We don’t think much about our identity. It is something that we take as a given. We start to think about it more only when it is threatened. Then we start to wonder what our identity is and how easy it is to steal someone’s life. So what is identity theft? It occurs when someone
2020 will be associated with the time of the pandemic. It was a year of challenges and changes in our lives. Lockdown has shut down many companies and forced the acceleration of digital transformation, which could have positive effects on many businesses over time. According to a statement from Microsoft, in two months they saw
More and more banks make it possible to open an account without the need to visit a branch or without direct contact with the courier. All you need is a scan of your ID card, your own face and the account can be opened.
New Reality Protecting public health has become a matter of the utmost importance in connection with the spread of coronavirus. All sectors of the economy are suffering the effects of restrictions imposed by the government, prohibiting movement, and closing many retail outlets. Financial institutions, in particular banks, found themselves in an unprecedented situation. Even though
According to “Account Opening and Onboarding Benchmarking Study” by Digital Banking Report “at some banks customers abandon up to 90% of new account applications prior to their completion”.
What is the relation of AML to KYC? 4 steps of KYC compliance 1. Identifying the customer and verifying their true identity.2. Assessing customer risk.3. Identifying the beneficial owner and taking measures to verify that person’s identity.4. Ongoing monitoring and record keeping. Customer Due Diligence Risk-based approachWhat is the difference between SCDD and ECDD?Simplified CDD
Video KYC now available in India RBI (the Reserve Bank of India) has now permitted fintechs, banks, and other financial institutions to use new customer onboarding methods. The focus is predominantly on video based solutions as these provide the most security. Video Based Customer Identification Process (V-CIP), as the RBI refers to video KYC, is
Change is coming. In a survey regarding client onboarding in banks 40% of consumers stated to have abandoned bank applications and 39% of those abandonments were due to the lengthy process. Additionally, more than a half declared that they would be more likely to apply for a financial product if the process was fully online. These results give
If you are among the three-quarters of businesses who recognise their need to improve in this area, then the following fraud prevention and KYC tips should help to make you aware of some of the key areas that you need to address.
What is identity theft and what are its repercussions? If you think you’re immune identity theft, let me set things straight. There have been almost 17 million cases reported in 2017. And I’m not talking about the whole world. Only the US. Moreover, the alarming part is that the number of reported cases has been steadily on