Several companies in the Know Your Customer (KYC) and Anti-Money Laundering (AML) space recently shared new industry insights.
The first is US data analytics firm FICO, which recently released findings from its latest fraud research showing that robust fraud protection can be a competitive differentiator for UK companies. FICO is best known for its credit risk scoring service.
In the latest FICO report, 30% of UK respondents said their top factor in choosing a vendor was solid fraud protection, followed by value for money (26%).
Additionally, approximately 63% of respondents witnessed an increase in identity verification when using credit cards to make online purchases, and 52% said an increase in the number of verifications required to log into their bank accounts. I’m here.
Nearly half of respondents said they believe fingerprint scanning is a great way to protect their accounts. This number was slightly lower at 45% for facial recognition.
Matt Cox, Vice President and Managing Director of FICO, EMEA, said: “As new security methods become available, people seem to embrace them.”
Sumsub: Identity Fraud to Double in Cryptocurrencies and Banking in 2022
But as consumers turn to biometrics and other cutting-edge technologies to combat fraud, crime rates continue to rise.
In fact, according to the latest promotional ID fraud report from fraud prevention service Sumsub, both the cryptocurrency and banking sectors saw nearly double the increase in identity fraud this year compared to last year. Payment fraud has increased by 40% in 2022 alone.
From a geographic perspective, over half of all fraud cases in 2022 will come from Bangladesh (22%), Pakistan (15.2%), Vietnam (8.1%), Nigeria (5.4%) and the United States (5.1%). Found in 5 countries. ).
Sumsub CTO Vyacheslav Zholudev commented: “It is very important for companies that do business online to stay abreast of the latest anti-fraud developments.”
The Sumsub report also suggests that ID cards will be the most commonly counterfeited document type in 2022, with 79% of all counterfeit documents using a male persona. Deepfakes were also mentioned in the report, and Sumsub suggests that deepfakes are becoming more sophisticated and popular.
TransUnion: Digital Holiday Shopping Scams Rising in the US
Fraud rates continue to rise during the 2022 holiday season, according to new data from US consumer credit reporter TransUnion.
The figures, compiled in the company’s 2022 Digital Holiday Fraud Report, show that the average number of suspected digital fraud attempts between Thanksgiving and Cyber Monday was 82% higher globally than any other time period. suggests that It also grew 127% in the US over the same period.
TransUnion says it bases its findings on analysis of billions of same-store e-commerce transactions collected by its TruValidate fraud analysis service. For transactions originating in the US, it was 18%.
Cecilia Seiden, Vice President of Retail Business at TransUnion, said:
“To implement a holistic fraud solution that allows these online retailers to verify customer identity and authenticity at the first stage of a transaction without causing false positives that can compromise legitimate transactions. is more important than ever.”
Shufti becomes SEPA compliant and signs up new clients
Shufti Pro now complies with new guidelines within the Euro-only digital payment method SEPA Direct Debit Scheme (SCT) to ensure safe, fraud-free and instant credit transfers across Europe announced.
With this move, up to 100,000 euros ($104,965) can be transferred to other accounts, even cross-country, in less than 10 seconds according to the European Payment Council (EPC) scheme.
“However, with its very high speed and service to 36 European countries, the SCT (instant transfer) scheme is highly susceptible to financial crime,” says Victor Fredung, CEO of Shufti Pro. warns Mr.
“Going forward, companies using this platform will need to incorporate KYT and AML services to stay ahead of criminals and their activities.”
Days after announcing the news of SEPA compliance, Shufti Pro announced that it has won a new customer in Jordan with Safwa Islamic Bank.
Safwa Islamic uses Shufti Pro’s KYC and AML checks to verify identities and prevent identity theft, money laundering and terrorist financing.
“Organizations like Safwa Islamic Bank that provide digital banking services to their customers need fast, accurate and compliant (identity verification) solutions to meet their business objectives,” says Fredung.
“Through this partnership, Safwa Islamic Bank will be able to seamlessly onboard and authenticate customer identities. Shufti Pro’s KYC and AML solutions will enable Safwa Islamic Banks to provide identity and financial It helps mitigate fraud.”
The partnership comes just days after Facilita Pay selected Shufti Pro for cross-border payments in Latin America.
AML | Biometrics | Digital Identity | Facial Biometrics | Financial Services |