Tag: KYC

While money mule accounts don’t generate direct losses for banks, they can still have negative impacts, including maintenance costs and regulatory scrutiny. Banks should take advantage of advanced analytics and diverse data (including dark web intelligence) to help protect themselves.  Money mules – people who receive and move money stolen from fraud victims – are […]

As threats rachet up, banks’ fraud investigation teams need to lean on AI-powered tools to help them more efficiently prioritize high-risk issues.  Citi Ventures and S&P Global just contributed to the $23 million funding round of Quantifind, a risk management startup that counts four of the world’s largest banks among its customers. Quantifind uses AI […]

Recent news highlights why financial institutions need to revamp their compliance culture to be real-time and continuous – or face the consequences.   Fraud protection is already hijacking headlines in 2023:  Both PNC and JPMorgan are facing lawsuits that blame them for their customers’ fraud losses through insider threats or phished credentials, while Coinbase agreed to […]

The pandemic normalized digital customer onboarding, often through video. AI-powered tech can provide even more seamless experiences. UBS is streamlining its customer onboarding through a new partnership with ID verification firm Regula. UBS uses Regula’s technology to read, authenticate and verify data from a person’s biometric passport – with RFID checks run on a server-side. […]

As know-your-customer (KYC) and know-your-business (KYB) regulations tighten globally in response to a rise in financial crime, digital identity platforms can remove the pain and cost of compliance. Standard Chartered just joined HSBC in investing in Chekk, a KYC, KYB, and data-management platform that boasts an exhaustive dataset and easy integration. Standard Chartered is using […]