Digital Identity

  • Deep Dive: The Latest Initiatives To Expand Mobile IDs

    July 12, 2019 The world’s population is expanding and many citizens — particularly those in developing nations — have no means of proving their identities, restricting their access to vital services like education ...
  • Fighting Crypto’s $1.2B+ Fraud Problem

    July 12, 2019 AML-KYC Regulators are pushing for greater oversight of cryptocurrency, with anti-money laundering (AML) and counter-terrorist financing (CTF) watchdog, the Financial Action Task Force (FATF), recently releasing guidelines intended to make digital ...
  • Could Facebook’s Libra Put Users’ Digital ID At Risk?

    July 11, 2019 Could Libra Put Users’ Digital ID At Risk?Somewhat lost in the post-Facebook’s Libra announcement is the impact of Libra and Calibra on the social network’s ability to protect users’ digital identities. In this month’s Digital Identity Tracker, ...
  • WEX Expands Visa, Shell Payments Collaborations

    July 11, 2019 Commercial payments company WEX is broadening its virtual payments offering through a collaboration with Visa and separately announced the broadened acceptance of its mobile payment technology at Shell locations. In a ...
  • How Delta’s Customer Service Is Riding An AI Tailwind

    July 11, 2019 Artificial-intelligence-assists-call-centersConsumers today want more from customer service than a long wait time and broad answers when getting through to a human agent by phone. To better service a customer base that ...
  • Trulioo Expands Verification Capabilities Internationally

    July 10, 2019 fingerprint IDTrulioo, which focuses on global identity verification, said Wednesday (July 10) that it now is able to verify customers in new countries, including Bahrain, Iceland, Qatar and Georgia. The company said ...
  • Facebook’s Libra And The Future Of Digital Identity

    July 10, 2019 With the digital identity market expected to reach $15 billion by 2024, major ID providers such as Google and Apple are racing to improve the identity verification experience. Their presence ...
  • The Future Of Compliance: Using Data Better

    July 8, 2019 The Future Of Compliance: Using Data BetterIn the pre-digital age of financial services, AML/KYC was a very slow process. The government would put out their lists of sanctioned entities – hostile governments, drug kingpins, organized crime ...
  • Apple Launches Beta Version Of Sign-In With Apple

    July 7, 2019 Apple continues to make progress with biometrics and facial recognition for device sign-in purposes. According to a report from 9to5Mac.com, “when you visit iCloud in Safari on a device running the ...
  • Fujitsu Launches Digital Identity Solution

    July 5, 2019 FujitsuTo make online transactions more secure, Fujitsu Laboratories has created “digital identity exchange technology.” The blockchain-based technology allows businesses and individuals conducting transactions online to confirm the identities of other ...
  • The Government As Catalyst To Innovating Digital ID

    July 5, 2019 The ongoing and complicated work to build better digital identification systems for commerce and payments involves a host of players. The government is among those whose expertise and data can ...
  • EU Investigates Apple’s GDPR Compliance

    July 3, 2019 AppleIreland’s Data Protection Commissioner (DPC) announced that it has launched a third privacy investigation into Apple. The tech giant’s main regulator in the European Union (EU) said it is looking into ...
  • Deep Dive: How Fraud Runs Rampant In Mobile Ordering

    July 1, 2019 How Fraud Runs Rampant In Mobile Ordering Mobile order-ahead apps are growing more popular by the day, and restaurants are clamoring to get on board. A QSR Magazine study found that 73 percent of diners have used ...
  • Deep Dive: How Biometrics And AI Are Improving Banks’ Customer Experiences

    July 1, 2019 How Biometrics And AI Are Improving Banks’ Customer Experiences Passwords are increasingly vulnerable in today’s day and age. Hacks and data breaches have become all too common, with fraudsters turning to “brute force” attacks and plugging in commonly used ...
  • Delivering A Generation-Bridging Banking Experience

    June 27, 2019 As consumers rely on digital channels to fill more complex financial needs, identity verification is crucial in the world of banking. Fraudsters are finding new ways to slip past technological defenses, ...
  • GDPR’s One-Year Anniversary (And Scorecard)

    June 26, 2019 GDPR’s One-Year Anniversary (And Scorecard)One year on, what has the General Data Protection Regulation (GDPR) wrought? The EU law has sought to let citizens decide how their data is used, and when, and by whom. The ...
  • Supply Chain Tech Supports Cannabis Cos’ Fight For Legitimacy

    June 26, 2019 One of the biggest arguments in favor of federal legalization of marijuana is the opportunity for regulation to pull an industry off the black market, and into the world of ...
  • Identity Takes Center Stage As Healthcare Goes Digital

    June 20, 2019 Complaints about healthcare will never cease. After all, the industry is one where illness combines with significant bills and payments, two things that are pretty much a negative for everyone ...
  • The World Gets Its Libra Look — And Is Divided On What It Sees

    June 19, 2019 The world has gotten its first good look at Libra — Facebook’s long-anticipated move into cryptocurrency and global payments. That move includes new rails (the Libra Blockchain), the new currency ...
  • Visa, AI And The $25B Fraudsters Never Got

    June 18, 2019 Cybercrime is both pervasive and expensive, as modern problems go. According to reports, citing the University of Maryland, there is an attempted hack every 39 seconds. By some estimates, cybercrime will ...
  • Mastercard Introduces True Name Card

    June 17, 2019 MastercardTo address a major pain point for the LGBTQIA+ community, Mastercard is introducing the True Name card. The product will allow for chosen names to appear on the front of ...
  • GAO: Post-Equifax, Agencies Must Tighten Online ID Proofing

    June 17, 2019 After the massive Equifax data breach, a federal watchdog is warning the government against relying on credit agencies to verify the identifies of individuals using its services. A report from the ...
  • Apple’s Tim Cook Preaches Tech Firm Responsibility

    June 16, 2019 AppleIn a speech at Stanford University, Apple CEO Tim Cook said tech firms in Silicon Valley have to assume responsibility for “chaos” they create. The speech encompassed privacy violations and ...
  • Fraudsters Find New Bank Stomping Grounds

    June 14, 2019 If it seems like cases of fraud and hacking are always in the news, that’s because new incidents pop up practically every day. One of the latest involves hackers successfully accomplishing account takeovers (ATOs) of users of Zelle, the digital payment service. According to the new Digital Fraud Tracker, total losses due to fraud equaled $4.2 trillion in 2018, and fraudulent mobile app transactions increased 680 percent between 2015 and 2018. Fraud doesn’t impact all industries equally. According to the Digital Fraud Tracker, one-quarter of malware specifically targets FIs, and over 5 percent of online retail revenue is now lost to fraud. By 2020, it’s estimated that U.S. credit card losses will exceed $12 billion. More businesses are adopting artificial intelligence (AI) and other technology to fight fraud. According to the AI Innovation Playbook, 63.6 percent of FIs believe AI is an effective tool for stopping fraud before it happens, and 80 percent of fraud specialists using AI believe the technology could reduce payments fraud. Financial Institutions The rise of online banking has provided a host of opportunities for fraudsters. Old manual detection techniques like analyzing geolocations, IP addresses and discrepancies between billing and shipping addresses aren’t able to catch high-level attacks, and often result in false positives. BNY Mellon implemented an AI-based fraud detection initiative in 2018 to use pattern recognition and deep learning to analyze millions of transactions and identify those that are likely fraudulent. AI isn’t just used for fraud detection in the financial industry – it can also help with regulation compliance and adherence to anti-money laundering (AML) standards. Joseph Sieczkowski, head of technology architecture and data at BNY Mellon, explained how it isn’t enough to use AI reactively. Financial institutions also need to stay one step ahead of fraudsters, because they change techniques quickly and often. “[We] do testing constantly to retrain our models to be able to pick up on different types of fraudulent activities,” he said. Retail Balancing security with improving the customer experience is a challenge for all industries, though reducing friction is even more vital for luxury merchants. “Luxury retailers typically operate in a ‘high-touch’ environment, designed to be as friction-free for the customer as possible,” said Shamoun Siddiqui, chief information security officer of Neiman Marcus, in an interview with PYMNTS. “Any measure of security introduces friction. So, the challenge is to make security as transparent as possible while still protecting the customer’s personal information.” The luxury retailer has been using device fingerprinting to identify devices based on unique configurations – and, ultimately, to determine whether it’s being used by a human or is automated. “We are investing heavily in fraud detection systems that [use] machine learning and artificial intelligence to differentiate between normal patterns of customer behavior and potentially fraudulent ones,” Siddiqui said of the retailer’s approach to identity theft and other types of fraud. “These are patterns that would not be visible to the naked eye.” Fraudsters are getting more sophisticated, making use of bots to mimic typical online shopping behavior. After Neiman Marcus identified a bot attack, the hackers started including mouse movements to fool detection systems. Gaming Due to in-game purchasing becoming more standard – a recent study found that approximately half of all personal computer (PC) and console gamers spend money in-game, a share that climbs to more than 75 percent for mobile gamers – gaming platforms have become an attractive target for fraud, especially for hackers who acquire personal data via account takeovers. Gaming and gambling sites face similar issues, as too many security measures can turn off users who will go elsewhere. Some sites are reluctant to implement overly stringent security measures. Beyond using machine learning to detect fraud before it happens, gaming platforms are also using liveness detection, which requires players to be physically present during the verification process so they can submit photos, video playback or audio recordings to confirm their identities. Fingerprints, voice prints and other forms of biometric authentication are gaining steam in the arsenal of fraud-fighting tools. More than 63 percent of all smartphones manufactured in 2017 incorporated some type of biometric authentication, and a growing share of devices are expected to offer these solutions as fraud increases.The good news in the world of fighting fraud and cybercrime is that, by the numbers, the battle against the thieves has been shown to be tipping toward the white ...
  • AI Helps Businesses Get Smarter About Fraud

    June 13, 2019 If it seems like cases of fraud and hacking are always in the news, that’s because new incidents pop up practically every day. One of the latest involves hackers successfully accomplishing account takeovers (ATOs) of users of Zelle, the digital payment service. According to the new Digital Fraud Tracker, total losses due to fraud equaled $4.2 trillion in 2018, and fraudulent mobile app transactions increased 680 percent between 2015 and 2018. Fraud doesn’t impact all industries equally. According to the Digital Fraud Tracker, one-quarter of malware specifically targets FIs, and over 5 percent of online retail revenue is now lost to fraud. By 2020, it’s estimated that U.S. credit card losses will exceed $12 billion. More businesses are adopting artificial intelligence (AI) and other technology to fight fraud. According to the AI Innovation Playbook, 63.6 percent of FIs believe AI is an effective tool for stopping fraud before it happens, and 80 percent of fraud specialists using AI believe the technology could reduce payments fraud. Financial Institutions The rise of online banking has provided a host of opportunities for fraudsters. Old manual detection techniques like analyzing geolocations, IP addresses and discrepancies between billing and shipping addresses aren’t able to catch high-level attacks, and often result in false positives. BNY Mellon implemented an AI-based fraud detection initiative in 2018 to use pattern recognition and deep learning to analyze millions of transactions and identify those that are likely fraudulent. AI isn’t just used for fraud detection in the financial industry – it can also help with regulation compliance and adherence to anti-money laundering (AML) standards. Joseph Sieczkowski, head of technology architecture and data at BNY Mellon, explained how it isn’t enough to use AI reactively. Financial institutions also need to stay one step ahead of fraudsters, because they change techniques quickly and often. “[We] do testing constantly to retrain our models to be able to pick up on different types of fraudulent activities,” he said. Retail Balancing security with improving the customer experience is a challenge for all industries, though reducing friction is even more vital for luxury merchants. “Luxury retailers typically operate in a ‘high-touch’ environment, designed to be as friction-free for the customer as possible,” said Shamoun Siddiqui, chief information security officer of Neiman Marcus, in an interview with PYMNTS. “Any measure of security introduces friction. So, the challenge is to make security as transparent as possible while still protecting the customer’s personal information.” The luxury retailer has been using device fingerprinting to identify devices based on unique configurations – and, ultimately, to determine whether it’s being used by a human or is automated. “We are investing heavily in fraud detection systems that [use] machine learning and artificial intelligence to differentiate between normal patterns of customer behavior and potentially fraudulent ones,” Siddiqui said of the retailer’s approach to identity theft and other types of fraud. “These are patterns that would not be visible to the naked eye.” Fraudsters are getting more sophisticated, making use of bots to mimic typical online shopping behavior. After Neiman Marcus identified a bot attack, the hackers started including mouse movements to fool detection systems. Gaming Due to in-game purchasing becoming more standard – a recent study found that approximately half of all personal computer (PC) and console gamers spend money in-game, a share that climbs to more than 75 percent for mobile gamers – gaming platforms have become an attractive target for fraud, especially for hackers who acquire personal data via account takeovers. Gaming and gambling sites face similar issues, as too many security measures can turn off users who will go elsewhere. Some sites are reluctant to implement overly stringent security measures. Beyond using machine learning to detect fraud before it happens, gaming platforms are also using liveness detection, which requires players to be physically present during the verification process so they can submit photos, video playback or audio recordings to confirm their identities. Fingerprints, voice prints and other forms of biometric authentication are gaining steam in the arsenal of fraud-fighting tools. More than 63 percent of all smartphones manufactured in 2017 incorporated some type of biometric authentication, and a growing share of devices are expected to offer these solutions as fraud increases.If it seems like cases of fraud and hacking are always in the news, that’s because new incidents pop up practically every day. One of the latest involves hackers successfully ...
  • Deep Dive: Striking A Balance In Digital ID Security

    June 13, 2019 Security And Convenience Of Digital IDs Digital identification technology continues to advance, bringing both benefits and drawbacks. It’s undeniably advantageous to the world economy, with a recent study finding that national digital ID systems could induce ...
  • Whitepages Pro Spins Out, Becomes Ekata

    June 13, 2019 Whitepages Pro is playing the long game when it comes to payments, with a series of structural changes separating consumer and B2B operations, and a new name to boot. CEO ...
  • Apple Devices Can Now Use Google Two-Factor Authentication

    June 12, 2019 androidGoogle says iPhone and iPad users can now verify sign-ins with their Android security key, according to a report by TechCrunch. “Compromised credentials are one of the most common causes of ...
  • Online University WGU’s Strategy For Fraud-Free Test-Taking

    June 12, 2019 Preventing Fraud In Online EducationOnline universities have become a popular alternative to a traditional campus experience for their affordability and flexible class schedules. But with tests conducted remotely, how can educators ensure students aren’t ...
  • Securing Digital Identities In The Information Age

    June 12, 2019 Securing Digital Identity In The Information AgePhone numbers, email addresses, usernames and other online signifiers have become essential to verification as the world becomes more connected. In B2B news, Visa is launching an end-to-end payments network called Visa B2B Connect, which is built on ...
  • Digital ID: Balancing Convenience And Safety

    June 12, 2019 digital identityConsumers must prove themselves multiple times per day. When checking email, shopping online, paying bills or accessing medical records, users need backup to show they are who they say they ...
  • Whitepages Pro Spins Off B2B Biz Into Ekata

    June 12, 2019 Whitepages Pro has announced that it is spinning off its B2B business from the U.S.-focused direct-to-consumer operations of Whitepages.com, and is changing its name to Ekata. The company explained that the ...
  • BNY Mellon’s AI Fix For Reducing False-Positives

    June 12, 2019 With 83 percent of consumers in the U.S. owning laptops and 91 percent owning mobile devices, there’s never been greater opportunity for digital fraud. Total losses due to fraud were ...
  • How Online Universities Take Fraudsters To School

    June 11, 2019 Phone numbers, email addresses, usernames and other online signifiers have become vital to digital identity verification, as the world becomes increasingly connected. In fact, a recent study found that cell ...
  • Will The 2020s Be The Digital Trust Decade?

    June 10, 2019 With summer upon us, it might have escaped notice that the decade of the 2010s is about to end. We don’t mean to get nostalgic or weepy-eyed (not just yet), ...
  • SCA Readiness Fizzles In Face Of September Deadline

    June 7, 2019 alarm clock for SCATo steal a line from Earth, Wind & Fire, it’s likely to be a September to remember. For merchants large and small, might this fall, and beyond, be chilly in ...
  • Security Experts Warn About New Scam That Bypasses 2FA

    June 6, 2019 Security experts are warning about a phishing scam that can help hackers bypass two-factor authentication (2FA). The attack was demonstrated for the first time at the Hack in the Box Security ...
  • Apple Announces CryptoKit For Digital Wallet Developers

    June 5, 2019 Apple Announces CryptoKit For Digital Wallet DevelopersApple has announced the launch of CryptoKit, a Swift API that will perform basic cryptographic functions for its iOS 13 software release, according to a report by CoinDesk. The announcement was ...
  • The Evolving Terrain Of Fighting Fraud

    June 5, 2019 The Evolving Terrain Of Fighting FraudIntro: Consumers undeniably want all of their transactions faster – and there is a penalty to be paid for making them wait. But fast is no substitute for safe, which ...
  • For Verification, Biometrics And Passwords Solve Different Needs

    June 4, 2019 verificationLogins are a routine part of digital life — from shopping online to paying bills to accessing medical records — but proving identity can come with challenges. Consumers now must ...
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