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FinTech firms and government bodies are responding to the wave of cybercrime by developing new anti-money laundering (AML) and know your customer (KYC) technologies, particularly those leveraging biometric authentication factors. This has led many RegTech firms to receive impressive<\/a> amounts of funding, and industry analysts now predict<\/a> that the global AML solution market could reach a valuation of $3.6 billion by 2024.<\/p>\n The June Digital Identity Tracker®<\/a><\/strong>, explores the latest developments in the world of digital IDs, including how biometric technology is being leveraged to enhance AMC\/KYC compliance around the world.<\/p>\n Around The Digital ID World<\/strong><\/p>\n RegTech firm Trust Stamp, which recently launched a new biometric and location tracking identity verification solution, has secured<\/a> $1 million after just two days of its initial public offering (IPO). The success of this Series A funding underscores the broad market demand for digital AML\/KYC technologies that have risen amid the pandemic.<\/p>\n Other companies are adopting biometric identity verification solutions from third-party FinTechs. Equifax is partnering<\/a> with the reg HooYu to provide its users with AML\/KYC-compliant digital onboarding services, for example. The list of HooYu solutions that will be newly available for Equifax users will include biometric-enabled identity verification tools such as those based on users’ digital footprints or even their selfies.<\/p>\n The Securities and Exchange Board of India, meanwhile, has named<\/a> eight official eKYC providers for India’s Aadhaar system, including the Bombay Stock Exchange and Central Depository Services, among others. These institutions will now be able to provide Aadhaar-based identity verification solutions, which could help reduce the costs of AML\/KYC compliance measures.<\/p>\n For more on these and other digital identity news items, download<\/a> this month’s Tracker.<\/p>\n Cottrell Title & Escrow On The Increasing Adoption Of Biometric Notary Services<\/strong><\/p>\n Digital real estate closings have been available for years, but state laws have required that notary processes be done in-person and by submitting paper documents. But that all changed when the COVID-19 pandemic forced brick-and-mortar offices to shutter and business had to go online. For this month’s Feature Story, PYMNTS spoke with James Schlimmer, managing partner of Naples, Florida-based title company Cot<\/a>trell Title & Escrow<\/a> about remote online notary (RON) services adoption during and after the pandemic.<\/p>\n Deep Dive: Using Biometrics To Enable And Enhance AML\/KYC Compliance<\/strong><\/p>\n Conducting RON sessions is one matter, but ensuring that they are AML\/KYC-compliant is quite another. This month’s Deep Dive focuses on how the COVID-19 crisis has laid bare the limits of legacy notary methods and how biometric technology is being leveraged to enhance the digital security of RON services.<\/p>\n Tags:<\/b> Pymnts <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"![](\"https:\/\/securecdn.pymnts.com\/wp-content\/uploads\/2020\/06\/DL-Button-6.jpg\")
<\/a>Cybercrime is surging during the COVID-19 pandemic as fraudsters seize on increased online activity to steal consumers’ sensitive personal details. As much as 22 percent of consumers have now been targeted<\/a> by COVID-19 digital fraud scams, driving a mounting need for new ways to mitigate digital fraud risks.<\/p>\nSee Campaign: <\/strong>https:\/\/www.fltitlegroup.com\/<\/a>
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Cybercrime is surging during the COVID-19 pandemic as fraudsters seize on increased online activity to steal consumers’ sensitive personal details. As much as 22 percent of consumers have now been targeted by COVID-19 digital fraud scams, driving a mounting need for new ways to mitigate digital fraud risks. FinTech firms and government bodies are responding to the … Continue reading New Report: Home Closings Go Digital With Remote Online Notary Services<\/span><\/a> Continue Reading