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 back” 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 you’ll 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 : https://www.informationisbeautiful.net/visualizations/worlds-biggest-data-breaches-hacks/
Symantic : - https://www.linkedin.com/redir/redirect?url=http%3A%2F%2Fbit%2Ely%2F1TQWMfj&urlhash=dIgX&_t=tracking_anet
Get in touch at contact@isignthis.com for more information.