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Online fraud remains a prevalent threat to today’s neobanks; discover new research from Veriff which outlines the how fraud has grown worldwide and types of fraud which have proliferated. Fast decisions A 98% check automation rate gets customers through in about 6 seconds. Simple experience Real-time end user feedback and fewer steps gets 95% of
Two-factor authentication, also known as 2FA, is a security process that strengthens access security. It does this by asking a user to provide two different authentication factors in order to verify their identity. For example, as well as providing their username and password, a customer may also be asked to provide a selfie or a
Businesses today must take steps to authenticate and verify the identities of their customers before they allow them to access their accounts. While simple passwords used to be sufficient for this purpose, hackers and fraudsters have found ways of stealing this information and taking over customer accounts. In fact, between June 2020 and June 2021
In the world of finance, due diligence refers to the process of establishing and verifying the identity of a customer. By verifying the identity of their customers and gaining an understanding of the nature of the business in which they are involved, a financial institution can begin to understand the level of money laundering risk
Identity theft is when a criminal steals information in order to use your identity and this crime becomes identity fraud when used for financial gain. A huge 91% of identity fraud cases reported in 2021 took place online* meaning that businesses and anyone who uses the internet need to learn more to protect themselves against
Identity theft is when a criminal steals information in order to use your identity and this crime becomes identity fraud when used for financial gain. A huge 91% of identity fraud cases reported in 2021 took place online* meaning that businesses and anyone who uses the internet need to learn more to protect themselves against
Recently, Gartner released its latest market guide for identity proofing and corroboration. Traditionally a landmark study, the report aims to explore the current state of the identity proofing market. In doing so, it analyses the issues businesses face when verifying identities and how the market can respond to emerging trends. So, what does Gartner’s guide
If your business has compliance obligations or offers an age-restricted service, then it’s vital that you check the identity of your customers. By doing this, you can ensure that you’re compliant with relevant legislation and you can stop bad actors from exploiting your services. Checking the identity of your customers is a simple process that
For the past couple of years, digital transformation has been one of the biggest buzzwords in the world of banking. But, what does digital transformation mean for both banks and customers? Let’s take a look. What does digital transformation mean? Digital transformation occurs when a business like a bank adopts technology in order to improve efficiency, value, or innovation. Digital
87% of survey respondents stated that they were afraid of being victim to a cyber crime while using the internet, with almost one in three being afraid of identity theft. It’s easy to see why, as according to the FBI’s Internet Crime Report 2021, which analyzed reports in 2021, there have been 496,501 reports of cyber
