Company Name: iSignthis
Announcement Date: 06/05/2016
Announcement Category: Other
Announcement Content:
Over 500 million digital identities exposed within a year....
It's one of many good reads via Symantec ............ I've attached the link.
We've all seen lots of challenging numbers around fraud, each one, every time has me wincing. I mean, that's a big number, 500 million, it's not a number anyone can be comfortable with.
So how can Compliance and Risk Officers be absolutely sure their KYC vendors are correctly verifying customers?
With static, historically based credit data being used as the main source for verification by KYC vendors, how on earth can we be sure that a "PASS" is a "PASS" - Credit data, that's shrink wrapped, and re-sold by all vendors with fancy tech and scoring systems applied; will not help with what is at best an assumptive "PASS". Certainly not when the data you are relying on is so heavily breached - accepting static data as a way to KYC customers is to me a little like saying, "I'm comfortable with 500 million...."
I guess, the only way to be sure, is that you invest in expensive multiple secondary fraud engines/vendors to support the poor validity of static data on offer; which also supports the comical global reach that KYC vendors using static data bases have.
It must therefore make some sense to locate a KYC vendor that can not only future proof your customer on-board, protect against fraud, but also a partner that does away with static data, and instead, uses dynamic, live (right now) verification.
All is not lost : Who needs static data and the 500 million headache, when ISX has a solution, under Patent that might just fit your business.
ISX delivers :
1) iSignthis delivers Global Card Not Present Liability Shift, "zero day fraud protection for charge backâ as part of our live, dynamic digital KYC which provides compliance and risk teams like yours, with 100% match rates for every financially included individual, across the entire planet. As well as 2FA/payment instrument verification removing 3DS friction., (think PSD2/17).
2) CNP Liability Shift for debit and credit card Charge Back at point of KYC, deposit, withdrawal or internal/statutory deferral period and or thresholds.
3) Inbuilt Strong Customer Auth (SCA), removing 3DS which as you know, as of June 17/PSD2, SCA has to be in place, and 3DS could negatively impact your customer take on.
4) 4th AML Directive, ISX provides the transactional monitoring youâll need to have in place, E.G when a customer hits a deposit or withdrawal threshold or triggers an anomaly, ISX can auto engage and EDD.
Some more BIG numbers on breaches : http://www.informationisbeautiful.net/visualizations/worlds-biggest-data-breaches-hacks/
Symantic : - http://www.linkedin.com/redir/redirect?url=http%3A%2F%2Fbit%2Ely%2F1TQWMfj&urlhash=dIgX&_t=tracking_anet
By Chris Henry
Announcement URL: https://www.linkedin.com/pulse/over-500-million-digital-identities-exposed-within-year-chris-henry?trk=hb_ntf_MEGAPHONE_ARTICLE_POST
About iSignthis:
Australian Securities and Frankfurt Stock Exchange listed iSignthis Ltd (ASX : ISX / FRA : TA8) is the only neobank focussed on making business banking simpler. We are the global leader in remote identity verification, payment authentication and payment processing to meet AML/CFT requirements. iSignthis provides an end-to-end on-boarding service for merchants, with unified deposit taking, IBAN accounts, payments, card acquiring and identity service via our Paydentity and ISXPayÂŽ solutions.
By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard. We offer global reach to any of the worldâs 4.2Bn âbank verifiedâ card or account holders, that can be remotely on-boarded to regulated merchants in as little as 3 to 5 minutes.
iSignthis is the trusted back office solution for regulated entities, allowing our customers to stay ahead of the regulatory curve and focus on growing their core business.
We are a principal of Visa, Mastercard, JCB, ChinaUnionPay and AMEX.
Go to Company Profile for: iSignthis
Announcement Contact: [email protected]
