Blog

Generational Shift in Banking

The Generational Shift is Redefining Banking Industry

Posted on | by Signzian

In the world of banking, there’s a new kid on the block: Generation Z. While the industry has been adapting to millennial customers for some time now, Gen Z brings a whole new set of challenges and opportunities that banks can’t afford to ignore. But it’s not just about catering to younger generations – older customers also have unique needs and preferences that must be considered. In this blog post, we’ll explore the generational gap in banking and how it’s affecting the industry. 

What is the generational gap in banking?

The generational gap in banking refers to the differences in attitudes, behaviors, and expectations of different age groups regarding financial services. Each generation has unique values and experiences shaping their money management approach.

For example, Baby Boomers tend to prioritize stability and security over risk-taking. They may prefer traditional banking methods and are likelier to value personal relationships with bankers.

On the other hand, younger generations like Millennials and Gen Z are more inclined towards technology-driven solutions. They expect seamless digital experiences that allow them easy access to their finances on the go.

The rise of social media also plays a significant role in shaping these generational differences. Younger customers increasingly rely on peer reviews before deciding where they bank or invest.

Banks must recognize these diverging attitudes to cater effectively to all age groups. The key is finding a balance between high-tech offerings for younger customers while not alienating older ones who still value human interaction above all else.

How has the generational gap in banking affected banks?

The generational gap in banking has had a significant impact on the way banks operate today. With three distinct generations – Gen Z, Millennials, and Gen X – each having different preferences and expectations regarding banking services, banks must adapt their strategies to meet the diverse needs of these groups.

One major effect of this gap is that traditional brick-and-mortar banks are losing relevance among younger consumers who prefer digital experiences. This means that banks need to invest more heavily in technology to stay competitive.

Another consequence is an increased focus on digital identity verification and know-your-customer (KYC) processes. Banks need to be able to verify customers’ identities quickly and securely, particularly as younger generations become increasingly adept at fraud prevention measures.

Age verification systems have become critical for financial institutions looking to appeal to younger customers while adhering to regulatory requirements. By implementing robust age verification protocols, banks can ensure compliance with legal obligations and protection against underage account opening or usage.

The generational gap in banking presents challenges for traditional financial institutions seeking to remain relevant in an ever-changing industry. However, understanding the unique needs of different customer segments, developing innovative technologies, and implementing effective KYC/AML protocols tailored to young people’s lifestyles will help them succeed going forward.

Gen Z versus Millenials versus Gen X

There’s no denying that different generations have unique perspectives on banking. Gen Z, Millennials, and Gen X have different attitudes toward money management and financial institutions.

Gen Z, born between 1997 and 2012, are digital natives who expect convenience and instant gratification. They prefer online banking over visiting a physical branch and demand mobile apps with seamless user experience. This generation is also more open to alternative forms of payment, such as cryptocurrencies.

Millennials, born between 1981-1996, are known for valuing transparency in their banking services. They want to understand the fees associated with their accounts and often prioritize socially responsible investments. However, they may struggle with debt from student loans or credit cards.

Gen X represents those born between 1965-1980 who grew up without technology but adapted quickly after its introduction. They value stability in their bank accounts and stick with traditional banks rather than fintech startups.

Understanding the differences between these three generations can help banks tailor their services accordingly to serve each group’s needs better. From digital identity verification systems for Gen Z customers to offering debt counseling programs for Millennials struggling with student loans – each generation presents unique challenges that require tailored solutions from banks.

Conclusion

The generational gap in banking is a complex issue requiring banks’ careful consideration and attention. As digital natives like Gen Z continue to enter the workforce and demand more personalized digital experiences, it’s clear that traditional banks must adapt to stay relevant.

By implementing age verification systems and utilizing customer data to personalize their offerings, banks can bridge the generational divide and meet the needs of all customers – regardless of age.

Ultimately, by embracing change and staying on top of emerging technologies, banks can remain competitive in an ever-evolving landscape while providing exceptional service to customers across all generations.

 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

Compliance in Banking

How To Make Compliance Your Bank’s Competitive Advantage

Posted on | by Signzian

Banking regulations are ever-changing, and staying compliant is essential for financial institutions, but it doesn’t have to be a burden. In fact, by leveraging compliance activities as a competitive advantage, your bank can increase its profitability and gain a leg up on the competition. In this blog post, we’ll look at how banks can leverage compliance to create an edge in the industry. We’ll discuss managing risk, using customer data safely, developing innovative products and services, and more—all while staying compliant with the law. So, if you want to make compliance your bank’s secret weapon, this blog post is for you!

Understanding compliance

Today’s consumers are looking for a banking experience that is personalized, convenient and offers value. In addition, they want to bank with an institution that understands their needs and is willing to work with them to find solutions. A recent study by Boston Consulting Group found that 43% of consumers would switch banks if their primary bank did not offer the digital capabilities they were looking for.

Banks must provide a superior customer experience to keep up with the competition. That starts with understanding compliance. Consumers expect banks to protect their personal information and comply with regulations. They also want transparency from their financial institution. They must know that their bank works in their best interest and protects their money.

Compliance is more than just following the rules. It’s about creating a culture of compliance within your organization. Everyone from the CEO to the tellers must comply with regulations. This can be achieved by establishing clear policies and procedures, providing training and education on compliance topics, and promoting a culture of ethical behavior.

When done correctly, compliance can be a competitive advantage for your bank. In addition, consumers will trust that you keep their best interests in mind and feel confident doing business with you.

The benefits of compliance in bank

The McKinsey Global Institute estimates that advanced analytics (AA) and artificial intelligence (AI) in banking could generate up to $1 trillion in annual economic value globally. Credit underwriting, fraud detection, and trade surveillance are some of the opportunities related to risk management. 

Banks are under pressure to do more to comply with rules and regulations in a world of increasing regulation. But, at the same time, they are looking for ways to improve their customer experience and grow their business. A compliant bank meets all the requirements of the regulators and provides an excellent experience for its customers.

There are many benefits of being a compliant bank:

  1. It allows you to avoid costly fines and penalties.
  2. It helps you build trust with your customers by showing that you are committed to protecting their information and meeting their needs.
  3. It can give you a competitive advantage in the marketplace by differentiating you from other banks that may not be as compliant.

Fourth, being compliant can help you attract and retain the best talent. Fifth, it can help you manage risk more effectively. And sixth, it can help you improve your bottom line.

So, consider these six benefits if you’re looking for ways to make your bank more compliant. They might make compliance your bank’s competitive advantage.

Compliance technology

Technology has always been crucial to compliance, from simple audits to more complex monitoring and analysis. But with the ever-changing compliance landscape, technology must constantly adapt to new regulations and threats.

That’s where compliance technology comes in. Compliance technology uses software and other tools to help organizations meet their compliance obligations. This can include everything from automating regulatory filings, tracking employee training, and monitoring customer interactions for signs of fraud or money laundering.

With the right technology, banks can meet regulatory requirements and gain a competitive advantage. By using technology to automate repetitive tasks, banks can free up staff time for more strategic work. And by using data analytics to identify risk areas, banks can proactively address potential problems before they arise.

When it comes to compliance, technology is your friend. Investing in the right tools can make compliance more uncomplicated, efficient, and effective—and give your bank a leg up on the competition.

Conclusion

Compliance is becoming increasingly important in the banking industry, and making it your bank’s competitive advantage can help ensure sustainable long-term success. By providing that your compliance strategy is up-to-date and effective, you can create an environment of trust with customers and regulators alike. Additionally, a clear understanding of regulatory requirements will enable you to adapt to any industry changes quickly, ensuring your unique competitive edge remains intact.

Identity Theft in Banking – Things you need to know!

Posted on | by Signzian

30% of consumers said that they had been victims of online identity theft is one of the surveys by Experian in July 2022. 

Identity theft is a serious problem, and with the rapid advancement of technology, it’s only getting worse. Every year, millions of Americans become victims of identity theft and financial fraud.

According to the FTC, identity theft and related fraud increased nationwide in 2021:

  1. More than 5.8 million fraud complaints were filed for the year, an increase of 19%.
  2. The financial losses from fraud increased by 77% from the previous year to more than $6.1 billion.
  3. Consumer identity theft complaints increased by 3.3% to just over 1.43 million.

While there are steps you can take to reduce your risk, it’s important to be aware of the tactics criminals use to gain access to your personal information. In today’s blog post, we will discuss how identity theft works in banking and what measures you can take to detect it. By understanding the methods criminals use and taking the necessary precautions, you can put yourself in a better position to protect yourself from potential identity theft.

What is identity theft?

Identity theft is when someone uses your personal information without permission to commit fraud or other crimes. Your personal information can include your name, Social Security number, date of birth, bank account numbers, credit card numbers, or other sensitive information.

1,434,695 identity theft complaints topped the FTC’s list of fraud complaints in 2021, accounting for about 24 percent of the 5,883,409 fraud, identity theft, and other complaints received. Imposter scams were the second most reported fraud category after identity theft, with 995,789 reports and $2.4 billion in losses—nearly double the $1.2 billion loss caused by the category in 2020.

Identity theft can happen in many ways: Phishing, smishing, spoofing, and vishing are some techniques Fraudsters use.

Phishing:

As a method of identity theft, phishing involves individuals unwittingly providing personal information that can be misused. Fraud is usually carried out by creating fake websites, emails, or texts that appear to be from a legitimate firm. 

On Feb 20th, 2023, a farmer from Rajasthan almost lost more than Rs 8 lakh to a cyber fraudster when his son clicked on a phishing link. In the past few years, cyber fraud cases have witnessed a significant rise. According to the EY report, 53% of respondents in India state that cybercrime and ransomware risk have increased in India in the last 1 year. 

Vishing:

Vishing (voice phishing) is an attempt where fraudsters try to seek personal information like Paytm Bank PIN, Paytm OTP, Card expiry date, CVV, etc. via a phone call. The miscreant acts as an employee from Paytm, the government, or a bank. He/she asks you for your KYC details. They will state various reasons, like reward points, free cashback, reactivation of account, etc., for this. These details are then used for accessing your account without your knowledge.

Smishing:

Smishing (SMS phishing) is when an SMS/Email/WhatsApp message is used to lure you to call back on a fraudulent phone number, visit fraud websites, or download malicious content via your phone. Fraudsters will send you SMS/Facebook Requests/WhatsApp messages to inform you that you’ve won some prize money, a cashback offer, or the like. They’ll ask you to share your Paytm account/Paytm Payments Bank account details. Unaware of what might happen, they will initiate fraudulent transactions using your account details once you do that.

How does identity theft happen?

There are a few ways that identity theft can happen in banking. One way is if someone steals your personal information, such as your Social Security or account number. They can then use this information to open new accounts in your name and rack up debt. 

Another way is if someone gains access to your bank account and makes unauthorized withdrawals. This can happen if your bank account number is stolen or if you have an online account that is not secure. 

Finally, identity theft can also happen if you receive a phishing email that looks like it’s from your bank. This type of email will try to get you to click on a link or download an attachment that will install malware on your computer. If you do this, the cybercriminal will have access to all of the information on your computer, including your banking information.

How can Banks Detect & Prevent Identity Theft?

The process of detecting stolen identities begins at the onboarding stage. Adding new customers can be risky for banks regarding digital onboarding – there is the need to satisfy regulations such as KYC (know your customer) and AML (anti-money laundering). These legal obligations must be obeyed to prevent any kind of financial fraud. Criminals often use false or synthetic IDs to deceive the process and open bank accounts, so confirming identities can be expensive – with costs reaching $35.2 billion in 2020. This is especially daunting for neobanks and challenger banks, who strive to make the customer onboarding experience quick and straightforward. 

With video KYC verification, banks can verify their customers’ identities remotely through a video call, which is quick, convenient, and reliable. As a result, businesses can detect potential fraudsters beforehand and eliminate the need for physical presence. 

Use Cases:

  1. By using video KYC, banks can onboard new users digitally via a video call, making the process more efficient and productive. 
  2. The real-time video call helps banks identify money laundering, identity theft, and terrorist financing while onboarding new users. 
  3. In any country where the Bank operates, they must ensure that their businesses comply with KYC & AML regulations. Signzy’s Video KYC verification helps businesses meet those regulations while avoiding being penalized.

Features: 

  1. Text Match is used to ensure PAN card data corresponds with Aadhaar records. Simultaneously, high-definition snapshots of the ID and video can be taken for comparison. 
  2. Documents no longer need to be stored since recorded videos, and captured documents can easily be retrieved. 
  3. Geo-Location capture and IP check detect Proxy or VPNs while scanning for spam or abuse reports in established blacklists. 
  4. End-to-end encryption is enabled for full data security, applying the most reliable security protocols.

Conclusion

Identifying identity theft and synthetic ID fraud starts with thorough identification verification. While most banks and financial institutions will have a robust KYC process that includes IDV, Signzy’s Video KYC will let risk managers work with real-time alternative intel and in-depth technical data points. 

The following are key advantages.

  1. Real-time enrichment is applied to all data.
  2. To save time and money, you can perform Video KYC checks.
  3. In the digital age, digital footprint analysis is becoming more important than traditional ID checks.
  4. You can catch more fraudsters by combining these with velocity checks and device fingerprinting.

Identity theft can be scary, and banks are one of the main targets for criminals trying to steal your identity. Through liveliness checks, image forensics, face matching, and randomized questions, Signzy utilizes artificial intelligence to perform comprehensive identity verification. The solution offers inherent safety by making the process directly between the bank, and the consumer and is completely paperless and contactless. 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

Identity verification services — fueling the demand for safe gaming experience

How Online Gaming is becoming a soft target for Fraudsters

Posted on | by Signzian

We’ve all heard stories about fraudsters taking advantage of unsuspecting people through online gaming. However, what may surprise you is how often this happens and the extent of the damage it can cause. As more and more people turn to online gaming as entertainment, fraudsters also recognize this opportunity and are preying on its increasing popularity.

The proportion of New Paying Users (NPUs) in online gaming in India has grown at the fastest rate in the world, from 40% in 2020 to 50% in 2021. The number of paying players grew by 17% from 80 million in 2020 to 95 million in 2021, according to a report by EY FICCI (Federation of Indian Chambers of Commerce and Industry).

This blog post will discuss how online gaming is becoming a soft target for fraudsters and what measures can be taken to protect yourself against their malicious tactics. 

The rise in online gaming

In recent years, online gaming has become a popular pastime for people of all ages. But as the popularity of online gaming grows, so does the risk of fraud.

Fraudsters are increasingly targeting online gamers to steal their personal and financial information. They do this by setting up fake websites and game servers that trick gamers into giving up their login details or credit card information.

Some fraudsters also create fake game accounts and then use them to cheat other players out of their virtual possessions. Others may hack into legitimate game accounts and steal virtual currency or items.

Moreover, certain online gaming firms facilitate the trading of computer game items with traditional currencies like dollars, yuan, and pounds. This is called microtransactions and is seen in free-to-play games that give the option for digital purchases. Take, for example, Entropia Universe and Second Life offering purchasable products via their e-stores. More games have now started to entice gamers to make microtransactions by marketing loot boxes which are a selection of random in-game assets concealed until payment is made.

In another incident, it was reported on 31st January 2023 that there have been eight arrests in Noida for allegedly defrauding people with online gambling and betting apps. A total of Rs. 24 crores was frozen in various bank accounts, along with 193 mobile phones, 21 laptops, 416 checkbooks, 233 debit cards, and 21 point-of-sale devices.

The vulnerability seen in online gaming

According to a report by Kaspersky Lab, online gamers are increasingly becoming victims of fraud. The report found that in the first half of 2017, there was a 50% increase in the number of people who had their gaming accounts hacked compared to the same period in 2016.

There are several reasons why online gamers are particularly vulnerable to fraud. Firstly, many gamers use their real names and personal information when signing up for gaming platforms and services. This makes it easy for fraudsters to obtain this information and use it to commit identity theft or other types of fraud.

Secondly, gamers often make in-game purchases using credit cards or other payment methods. If a fraudster gains access to a gamer’s account, they can use this information to make unauthorized purchases.

Finally, gaming platforms and services are often targeted by phishing attacks. In a phishing attack, the attacker will send an email or message that appears to be from a legitimate gaming company or service. The message will usually contain a link that leads to a fake website designed to look like the real thing. Once on the fake website, the victim is asked to enter their login details or financial information. The attacker then uses this information to commit fraud.

To protect themselves from these attacks, gamers should only sign up for gaming platforms and services using secure passwords and payment methods. They should also be wary of any emails or messages that contain links, even if they appear to

The types of fraud in online gaming

The online gaming industry is becoming a soft target for fraudsters due to the amount of money and personal information exchanged daily. There are many different types of fraud being committed against online gamers, including:

  1. Credit card fraud: It is when someone uses another person’s credit card information to make unauthorized purchases in their name.
  2. Identity theft: This is when someone steals another person’s personal information (such as their name, address, date of birth, etc.) to open new accounts or make fraudulent charges in their name.
  3. Phishing is when someone contacts an individual via email, text message, or social media pretending to be from a legitimate company to get them to provide personal information or financial account details.
  4. Hacking is when someone gains unauthorized access to another person’s computer or gaming account to steal personal information or virtual goods/currency.

Final Thoughts

As online gaming continues to grow, it has become an increasingly attractive target for criminals looking to exploit players’ lack of knowledge and safety protocols. By understanding the risks associated with gaming and taking preventive steps like verifying the legitimacy of game providers, regularly changing passwords, avoiding public Wi-Fi networks, and installing updated anti-virus software on all devices used for gaming activities, gamers can greatly reduce their chances of becoming victims of fraudsters. With a little effort at prevention, gamers can enjoy their favorite activities without fear or worry.

Ensuring the digital gaming industry is secure from fraud is paramount for players. Not only does criminal activity damage a business’s reputation, but it can also greatly hurt its annual revenue. However, Artificial Intelligence (AI) can greatly help in this situation by being integrated into identity verification and AML screening systems. AI-powered solutions analyze a gamer’s behavior, flagging possible cheaters and stopping bad actors from making artificial accounts for illegal purposes. This ultimately means that comprehensive identity verification methods are the best way to prevent cheating.

At Signzy, we provide state-of-the-art quality AI-driven API products without needing a single line of code. The system is powered by thousands of AI algorithms that can render a good percentage of accuracy and real-time verification results in less than a second. 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

Adaptive patient onboarding is a great way to provide the best patient experience. By taking the time to personalize

Turn the patient onboarding process into an adaptive experience!

Posted on | by Signzian

Are you still using a manual, paper-based onboarding process for your patients? If so, you’re certainly not alone. While this method has been the standard for many years, it’s increasingly becoming outdated and inefficient. Fortunately, there’s now an alternative that can make the entire process more efficient and engaging: an adaptive patient onboarding experience. In this blog post, we’ll look at why adaptive experience is superior to traditional methods and how you can begin implementing one in your practice today. We’ll also look at some of the best practices to help make sure your transition is seamless and successful.

What is patient onboarding?

Patient onboarding is collecting and verifying the information needed to welcome a new patient to your practice. This usually includes basic contact information, like the patient’s name, address, phone number, and email address. It may also have more detailed information, like the patient’s medical history, insurance information, and preferences for communication and care.

It aims to ensure you have all the information you need to provide quality care for your new patient. By collecting this information upfront, you can avoid delays and disruptions in care later on.

There are many different ways to collect the information needed for the process. For example, you may use paper forms, an electronic health record (EHR) system, or a combination. Whichever method you choose, it’s essential to ensure that your process is efficient and streamlined.

The patient onboarding process doesn’t have to be one-size-fits-all. Instead, you can tailor your approach to fit your practice’s and your patients’ needs. For example, if you see a lot of new patients each week, you should set up an online form that they can fill out in advance. Or, if you have patients with complex medical histories, give them extra time to complete their onboarding paperwork.

You can significantly impact your patients by making a few simple changes to your patient onboarding process.

The importance of a good patient onboarding process

A good patient onboarding process is important for several reasons:

  1. It helps ensure that patients are correctly introduced to the healthcare organization and understand their care expectations.
  2. It can build trust between the patient and the provider.
  3. It can reduce anxiety and stress for the patient and the provider.

How to make your patient onboarding process adaptive

When it comes to patient onboarding, making the process adaptive can go a long way in ensuring a positive experience for both the patient and the care team. Here are a few tips on how to make your patient onboarding process adaptive:

  1. Support patients through every step of the journey

From the moment a patient schedules an appointment to their follow-up visit, it is important to provide clear and concise information at every stage of their journey. This includes sending reminders about upcoming meetings, providing easy-to-understand instructions on what they need to do to prepare for their visits, and having dedicated staff available to answer any questions.

  1. Make use of technology

Many technology solutions can help streamline the patient onboarding process. For example, online registration forms can save time and reduce paperwork, while appointment reminders sent via text or email can help ensure patients remember their upcoming visits.

  1. Be flexible

Every patient is different, so not every onboarding experience will be identical. Therefore, it is important to be flexible and tailor the onboarding process to each patient’s needs. This could involve providing additional support for those with chronic conditions or disabilities and offering working parents alternative appointment times.

  1. Collect feedback and use it to improve

What are the benefits of an adaptive patient onboarding process?

There are many benefits of an adaptive patient onboarding process. By tailoring the approach to each patient’s needs, you can ensure they have a positive experience and are more likely to return for future visits.

An adaptive patient onboarding process can also help to build trust between the patient and the healthcare provider. Patients who feel they are being listened to and their needs are being met are more likely to be loyal to the provider and recommend them to others.

Finally, an efficient process can save time and money for both the provider and the patient. By streamlining the process and making it more efficient, you can reduce the overall cost of care while still providing high-quality service.

Conclusion

The global Artificial Intelligence in healthcare market size and share is expected to surpass $95.65 Billion by 2028. Adaptive patient onboarding is a great way to ensure you provide the best possible patient experience. By taking the time to personalize each individual’s experience, you can provide them with a seamless and efficient process. This will help reduce wait times, costs, and frustration from patients and staff. With the right tools in place, adaptive patient onboarding can ultimately improve care quality, better customer satisfaction score ratings, and tremendous overall success for your medical practice.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

KYC verification & Electronic Identity Processes in Gaming Industry

KYC verification & Electronic Identity Processes in Online Gaming Industry

Posted on | by Signzian

With the rapid rise of online gaming, companies are finding new ways to authenticate users and ensure their compliance with government regulations. As a result, online gaming industry operators have turned to Know Your Customer (KYC) verification processes and electronic identity solutions.

In this article, we will explore why KYC verification systems are crucial for online gaming companies, some of the most common methods used, and how they can help ensure compliance while providing customers with an improved user experience.

The rise of the online gaming industry

The online gaming industry has dramatically increased in recent years. market revenues are expected
to grow more than 74 billion USD by 2023, at a compound annual growth rate of 10%. This rise in popularity drives the need for KYC verification and electronic identity processes.

There are many reasons for the increased popularity of online gaming.

  1. The convenience and accessibility of these platforms are significant factors. With the advent of mobile devices, people can play games anywhere at any time.
  2. Another reason for the industry’s growth is the anonymity that it affords users. Many people who would not dream of playing games physically due to interest & other factors are happy to do so online.

The increased demand for online gaming services creates opportunities for KYC verification and electronic identity providers. These companies offer solutions that help businesses verify the identities of their customers. This is an essential process for ensuring compliance with anti-money laundering regulations. It also helps to protect businesses from fraud and other risks associated with online transactions.

The need for KYC verification in online gaming industry

As the online gaming industry grows, so does the need for KYC verification and electronic identity processes. This is because, with more people gaming online, there is an increased risk of fraud and money laundering. Having KYC verification in place helps reduce the risk of these activities.

There are several ways to do KYC verification – use of ID documents, biometric data, or even utility bills. The most important thing is that the process is secure and meets all regulatory requirements.

Having KYC verification in place helps protect the online gaming industry from fraudulent activities and also helps to build trust between businesses and their customers.

The importance of electronic identity processes in online gaming industry

In recent years, there has been a surge in online gaming. This has increased the need for KYC verification and electronic identity processes.

There are several reasons why online gaming have become so popular:

  1. The internet has made it easier than ever to access these activities.
  2. A growing number of people are willing to gamble or play games online.
  3. Many online casinos and game developers offer generous bonuses and prizes that appeal to potential customers.

However, the increase in online gaming has also led to negative consequences. One of the most severe problems is the rise of fraud and scams. As a result, many online casinos and game developers have implemented KYC verification and electronic identity processes to protect themselves.

KYC stands for “know your customer.” This process involves verifying a customer’s identity before they can access services or make transactions. In most cases, KYC verification will require customers to provide some form of identification, such as a passport or driver’s license.

Electronic identity processes refer to the use of digital technologies to verify someone’s identity. These processes can include biometric identification (such as fingerprinting) or using social media profiles to verify someone’s identity.

Implementing KYC verification and electronic identity processes have helped reduce the incidence of fraud and scams in the online gaming industry. However,

How is online gaming changing 

The internet has revolutionized the online gaming industry, making it easier than ever for people to access games and from their homes. This increased accessibility has driven up the number of people gaming online. Thus, creating a need for KYC verification and electronic identity processes. According to online gaming industry analysis, there were more than 2.6 billion gamers in the world in 2020, and this figure accounted to around 2.8 billion by 2021.

KYC verification is the process of verifying the identity of a customer or client. This is typically done by requiring the customer to provide identification, such as a passport or driver’s license.

In the case of online gaming, KYC verification can also be done electronically. In this, the customer provides personal information such as their name, date of birth, and address. Electronic identity processes verify that a person is who they say they are. Biometrics, such as fingerprint or iris scanning, or by requiring the person to provide some form of identification – passport or driver’s license. In the case of online gaming, electronic identity processes is used to verify that the person is over 18, which is required by law to play certain types of games.

The increased popularity of online gaming has led to a need for more robust KYC verification and electronic identity processes. By implementing these processes, businesses can ensure that their customers are who they say they are, which helps to protect both.

The future of online gaming industry

As online gaming continue to grow in popularity, so does the need for KYC verification and electronic identity processes. This is because increased online gaming activity is driving the need for more secure and efficient ways to verify the identity of players.

KYC verification and electronic identity processes help to ensure that only legitimate players can access online gaming platforms. This helps to protect both the player and the forum from fraud and other illegal activity.

There are a number of different ways in which KYC verification and electronic identity processes can be implemented. For example, many platforms now require players to provide a government-issued ID or passport to register for an account. Others may use biometric data such as fingerprints or iris scans.

Whichever method or combination of methods is used, it is clear that KYC verification and electronic identity processes are here to stay. In addition, as online gaming continue to grow in popularity, so will the need for these secure and efficient methods of verifying player identity.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

Vendor KYC Verification: Verify Your Vendors Quickly and Easily!

Posted on | by Signzian

The logistics and supply management industry have rapidly evolved over the last decade. With more complex delivery chains, stricter regulations, and a more significant focus on security, it’s no wonder that businesses are looking for ways to speed up processes and improve efficiency. One of the most important steps in this process is vendor KYC (Know Your Customer) verification. This step ensures that businesses know who they are dealing with regarding vendors and suppliers. In this blog post, we will discuss what Vendor KYC Verification is and how it impacts logistics and supply chain management.

Businesses that engage suppliers to provide goods or services can quickly become victims of Vendor Impersonation Fraud. Sophisticated criminals infiltrate a trusted vendor or somebody pretending to be them, thereby risking your business. Armorblox’s research team discovered a 73% increase in financial fraud email threats from 2021 to 2022. Financial fraud attacks accounted for 44% of sophisticated, targeted crimes, including wire fraud, invoice fraud, and vendor fraud.

What is Vendor KYC Verification?

Vendor KYC verification is verifying the identity and credentials of a vendor or supplier. This verification can be done through various means, such as third-party background checks, references, and documentation. Vendor KYC verification aims to ensure that the vendor is who they say they are and that they have the experience and credentials necessary to provide the services or products they claim to offer.

Third-party background checks are one of the most common methods of vendor KYC verification. This check can be conducted by an outside firm or the company itself. References are another standard method of vendor KYC verification. When checking references, it is important to verify that they are from legitimate sources, such as past clients or business partners. Documentation is also often used for vendor KYC verification. This may include identification documents, licenses, certifications, and other forms of proof that the vendor is qualified to do business with your company.

Vendor KYC verification is important in doing business with new suppliers or vendors. Verifying their identity and credentials can help protect your company from fraud or scams.

Why is Vendor KYC Verification important in logistics & supply management?

There are many reasons why vendor KYC verification is important in logistics and supply management.

  1. It helps to ensure that the vendor is who they say they are and that they are legitimate. This can help to prevent fraud and other issues. 
  2. It helps to ensure that the vendor has the proper licenses and permits for their business. This can help to avoid delays or other problems with shipments. 
  3. It can help build trust between the company and the vendor, leading to better relationships and more efficient operations.

A first layer of protection for companies comes from supply chain risk management and due diligence, and due to the rise of SaaS and outsourcing, good risk awareness is essential. The Global Fraud and Risk Report, “Mapping the New Risk Landscape, “published by Kroll in conjunction with Forrester Consulting in 2019, highlights global corporations’ biggest risks.

Globally, 28% of fraud was committed by external parties (suppliers & vendors), an increase of 10%. 68% of global companies consider fraud by external parties a high or significant concern.

According to KPMG’s Global Banking Fraud Survey, released in May 2019: Fraud recoveries were less than 25% of fraud losses, according to over half of the survey respondents. This low rate emphasizes the importance of prediction and prevention. 

Thus, companies should begin to consider implementing a tool and necessary workflows as vendor fraud grows in prevalence as a threat to many corporations.

The benefits of Vendor KYC Verification

KYC verification is a process that helps to ensure that your customers are who they say they are. This can be beneficial for several reasons:

  1. It helps to prevent fraud: By verifying the identity of your customers, you can help to prevent fraudulent activity. It becomes much harder for someone to commit fraud if they have to provide their real identity upfront.
  2. It builds trust: Customers who have been through a KYC verification process are more likely to trust your company. This is because they know that you take security and compliance seriously.
  3. It streamlines processes: A KYC verification process can help streamline other business processes, such as onboarding new customers or processing payments.

How Can Signzy Help with Vendor KYC Verification?

Signzy has a one-stop solution when it comes to verification. It provides a simple plug-and-play API solution. With just the vehicle number, you can get fitness details, Permit info, PUCC check, Insurance details, and much more! The same goes for authenticating the driver’s license.

Signzy can provide a complete user journey and simplify your workflow while it is automated. A generic survey conducted by logistic partners and Signzy showed that automated workflow helped the logistic industry by 26%, which earlier with the manual process was 11%. 

Our three APIs that play a pivotal role in Vendor KYC Verification are:

Bank Account Verification API: With it, you can verify not just the validity of bank accounts but also the name and details of the user while leveraging the right technology for the job. In addition, the AI-driven API is highly customizable and can be integrated easily with your processes.

RC Verification API: Signzy’s Registration Certificate Verification Process allows onboarding of verified vehicles in no time with utmost accuracy & reliability (server providing 99.9% uptime).  Know more about the benefits it offers. 

GST Verification API: Our GST API validates the authenticity of a business or your partner as an essential aspect of easing and making GST compliances hassle-free. It helps you to

  1. Extract GST details, including Name, GSTIN, and address of the business, from the GST certificate.
  2. Search GST details of the entity using GSTIN and PAN. 
  3. View and track the GST returns of the entity.

Conclusion

Vendor KYC verification is essential to logistics and supply chain management. It helps to ensure the accuracy and reliability of the information, making it easier for businesses to monitor their vendors and ensure they comply with all applicable regulations. As a result, organizations can protect themselves from potential liability by implementing a comprehensive vendor KYC verification process while improving transparency across their supply chains.

We bring you to speed, security, reliability & ease. You can leverage artificial intelligence, optical character recognition, and other best-of-breed technologies – everything you need to scale successfully.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs, easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

 

 

New VPN Norms – Government’s Take On Privacy

Posted on | by Signzian

VPN has always been a subject of debate in India. 

As per AtlasVPN’s report, India had over 348 million VPN downloads in 2021. Despite having such popularity in 2021, the government recommended a VPN ban in India for privacy concerns. Although the ban didn’t occur, the Indian government has introduced some new VPN norms or regulations for users, mainly for VPN companies. 

In April 2022, India’s Computer Emergency Response Team (CERT) announced a new regulation that VPN companies in India will have to collect and store customers’ data for at least five or more years. 

Unsurprisingly, these new VPN Norms are creating a lot of buzzes. How will this new law affect VPNs? How will it impact users? Are VPNs illegal in India? There are lots of questions arising. 

To answer all your questions, we’ve compiled everything you need to know about the new VPN norms in India. But before digging deeper, let’s start with the basics: What is a VPN? 

What Is A VPN?

A virtual private network (VPN) is a technology that allows you to connect securely to private networks over public networks. It creates an encrypted connection between your computer and a server so that your internet traffic is encrypted and can’t be intercepted by anyone else.

With a VPN, you can access websites in countries where they might not be available, or you can use it to get around censorship (a lot of countries have strict firewalls that block specific sites), secure remote work, and browse the internet anonymously.

What Are The New VPN Norms?

The key takeaways from the new VPN rules are:

  • According to the new law, all VPNs must gather and store user data (user names, physical address, email address, and phone numbers) for five or more years. 
  • VPN companies also have to keep a log of the reason behind using the service. 
  • VPNs should record all the IP addresses used by users to register. 
  • Along with VPN services, virtual service network providers, data centers, and cloud service providers have also been requested to keep track and store similar user data. 
  • VPN services must report cybersecurity incidents to CERT within six hours of becoming aware of them. 

What Is the Government’s Take On These New VPN Norms?

The main purpose of the government behind imposing these new VPN rules is to improve the “cyber security posture” and ensure people have access to a “safe and trusted internet”.

The CERT also informed that they had identified gaps in safeguarding against online threats. That’s why they’ve published the new norms to prevent cyber attacks. 

“If you are a VPN provider, if you are a data centre operator, if you are a cloud provider, and if you’re an enterprise, you have an obligation to know who’s using your VPN infrastructure… If there is a detected cyber incident or cyber breach — from one of the people using your VPN or your cloud or your data centre, it is your obligation to produce the data,” – Rajeev Chandrasekhar,  Union Minister of State for Electronics and Information Technology

How The New VPN Norms Impact Users & Companies 

The new rules received a lot of backlashes from the VPN companies. After all, the primary goal of VPN services is not to collect users’ personal information. 

The new norms will force these companies to store customer data which will increase costs and affect user privacy. 

India is among the top 10 VPN users around the globe. Various companies and individuals use VPN services to safely access private WiFi networks, remain anonymous, and many more. 

Several techies, students, and companies use VPNs to protect their data from third-party apps.

But with the new norms, they must go through a KYC process while registering a VPN. So, all VPN users will have their private data exposed to the government. 

It is also unclear how the government may use this data in the future. This raises a concern about the right to privacy for every individual. 

The Internet Freedom Foundation said the new norms lead to more concerns, such as the private enterprises and government “having more data than necessary”.

Several VPN companies like NordVPN, ProtonVPN, SurfShark, and ExpressVPN, have said that they are planning not to follow the newly imposed rules of India. After all, privacy is the main reason behind users investing in their premium plans. 

As per several VPN companies, they’ll continue to offer their no-logs policy to the users and threaten to pull back their service from India. 

The Bottom Line 

Despite all the backlashes from cybersecurity experts, stakeholder companies, and business advisory groups, the Indian government is pretty much firm on their new VPN norms. 

“If you don’t want to go by these rules, and if you want to pull out, then frankly … you have to pull out.” – Rajeev Chandrasekhar,  Union Minister of State for Electronics and Information Technology

The privacy experts have sought public consultation on this matter, asking for more tech industry involvement to find a solution that suits every individual. Lastly, it’s needless to say that it will be interesting to see if the VPN companies manage to implement the new norms before the deadline of September 25, 2022.   

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs, easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Retail Banking Automation is the key to success!

Posted on | by Signzian

In today’s digital age, banking is changing faster than ever. With the rise of AI and automation, retail banks face some of their biggest challenges. Banks must adjust to keep up with customer expectations while also trying to remain competitive. This blog post will explore major retail banking challenges and how automation can help them overcome them. From increasing customer satisfaction levels to improving efficiency, read on to learn more about how emerging technologies are reshaping the banking industry and what you should do to stay ahead of the curve.

The changing landscape of Retail Banking

In the past decade, the retail banking landscape has changed dramatically. The industry has become more competitive, with new players such as online-only banks and their offering services that traditional banks have not been able to match. At the same time, customers have become more demanding, expecting personalized service and around-the-clock access to their accounts.

To meet these challenges, banks are turning to automation. For example, automated teller machines (ATMs) can provide 24/7 access to cash without the need for human tellers. In addition, automated loan origination and underwriting systems can speed up the loan application process, while fraud detection systems can help protect against losses.

By using automation to improve their operations, banks can keep pace with the changing landscape of retail banking and better serve their customers’ needs.

The challenges Retail Banks face

As the retail banking landscape changes, so do banks’ challenges. With new technologies and regulations constantly introduced, banks can be difficult to keep up. Here are some of the main challenges that retail banks face:

  1. Compliance with new regulations – With new regulations being introduced all the time, it can be difficult for banks to keep up. This is especially true for smaller banks, who may not have the resources to dedicate to compliance.
  2. Managing customer expectations – Customers expect more from their banks than ever in today’s world. They want convenient access to their accounts, fast responses to their inquiries, and personalized service. Meeting these expectations can be challenging for banks, especially as they strive to maintain profitability.
  3. Enhancing customer experience – To compete in today’s market, banks must provide exceptional customer experience. This means offering convenient and user-friendly digital channels and providing personalized service when needed.
  4. Reducing costs – As margins continue to shrink, reducing costs has become a top priority for many banks. This includes both operational costs and regulatory costs. Automation can help in both areas by reducing manual processes and increasing efficiency.
  5. Increasing profits – Despite all the challenges retail banks face, they still need to find ways to increase profits to stay afloat and compete in today’s marketplace.

Automation in Retail Banking – How it helps?

Retail banks are pressured to do more with less in today’s fast-paced world. They must provide excellent customer service, keep up with the latest technology, and ensure compliance with ever-changing regulations. At the same time, they need to control costs and increase profitability. Automation can help retail banks meet these challenges. 

McKinsey estimates that by 2025, approximately 50 billion devices will be connected to the IoT (Internet of Things). In addition, with 3D printing, automation, and robots, retail banks generate approximately 79.4 zettabytes of data each year, improving efficiency and decision-making. During this year, smart automation will continue to support process automation tools in banking, such as digital process automation (DPA) and robotic process automation (RPA).

Achieving an enhanced customer experience requires credit unions and banks to prioritize digital processes, such as digital loan application management, customer onboarding, and new account opening.

By automating routine tasks, banks can free up staff to focus on more value-added activities, such as providing personalized service and developing new products and services. Automation can also help banks improve accuracy and efficiency while reducing costs. Cybercrimes have increased frequently over the past several years to the point where it is thought that they are one of the most significant hazards to the financial sector. 

The acceleration in the digital banking transformation of financial institutions leads to increased cyber threats. As a result, protecting critical infrastructure and customer data is of utmost importance, particularly with the predicted rise in online data transmissions and mobile technology come 2022. Apple Pay and Google Pay have solidified their positions as major players in proximity mobile payments (nearly $247 billion market) with respective market shares of 43.4% and 25.0%.

The benefits of Automation for Retail Banks

In today’s ever-changing and fast-paced business world, it’s more important than ever for retail banks to automate their operations to stay competitive. Automation can help banks improve their efficiency and accuracy, freeing up valuable time and resources that can be better spent on other business areas. In addition, automating repetitive and manual tasks can reduce human error and improve compliance with regulations.

There are several different ways in which retail banks can automate their operations, including using software to automate account opening and closing processes, customer onboarding, loan origination and processing, fraud detection and prevention, and much more. By investing in automation, retail banks can improve their internal operations and provide a better customer experience.

The future of Retail Banking

In the next decade, the retail banking sector will face many challenges. These include improving customer experience, keeping up with digital transformation, and meeting changing regulatory requirements.

Fortunately, automation can help banks overcome these challenges. By automating manual processes and tasks, banks can free up staff to focus on more value-added activities. This will help them improve customer experience, keep up with the digital transformation, and meet changing regulatory requirements.

When considering automation solutions, choosing a partner with a deep understanding of the banking industry is important. It can offer a comprehensive suite of solutions tailored to your needs. FIS is a leading provider of automation solutions for retail banks of all sizes. Our solutions can help you streamline operations, improve customer service, and increase profitability.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

Written By:

Shraddha is a passionate Digital Marketer and a versatile leader, working as the Director of Marketing at Signzy. She is a goal-driven professional with excellent innovative skills. Having 11+ years of experience across industries including travel, SNV, healthcare, and Fintech, Shraddha considers herself a self-empowered and self-driven individual ready to take on challenges and proactively rise to occasions in crisis. A professional who ardently believes in the right work-life balance, she ensures to spend quality time with her family. This has a positive effect on her professional life and pursuits.

Gambling & Money Laundering

Gambling & Money Laundering – How to tackle it?

Posted on | by Signzian

An issue that has been ignored for too long is Money Laundering via Gambling in the casino system. It has now become a recurring issue, as gambling giants like Entain recently received a fine of more than £17 million for violating anti-money laundering protocols. The failure of these big gambling players to clamp down against money laundering not only contributes to the proliferation of criminal activity such as human trafficking and illicit arms dealings, but it also highlights how casinos now serve as a platform for modern slavery.

Money laundering is the illegal process of concealing the origins of money obtained from criminal activities. It is a severe crime, and yet, sadly, many casinos still fail to tackle it effectively. From a lack of proper regulations to inadequate tracking systems, this article will discuss why casinos still need to crack down on money laundering and how they can tackle it. We will also discuss the implications for businesses and what measures should be taken to prevent money laundering in the future.

Money laundering in Casinos

Global gambling-industry financial penalties amounted to approximately $128,913,840 in 2022, up 166% from $48,642,992 in 2021, according to USA-Casino.com. As of October 2022, the UK’s gambling regulator had charged 16 operators $48m (£45m).

Casinos have long been associated with money laundering due to the large amounts of cash that change daily. Despite this, casinos have failed to crack down on money laundering, and the problem seems to be getting worse. 

There are several reasons why casinos have failed to tackle money laundering. A few majors are 

  1. Lack of tracking of the fund source – because cash is often used. 
  2. Lack of AML policies. 
  3. Being located in countries with lax financial regulations makes it easy for criminals to launder money 
  4. Inadequately trained employees to spot money laundering signs and stop the same. 

So how can casinos crack down on Gambling & Money Laundering?

  1. They need to put better policies and procedures in place to prevent it from happening in the first place. This includes proper customer due diligence, robust Know Your Customer (KYC) procedures, and more effective monitoring of transactions. As former US gambling regulator Richard Schuetz spoke with USA-Casino.com and said, “Given the inevitable increase of proliferation of online gambling in 2023, one can expect more regulations, and of course more casino and gambling industry fines”.
  2. Casinos need to do more to train their staff to spot the signs of money laundering. This training should cover what to look for when customers withdraw or deposit large amounts of cash and how to report suspicious activity.
  3. Casinos should consider using modern technology. 

The methods used by criminals

Though casinos have been put under increased pressure to stop money laundering, they continue to face many challenges. For one, criminals are constantly finding new ways to launder money, making it difficult for casinos to keep up. Moreover, many casinos still need to do more to crack down on, leaving themselves vulnerable to attack.

So what can casinos do to protect themselves from money launderers better? For starters, they need to be more proactive in identifying suspicious activity. This means being on the lookout for things like large cash deposits or withdrawals, frequent wire transfers, and patterns of betting that seem designed to evade detection.

Additionally, casinos need to ensure they have robust anti-money laundering policies and procedures. These should include KYC (know your customer) checks, reporting suspicious activity to authorities, training staff on the spot, and reporting red flags. By taking these steps, casinos can make it much harder for criminals to use them to launder money.

The Casino’s responsibility

In recent years, casinos have come under increased scrutiny for their role in money laundering. This is because casinos are often used to clean dirty money obtained through illegal activities.

Casinos have a responsibility to ensure that they are not being used to launder money. However, they have failed to crack down adequately on this activity. This is partly because casinos are often reluctant to report suspicious behavior to the authorities for fear of losing customers or damaging their reputation.

There are steps that casinos can take to tackle money launderings, such as better training for staff, improved customer due diligence, and more substantial reporting procedures. However, more must be done to prevent casinos from being used to clean dirty money.

The challenges of combating Casino’s money laundering

Although casinos are some of the most heavily regulated businesses worldwide, they are still struggling to combat money laundering effectively. The challenges are numerous and include both institutional and operational challenges.

Institutional challenges include that many casinos are owned by large, publicly-traded companies, making it difficult to implement adequate anti-money laundering policies. These companies are often reluctant to invest in compliance because it is not revenue-generating and can be seen as a cost center. In addition, there is often a lack of coordination between regulatory agencies, making it challenging to develop a cohesive strategy for combating money laundering.

Operational challenges include that casinos deal with large amounts of cash daily, making it easy for criminals to launder money through them. In addition, many casino customers are international visitors who may be using illicit funds to gamble. This makes it difficult for casinos to vet their customers and identify suspicious activity correctly.

Despite these challenges, there are some things that casinos can do to combat money laundering better. These include increasing transparency around ownership structures, investing in compliance functions, and developing better customer due diligence processes.

Solutions to tackle money laundering in Casinos

Money laundering is a serious problem for casinos. Casinos must implement better policies and procedures to crack down the same. Here are some solutions to tackle:

  1. Improve Know Your Customer (KYC) Procedures

Casinos need to improve their Know Your Customer (KYC) procedures. KYC is the process of identifying and verifying the identity of customers. This is important because it helps casinos ensure they are not doing business with criminals or terrorists.

  1. Implement Better Record-Keeping Practices

Casinos need to implement better record-keeping practices. This means keeping track of all transactions, both incoming and outgoing. This will help identify any suspicious activity.

  1. Use Technology 

Various technologies can be used to help combat money laundering. For example, casinos can use software that flags suspicious activity. They can also use data analytics to identify patterns of behavior that may be associated.

  1. Cooperate with Law Enforcement Agencies

Casinos should cooperate with law enforcement agencies in order to crack down on. This includes sharing information about suspicious activity with the authorities.

Conclusion

Money laundering is a serious problem for casinos and other gambling establishments, as it has the potential to lead to criminal activities. However, by investing in stronger AML systems and tightening their compliance regulations, casinos can reduce their chances of getting involved in such frauds. Additionally, they should also train staff on identifying suspicious activity and take steps toward improving customer verification processes. By accepting these necessary measures, casinos can protect themselves from being used as vehicles for money launderers while allowing customers peace of mind that all transactions are carried out legitimately.

A more proactive approach can detect and prevent money laundering. This can be done through improved customer due diligence practices and enhanced internal processes such as reporting suspicious activity immediately. With increased vigilance, casinos can ensure they remain compliant with regulations while reducing the threat of criminals using their services for illegal activities.

The latest AML onboarding solutions can help casinos prevent their operations from becoming dirty money laundering channels by tackling common AML malpractice. Technology can be the winning jackpot to clean up casino operations.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

Written By:

Shraddha is a passionate Digital Marketer and a versatile leader, working as the Director of Marketing at Signzy. She is a goal-driven professional with excellent innovative skills. Having 11+ years of experience across industries including travel, SNV, healthcare, and Fintech, Shraddha considers herself a self-empowered and self-driven individual ready to take on challenges and proactively rise to occasions in crisis. A professional who ardently believes in the right work-life balance, she ensures to spend quality time with her family. This has a positive effect on her professional life and pursuits.

1 … 7 8 9 10 11 … 26