Banking, Keeping the bad guys out

How perpetual KYC can change the norm in compliance

  • As banking goes digital, some of its enabling processes, like KYC, remain painfully manual and time consuming. There are now calls for changing that.
  • Perpetual Know Your Customer, or pKYC, is an approach to KYC which makes it ore ongoing and seamlessly integrated into the user experience.
Subboh Jaffery | January 04, 2023
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How perpetual KYC can change the norm in compliance

 

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Artificial Intelligence, Keeping the bad guys out

AI in Action: How financial institutions are enhancing compliance with intelligent automation

  • AI is impacting financial compliance, offering fresh tools for efficiency, accuracy, and fraud detection.
  • Discover practical strategies for integrating AI into compliance workflows, from accelerating customer due diligence to enhancing suspicious activity reporting.
Zachary Miller | July 23, 2024
Keeping the bad guys out, Member Exclusive

Selfies play a dual role – in financial services, they also combat fraud

  • Clicking a selfie for financial authentication has evolved from mere vanity to an essential tool to combat fraud.
  • Despite having a fraud vulnerability of less than 5% and a pass rate exceeding 90%, facial authentication has drawn flak for its algorithmic inaccuracies.
Sara Khairi | December 27, 2023
Keeping the bad guys out, Partner

Why ‘know your business’ is critical for FIs everywhere — and how banks, fintechs, and marketplaces can benefit from emerging solutions

  • Bad actors are continuing to improve their technology and tactics to commit financial fraud.
  • FIs can use Know Your Business (KYB) compliance as a competitive advantage if they're willing to invest in business verification data.
Enigma | November 29, 2023
Banking, Keeping the bad guys out

Banks having to monitor Politically Exposed Persons is the thirteenth Herculean labor

  • An integral part of a bank's KYC and AML work is focused on ensuring that Politically Exposed Persons (PEPs) cannot abuse the bank’s services for their own gain. Things slip through, though.
  • But oversight overeagerness on the part of FIs can create issues for those associated to PEPs as well as prevent the FI from focusing on genuine detection.
Rabab Ahsan | November 28, 2023
Keeping the bad guys out

A first-party fraud epidemic?

  • More than one in three Americans admit to committing first-party financial fraud themselves.
  • Among those who don't deem first-party fraud as problematic, Gen Z is the most comfortable. 50% of the young age cohort report they would be okay with committing fraud if there are no negative consequences.
Rabab Ahsan | October 26, 2023
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