The post-data breach era and the future of ID verification

August 2, 2018

The plethora of digital account services available to customers today is convenient and a mark of progress, but with it comes more opportunities for cyber criminals to violate data for illegal and nefarious acts. Last year saw a barrage of breaches that has not done any favours for the public’s already waning trust in financial services. And as data breaches rise, regulatory requirements for verification and data protection become more and more stringent. So how do traditional verification checks, like knowledge-based authentication (KBA), fare in the face of updated regulations, like the Payment Services Directive (PSD2), the General Data Protection Regulation (GDPR) and Anti-Money Laundering (AML)? What new methods are replacing outdated ones and what measures are financial organizations taking to combat the increase in sophisticated, large-scale attacks?

Payment service companies of all sizes need to satisfy regulations and create compliant onboarding processes while also providing customers with a good user experience – all at a reasonable cost. This white paper, produced by Finextra in association with Mitek, explores these challenges and outlines some of the emerging methods financial institutions can deploy to meet compliance obligations and securely onboard customers in a user-friendly manner.

Read the whitepaper