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If the amount lost to cybercrime was measured as a country, the global cost, which topped $6 trillion USD globally last year, would be the world’s third-largest economy after the U.S. and China. In fact, the yearly costs inflicted by cybercrime could reach as much as $10.5 trillion by 2025. With this in mind, it’s easy to see
Facial recognition is a way of verifying the identity of an individual. A form of biometric identification, facial recognition uses technology to identify and recognize a human face. Facial recognition systems are pieces of technology that are capable of matching a human face to a particular face within a database, or to a stored image
When using biometric authentication for payments, businesses are able to use technology that identifies a user based on their physical characteristics. Once the customer has been identified, the technology authorizes the deduction of funds from a customer’s bank account. Although fingerprint recognition is the most common biometric payment method, other types of biometric data used for the
Mobile phones were designed with the intention of improving the way we communicate with each other. However, in the modern age, smartphones have taken on a far greater role in our lives. Today, our mobile phones present us with unprecedented levels of convenience. Whether we want to text a loved one, update our social media,
Over the course of the past decade, regulators across the US, Europe, APAC, and the Middle East have levied nearly $26 billion dollars in financial penalties against financial institutions for violating KYC-related regulations. Due to this, it’s now more important than ever that financial institutions meet their legal responsibilities regarding KYC and money laundering. This
The due diligence process involves verifying all available information on a person, company, or entity. Conducting a due diligence check is especially important if you’re considering prospective business partners or forming new commercial relationships. It’s also important if you’re looking to purchase another business or make an investment in a company. By conducting a comprehensive
The customer due diligence process involves identifying your customers and checking that they’re exactly who they’re claiming to be. This process usually involves collecting information from the customer and asking them for a copy of their official government-issued identity document, which can be used to verify their identity. There are three levels of due diligence.
Obliged entities such as financial institutions are legally required to verify the identity of their customers. They’re also required to gain an understanding of the level of risk each customer poses and know the nature of the business in which they are involved. The process of establishing customer identities and risk levels is known as
Know your customer (which is more commonly referred to simply as KYC) is a major part of any business’s fight against money laundering and financial crime. In many sectors, such as financial services, it’s a regulatory requirement. During the KYC process, a business must identify the potential customer and verify their identity. They must also
Know your customer (KYC) and customer due diligence (CDD) guidelines form an integral part of any financial service provider’s risk management practices. They’re also a legal requirement for any business that needs to comply with anti-money laundering (AML) laws. In its most basic form, CDD involves verifying the identity of a client and assessing the potential risks that
