Financial institutions use sanctions screening as a tool to detect, prevent and manage sanctions imposed on individuals and entities. Sanctions are issued on entities, organizations and individuals who are deemed drug dealers, human traffickers, terrorists and smugglers by the respective country or the U.N.
Digitalization is not a new term anymore, and it’s surely never going to fade away as it has etched its space in every sector. The optimistic business transformation it brought compelled almost everyone to incorporate digitalization processes into their business operation. Every industry realized that to proceed with the ongoing business profit and to compete in the market, they must adapt to the latest digital technology.
If you look at the internet just 15 years ago, the concept of trust only went one way. It was all about organizations on the internet needing to trust the end user. They needed to make sure the end user was who they were claiming to be; after all there was the famous New Yorker cartoon that stated, "On the internet, nobody knows you are a dog." This spoke to the anonymity that the internet provided in those days.
Ever since the digital transformation in banking, we have seen a giant shift towards digital onboarding in financial services. Technologies like liveness and identity verification solutions have started to be a prominent step in intelligent digital onboarding. ID verification software with the capability to onboard customers quickly and remotely have helped in this shift towards digital customer onboarding.
Cyberhacks are commonplace in today's world, and they can happen to any company. Today it's Uber, last week it was U-Haul and the week before it was Samsung. At the root of many of these attacks is a malicious actor masquerading as a corporate IT manager or other technical role. Using this disguise, the perpetrator knows that all they have to do is convince one employee or contractor to share their credentials to gain a foothold into the targeted company's internal network.
ForgeRock announced today a major update to our industry leading identity orchestration capability, known as Intelligent Access Trees. This is a proud day for the ForgeRock team as we advance our vision around identity orchestration. Enterprises can now deliver great user experiences with much less effort.
Verifying Aadhaar has become a crucial process for businesses and financial services alike. But we see a lot of customer churn due to failed verifications. The integration of Digital Aadhaar Verification can help stop revenue losses caused by these failed verification processes and the following customer drop-off.
Buy now and pay later (BNPL) services are the latest trend in the market, which is catching up with consumers and retailers quickly. Unfortunately, even the perpetrators are increasing in this system which have a potential to cause harm to a raising solution in finance. This blogs discusses how BNPL fraud can be prevented using Digital Verification Solutions like Identity Verification, AML screening, Digital Onboarding and Document Verification.
