[09-10]pep list 2019-kba identity verification

Mutual Chain Authentication Protocol for SPAN Transactions in Saudi Arabian Banking


customer due diligence involves

Author:ctf counter terrorist financing    identity fraud guide

Keywords:aml technology,    anti money laundering pwc,    kyc onboarding compliance requirements,    document authentication solution,    kyc is mandatory,  most common type of identity theft


A Novel Weber Local Binary Descriptor for Fingerprint Liveness Detection
While the added security of voice biometrics has made it a natural fit for the banking industry with current fears around fraud and identity theft, little coverage has been given to its applicability in other areas of the financial services industry. Several UK wealth management providers are considering the use of voice biometrics as a means of providing differentiated service to their customers. While the enhanced security of voice biometrics is clear, what is often ignored is the extra convenience the technology can provide to callers. For example, when Australian Health Management offer their members the option of being able to verify their identity just by speaking their membership number, over 95 per cent of them accept. This is perhaps hardly surprising when the alternative is the standard process of having to provide 4 pieces of personal information (member number, name, address and date of birth) to a customer service agent. With the highly competitive nature of the wealth management industry, providing a high level of customer service is key in ensuring that Independent Financial Advisors (IFAs) recommend a company's products to their clients. While hardly an issue for a policy holder calling every three years or less, questions asked in the contact centre to establish if the advisor is authorised on the policy can become frustrating for the IFA if they contact the organisation many times a week on behalf of the multiple clients they represent. With the introduction of voice biometrics, advisors are able to establish and confirm their identity just by speaking a single phrase such as a unique number or their company name. The proposition is clear: the advisor wins by gaining a level of service akin to the fast track now being offered for those who enrol a biometric at airport immigration; and the contact centre wins by saving time (up to 40 seconds) spent verifying the caller's identity. Identity-related fraud is one of the fastest growing areas of crime globally and it is of increasing concern to banking and finance sectors. The Australian Federal Police estimate that identity fraud costs businesses (and ultimately consumers) over billion per year. Identity fraud is difficult to detect and has a significant emotional impact on its victims, comparable to that of violent crime. Most victims only find out about fraud through their own investigations and, on average spend around 600 hours resolving the issue.
A financial transaction card reader device includes a housing having a slot for swiping a magnetic stripe of a financial transaction card to complete a financial transaction between a buyer and seller. A read head is in the housing, reads data stored on the magnetic stripe and for produces a signal indicative of data stored on the magnetic stripe. An output jack is adapted to be inserted into a microphone input associated with a seller's mobile device for providing the signal indicative of data stored on the magnetic stripe to the mobile device. The signal is decoded in the mobile device.

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