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Technology

A NEW SOLUTION FOR CYBER FRAUD
A NEW SOLUTION FOR CYBER FRAUD

Published : , on

Hiscox publishes its annual Cyber Readiness Report today, offering a best practice blueprint for businesses to counter the growing threat of cybercrime and fraud. Without investment in prevention, detection and training, firms risk exposing themselves to costly business interruptions and brand impairment.

A number of large-scale cyber-attacks have grabbed media attention in the headlines in recent years. But to protect against all cyber threats and comply with the latest regulations, companies in the commercial and financial sectors (including Fintech and eCommerce) also need to be on the lookout for online fraud, a more subtle type of cybercrime that costs UK citizens £1.4bn a year.[1]

But recent advances in mobile tech are facilitating the process of verifying identity, which makes fraud detection and compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations much easier. Anti-fraud doesn’t have to be cumbersome.

Trulioo, which has been recognised as the Global Leader in identity verification,[2] has released the first international mobile KYC solution to connect to 24 of the world’s largest MNOs.

This enables companies to ensure that only legitimate customers are on-boarded from the start, significantly reducing the risk of fraud. It is also changing the game for sectors that find it challenging to meet KYC compliance requirements due to limited data access and availability.

Stephen Ufford, CEO of Trulioo, comments: “With a growing number of financial transactions made over the internet, fewer interactions than ever are carried out face-to-face. It is often difficult for companies to tell who exactly their customers are online, which poses a serious security and compliance problem.

“This kind of threat requires a risk-based approach from companies to identify and understand the risks they are exposed to, and take the appropriate measures to verify that individuals are who they say they are.

 “But the proliferation of smartphones across the world offers a solution to this. Two-thirds of the global population own mobile phones, giving a digital identity to an increasing number of people, including unbanked individuals.

“New mobile technologies are allowing payments companies to leverage smartphones as a way to detect fraud and verify identity during account creation.

“This adds an extra layer of security to identity verification, enabling successful compliance with rigorous KYC and AML regulations, whilst ensuring a secure experience for the end-user.

Stephen continues: “MNOs have the ability to offer enhanced coverage and convenience for identity matching and fraud prevention.

“Perhaps most importantly, Mobile Network Operator data signals a leap forward for financial inclusion, making it easier for individuals and organisations all around the world to safely and securely transact on a global scale.

“This kind of capability is key to mitigate the ever-evolving risk of cyber-fraud, in a world where interactions are made between screens rather than face-to-face. Now digital identities can be verified through the swipe of a phone.”

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post