FinTech Identity: Unraveling the Future
Embracing Web3: The Next Chapter in KYC Data and Identity Management
“In the ever-evolving landscape of technology and finance, the emergence of Web3, also known as the decentralized web, is poised to revolutionize how Know Your Customer (KYC) data is handled and utilized.”
Threat of Deepfakes Drives Two-Thirds of FinTechs to Boost Fraud Budgets
“fraud continues to spiral upward in new ways. FinTech fraud was up 13% in 2022. Threats such as identity fraud severely affect the sector, with nearly half of FinTechs impacted by use of fake documents. These findings suggest that while the financial industry is responding to the challenge, vigilance and adaptability will be vital to succeeding as fraudsters continue to seek — and find — loopholes in defenses at every turn”
Report: 'Global scam economy' thriving in 2023
Among the report's eight spotlight recommendations for combating fraud in the digital age: multifactor authentication and account-based alerts should be considered essential, not nice-to-haves. Also paramount in the guidance is the consolidation of monitoring solutions on a single, powerful AI-driven platform.
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Diving into composable banking?
“Instead of building applications from scratch or doing custom integrations with external services, a composable banking technology platform lets developers choose from an array of internal and third-party services”
Digital Identity is Key to Understanding (and Overcoming) Fraud Attacks
As the rate of digital fraud continues to rise, cybercriminals have become increasingly sophisticated. This poses a significant challenge for many organizations, as they find themselves unprepared to deal with the unfamiliar onslaught of attacks.
Identity Insights
The pace of change in FinTech digital identity is moving fast. New threats and business opportunities will continue to drive rapid innovation and change. The ability to adapt digital identity security and online consumer services is paramount to the future of digital finance.
New attack methods are breaking trusted multi-factor authentication models. AI and deep fake threats continue to become more sophisticated. Transformational initiatives in Web3 and Composable Banking offer a wealth of opportunity, but every innovation comes with new risks.
How can FinTech leaders keep up with the pace of change without rebuilding their platforms for every new risk and opportunity? Integrated Identity Orchestration (IIO) is the answer. With IIO, Fintech leaders can coordinate rapid response solutions without large-scale rebuilds or expensive customization.
Contact IdRamp to learn more about how Integrated Identity Orchestration can help accelerate, secure, and transform your business