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The importance of customer due diligence in banking cannot be overstated. After all, banks that fail to put proper due diligence methods in place face cyber threats, huge compliance fines, and reputational risks. In this guide, we’ll explain everything you need to know about customer due diligence for banks. We’ll cover what due diligence involves,
Types of Authentication Methods There are many types of authentication methods. These include: In 2021, all sorts of applications are giving their users access to their service using a method of authentication, or multiple methods. Whether you use these services as a daily activity, part of a job, or access information to finish a specific
It’s safe to say that the banking industry has been irreversibly turned on its head over the past few years. Digital banking options have increased exponentially, and customers have been increasingly attracted to this new way of managing their money. There has been a surge of activity in the digital banking and fintech world across
Find everything you need to know about optical and biometric passports in this comprehensive guide. Whether you own an optical or biometric passport, you’ll be able to pass through border control without any issues (as long as your passport is still in date). But while both of these documents accomplish the same mission and both
Due diligence is the process banks follow when they verify the identity of their customers and ensure that these customers are not involved with money laundering and financial crime. When carrying out due diligence, a bank must: While the majority of customers will be subjected to a standard level of customer due diligence (CDD), high-risk
Criminal enterprises or individuals who are involved in financial crime usually end up with large amounts of cash. However, as this money comes from the proceeds of criminal activities, they cannot simply take it to the bank and deposit it into their account. Due to this, criminals aim to conceal the money they’ve obtained, “wash”
Biometrics is a way of measuring a person’s physical characteristics. By using a piece of biometric data such as a fingerprint or a facial scan, an individual’s identity can be verified accurately in as little as one second. Today, our smartphones use biometric verification methods to verify a user’s identity and guard against unauthorized access. For example,
Regulated firms such as financial institutions are required to take a risk-based approach to customer due diligence (CDD) and ongoing monitoring. To prevent fraud, terrorist financing, and money laundering, firms must identify high-risk customers and undertake enhanced due diligence (EDD) processes. Here we’ll explain everything there is to know about high-risk customer types and the
A new wave of digital banks has fundamentally changed the banking industry in recent years. Customers can now choose from a much wider range of innovative banking services. Disruption in the European digital banking and fintech sector has been particularly intense. New neo-banks and challenger banks have emerged and attracted many enthusiastic customers. For example,
Sadly, identity verification and fraud scams are now prevalent. To help you spot these criminal actions, we’ve outlined exactly what 12 of the most popular identity verification scams and fraud scams involve. 1. Gift card scams Gift card scams are on the rise. This form of fraud occurs when a fraudster asks an individual to
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