Category: Security

Welcome to our Security category, a specialized space dedicated to delving into the critical aspects of data protection and security in the financial technology industry. We live in an era of digital finance where data breaches and cyber threats have become common occurrences, prompting to become a paramount priority for businesses and customers alike.

Our insightful articles deep-dive into the multifaceted world of fintech, shedding light on the most recent trends in data protection, the challenges inherent in securing digital transactions, and the emerging solutions to these challenges. Our objective is to offer a holistic view of the secure landscape, underlining the significance of solid security measures and the transformative role of technology in amplifying data protection.

At Signzy, our commitment to maintaining the highest echelons of security is unwavering. We design our innovative solutions with a strong foundation to ensure the safeguarding of sensitive data, providing our clients with a sense of assured security and peace of mind.

Whether you’re a fintech professional immersed in the industry, a business leader steering your company through the digital landscape, or just an individual keen on understanding the intricacies of data security, our this category offers a wealth of valuable insights.

We cordially invite you to join us as we embark on an exploration of the fintech domain, discussing the pressing importance of data protection in today’s digital age. This journey will illuminate the challenges, showcase the advancements, and highlight the preventative measures shaping the world of fintech security. Unravel the complexities of securing digital finance with us, and gain a deep understanding of why robust data protection is the bedrock of the digital finance industry.

Exploratory Data Analytics To Fight Financial Crime- How To Effectively Prevent Fraud In The Fintech Industry

Posted on | by Signzian

Combating global financial criminal activity, from money laundering and market misconduct to sanctions, terrorist financing, bribery, and corruption, costs an estimated US$1.3 trillion annually, according to a 2018 Refinitiv Survey. Moreover, with global regulators imposing nearly US$26 billion in fines in the last decade for non-compliance with AML(Anti-Money Laundering), Online KYC(Know Your Customer), and Sanctions regulations, there is a material need for change. Exploratory data analytics can bring this about

Governments and regulators put financial companies on the front line to fight against financial crime with increasingly rigorous compliance requirements. However, trade institutions are finding it challenging to meet these expectations due to legacy technologies and manual processes that no longer keep up with the vast volumes of information produced and the complexity of the global banking ecosystem.

Banks innovating and adopting new technologies and techniques to address regulatory compliance demands will be industry leaders in the years to come. 

Time To Evolve The Fintech Industry With Exploratory Data Analytics

Conventionally financial companies have relied heavily on manual, human intervention in the regulatory reporting process. This remains the common practice today, particularly in the case management workflow. For example, several case investigators review details and write disposition narratives physically before suspicious activities and other compliance issues are reported to them.

However, with the flow of information in and out of banking systems, humans can’t keep pace with demand. As a result, risk alert backlogs are growing faster than operations teams can handle, more often than not. We can use advanced and exploratory data analytics techniques such as AI, machine learning, natural language processing, and cognitive automation to accelerate or automate a significant portion of the labor-intensive work. This reduces operational costs and leaves people free to focus on preventative interventions.

As well as decreasing operational workloads in case management, compliance teams also leverage advanced analytics in many preventative financial crime use cases, including enriching the KYC process, enhancing sanctions screening performance, and monitoring transactional activity, helping to identify risks and opportunities proactively.

Machine learning models accelerate the closure of a risk alert backlog and have a higher degree of accuracy. 

Innovation- Solution to Legacy Issues Using Exploratory Data Analysis

Following are the three examples of opportunities for financial companies and banks to use innovative and exploratory data analytics methods and technologies to improve regulatory compliance, enhance customer experience and lower the cost of operational risk management.

Transaction Monitoring (TM)

In Anti-Money Laundering, ML models enrich transaction monitoring alerts and boost SMR(Suspicious Matter Report) conversion rates – and predict AML scenarios before they occur. In addition, enrichment adds potentially essential details about the customers, beneficiaries, or accounts associated with the respective alert, such as:

  • Using previous cases, SMRs or TTR(Transaction Threshold Reports)
  • Existing scoring processes that assess the potential risk of a transaction, customers, series of transactions, or accounts
  • External information such as subpoenas, law enforcement inquiries, or negative news

Machine learning models detect “true positive” results with improved accuracy than traditional methods and even predict significant events before they occur.

Online KYC– Know Your Customer

Organizations must collect, manage, verify, and validate customer data for KYC checks and compliance to implement the required due diligence and permit apt customer risk assessments or investigations. However, building a comprehensive ‘single view of the customer’ spanning various source systems and multiple digital interactions has been a challenge for financial companies.

KYC checks and verification have traditionally been manual and inefficient processes, often combined with critical data gaps, errors, and quality issues. However, it’s possible to achieve a better perspective of the customer, enhance the data used to implement due diligence, and provide a contextual basis for determining customer risk and detecting suspicious activity by augmenting human activity with machine learning techniques. So now we can use Online KYC.

Analytics also enables customer segmentation and productive profiling for various business purposes, including compliance and marketing. For example, compliance teams could use customer profiles for risk assessments or investigations. Likewise, enterprises or marketing teams could use this data to create personalized banking offers based on customer preferences.

Effective Sanctions Screening

The performance of screening engines is under pressure due to rapidly altering and increasing regulatory demand. Unfortunately, this is accompanied by the fact that the risk detection capacity of existing systems is unable to keep up. As a result, a typical symptom of inefficient screening is an ever-growing backlog of screening alerts and unsustainable levels of false positives, directly impacting operational costs.

At the core of effective screening, the solution is an uplift of the completeness and the screening engine ingesting the data’s accuracy. Therefore, calibrating the matching and filtering performance of this effective screening engine needs the data to be of high quality, complete, and ultimately resulting in a boost in true positives detection rates and operational efficiency.

In addition to ensuring the screening, the engine is fully operating at peak performance; emerging AI and other analytical assistive options can also be used to address operational efficiency issues related to a particular case investigation.

Machine learning techniques can be combined with predictive calculations based on historical investigator decisions to substantially reduce the number of alerts to be safely dispositioned. In addition, the effort and cost involved are reduced by building processes that result in complete and accurate data and properly optimizing the engine to avoid false positives.

An intelligence-led and data-driven Fight In The Fintech Industry

Financial companies are being challenged internally and externally to keep up with the onerous demands of mitigating financial crime risks. Organizations are finding innovative ways to address issues surrounding SMR conversion rates, KYC due diligence, and screening alert management.

Banks have an increased appetite to go beyond simply flagging suspicious and illegal activities for compliance purposes. The aim is to leverage data and effective technology to cost-effectively identify potential criminal behavior and prevent illegal activities from occurring. Complete and accurate data is vital to resolve these issues, and the uplift of data quality will immediately affect the existing monitoring and screening engines’ performance.

Conclusion

Advanced analytics, such as AI, machine learning, and automation, can help filter out false positives and improve inefficiencies in existing investigative processes. As a result, there are many opportunities for data and analytics to drive efficiencies and operational cost reductions and, more importantly, to identify intelligence-led and data-driven ways to tackle financial crime.

For all of this, you need the best resources you can get. We at Signzy identify your needs and help you forge the solutions using our AI-driven API resources, which are completely customizable. Check out our website to learn more.

About Signzy

Signzy is a market-leading platform that is 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 totally customizable workflows. 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 it 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.

Top Security Trends In FinTech For 2022

Posted on | by Signzian

There’s an unexpected and rapid evolution in the FinTech industry, which is being driven by technology. This tech-led development has made changes to the way we think about banking and payments. As a result, consumers are slowly transitioning to digital payment methods.

2021, like every year, saw several significant cyberattacks and data leaks that exposed the personal information of millions of consumers online, and 2022 would be no exception. In the first half of 2021, more than 98.2 million people were victims of the top ten data breaches, according to ITRC and the U.S. Department of Health and Human Services.

New research by Skybox Security shows that as much as 73% of CIOs and CISOs underestimate the risk of cyberattacks as they are too confident in their ability to detect and respond.

Under the purview of cyber security, it has become more vital than ever for organizations to continuously monitor their environments for threats, both internal and external.

Security Trends To Look Forward To

The FinTech industry is facing tough challenges regarding security as cybercriminals become increasingly sophisticated and data breaches occur on a large scale. Security is a top priority for banks, credit unions, and financial institutions as cyber-attacks continue to rise and threaten the privacy of millions of consumers.

While the FinTech industry is taking several steps to secure its systems, there are still some challenges that remain to be addressed. Here are a few security trends in the FinTech sector for 2022:

New Regulatory Technology (RegTech)

A cloud-computing technology, RegTech helps financial institutions address complex compliance issues by automating regulatory processes. This will help banks and other FinTech companies to stay ahead of changes in the regulatory environment and adapt quickly to new rules. With the help of big data and machine learning tech, RegTech can automate the compliance process and make it more efficient.

In fact, according to a poll, 68.6% of vendors advised that supervisors should encourage regulated businesses to use RegTech in their supervisory process.

Adoption Of AI For Fraud Detection

As the digital payments industry continues to grow, fraud will become a major challenge. According to a Forbes post, nearly eight in ten mobile banking users are concerned about credit card fraud.

Financial institutions will need to adopt AI-based technologies like deep learning and machine learning for advanced fraud detection. AI tools can help banks and other financial institutions analyze large amounts of data and get insight into customer behavior patterns, allowing them to stay ahead of hackers who are constantly looking for loopholes in payment systems.

Increasing Reliability In Blockchain Systems

The distributed ledger technology (DLT) of blockchain can help reduce the risk of fraud and provide a more secure way of storing data. Blockchain can also help streamline the process of KYC (know-your-customer) and AML (anti-money laundering). Financial institutions will need to increase the reliability of their blockchain systems to ensure the safety of customer data.

Implementation Of Secure Access Service Edge (SASE) Architecture

With a growing number of connected devices, banks and other financial institutions must adopt a security architecture that can protect them from DDoS (distributed denial-of-service) attacks. One such solution is the Secure Access Service Edge (SASE) system, which provides secure connectivity through a combination of software technologies like authentication proxies and encryption techniques.

Taking Up Stronger Data Security Measures

As the use of big data and analytics increases in the financial sector, so does the risk of data breaches. To protect customer data, banks and other financial institutions will need to implement stronger security measures such as data encryption, two-factor authentication, and access control.

The Bottomline

With the pandemic accelerating the shift to digital payments, the FinTech industry is facing new challenges regarding security. To stay ahead of the curve, financial institutions need to adopt new technologies and implement stronger security measures. From RegTech to blockchain, several trends will shape the security landscape of the FinTech industry in 2022 and beyond.

About Signzy

Signzy is a market-leading platform that is 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 totally customizable workflows. 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 it 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

 

 

Developing A Secure FinTech Application: Cybersecurity In FinTech

Posted on | by Signzian

When it comes to FinTech applications, cybersecurity is of paramount importance. In an industry where data security and privacy are of the utmost concern, any breach could have devastating consequences. That’s why it’s so important to make sure your FinTech application is as secure as possible.

But, how do you go about developing a secure FinTech application? Before you even start to think about that, we’d like to run you through some crucial stats:

  • More than $50 billion are invested each year in FinTech
  • 2 out of three transactions are made online
  • By 2030, the global FinTech market is expected to be worth $698.48 billion, growing at a CAGR of 20.3% from 2021 to 2030.
  • There are currently over 12,000 FinTech startups worldwide, with 500+ new FinTechs being created every year.

Now that you have a better understanding of the scope and significance of the FinTech industry, let’s take a look at how to develop a secure FinTech application.

But First, Cybersecurity!

How not to expose the personal data of nearly 145.5 million of your consumers in a single day, resulting in a $4 billion loss? Definitely don’t ask Equifax – a company that was responsible for one of the largest data breaches in history. The 2017 Equifax breach resulted in the exposure of names, Social Security numbers, birth dates, addresses, and driver’s licence numbers. But that’s not all – hackers also gained access to credit card numbers for more than 200,000 people and disputed documents with personal information for more than 182,000 people.

In short – it was a catastrophe. And it could have easily been avoided if proper cybersecurity measures were in place.

Secure FinTech Cybersecurity Challenges

When it comes to FinTech cybersecurity, there are a few key challenges that need to be addressed:

  1. Data Security And Privacy: In FinTech, data security is the top concern as 70% of banks consulted during the Sixth Annual Bank Survey. In the wake of high-profile data breaches, consumers are increasingly concerned about the security of their data. As a result, FinTech companies must go above and beyond to ensure that data is properly protected.
  2. Payment Security: With the rise of mobile payments, FinTech companies must be extra vigilant when it comes to payment security. Any breach could result in stolen funds or sensitive financial information.
  3. Fraud Prevention: The popularity of FinTech applications is contributing to the increase in cybercrime and fraud attempts. FinTech companies need to have strong fraud prevention measures in place to protect their customers.
  4. Employee security: In many cases, the weakest link in a company’s cybersecurity is its own employees. FinTech companies need to make sure that their employees are properly trained and educated on best practices for cybersecurity.

Secure FinTech Regulations And Policies

In addition to implementing strong cybersecurity measures, FinTech companies also need to be aware of the various regulations and policies that govern their industry. These include:

1. GDPR: The General Data Protection Regulation (GDPR) is a set of regulations that were introduced in 2018 to protect the personal data of individuals in the European Union. The GDPR applies to any company that processes or intends to process the personal data of individuals in the EU.

2. eIDAS: The European Union’s eIDAS regulation is a set of standards that govern electronic identification and trust services. The regulation applies to any company that offers electronic identification, signatures, or other trust services within the EU.

3. PSD2: The Payment Services Directive 2 (PSD2) is a set of regulations that were introduced in 2018 to improve the safety and security of online payments in the European Union. The PSD2 applies to any company that offers payment services within the EU.

4. PCI DSS: The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards that aims to protect the payment data of cardholders. The standard applies to any company that processes, stores, or transmits credit card information in any way.

5. APPI: The Association for Payment and Clearing Services (APPI) is a set of guidelines that were introduced in 2017 to protect the payment data of cardholders. The APPI applies to any company that offers e-commerce services within East Africa.

Secure FinTech Cybersecurity Solutions

So, how do you make sure your FinTech application is secure? Here are some tips:

1. Use Encryption

Data encryption is incredibly important when it comes to data security. As a FinTech company, you should never store your customers’ sensitive information in plaintext. Always use industry-standard encryption algorithms and protocols, such as 3DES or RSA – they can ensure that even if your data is stolen, it will be difficult for hackers to decipher and use.

2. Role-Based Authentication

Role-based authentication restricts access to data based on the user’s role (administrator, sales representative, etc.). This can help prevent unauthorized users from accessing sensitive information and make it easier for security teams to monitor access patterns.

With the varying access level requirements of different users within a FinTech application, role-based authentication can provide a seamless and secure experience that’s tailored to each user.

3. Multi-Factor Authentication

Multi-factor authentication adds an extra layer of security by requiring additional steps before authorizing access to data. This could include receiving a text message with a code or using biometric identification (fingerprint scanning, facial recognition software, etc.) to verify identity.

Multi-factor authentication also protects against phishing attacks, as it prevents hackers from accessing your application through fake login pages.

4. Short Login Sessions

Another way to increase security is to require users to re-authenticate after a period of inactivity. This will help prevent unauthorized access if a user’s device is lost or stolen.

Reduced session time can also reduce the risk of attacks that use brute-force methods to guess account credentials.

5. Force Password Change

Finally, to further protect your customers’ data, you may want to consider mandating users to change their passwords periodically. This can help prevent hackers from gaining access by guessing weak or compromised passwords.

To create a truly secure FinTech application, you must take these steps and leverage the latest cybersecurity technologies and best practices. And as always, make sure you partner with a trustworthy IT provider who will work with you every step of the way!

About Signzy

Signzy is a market-leading platform that is 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 totally customizable workflows. 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 it 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.

 

Fintech & Data Risk

Posted on | by Signzian

The global fintech market was valued at $127.66 billion in 2018, and it is anticipated to grow at a CAGR Of 24.8 percent to $309.98 by 2022. According to Statista, 66.7 percent of bank executives believe FinTech will have a global influence on wallets and mobile payments. 

This illustrates how the Fintech sector has experienced tremendous growth in recent years and will continue to do so in the future. Another aspect that is stealing the limelight as a result of this rapid expansion is data risk. As more individuals switch from conventional methods to Fintech, the risk of critical data being compromised has grown dramatically.

Exemplification of Data Risks

According to a study conducted by Keeper Security, 70% of financial services firms have experienced a cyber attack in the previous year. Since the outbreak of the pandemic, a surge in cyber assaults has prompted FinTech firms to rethink and refocus their security strategies

A few examples of data breaches in the financial sector:

1. Dominos India

Domino’s India suffered a major data breach in April when the credit card information of nearly ten lakh of its customers and employees was leaked on the Dark Web. Names, phone numbers, and payment information, including credit cards and pizza preferences, were among the information leaked.

Alon Gal, CTO of security firm Hudson Rock, discovered the leak when he came across someone offering 10 bitcoin (approximately US$535,000 or INR4 crore) in exchange for 13TB of data, which included one million credit card records and details of 180 million Dominos India pizza orders.

2. Facebook

When the personal data of over 533 million Facebook users was posted on a low-level hacking forum, it was exposed in a data breach. Phone numbers, full names, locations, email addresses, and biographical information of users from 106 countries were leaked, with India being one of them.

Methods to Mitigate

To avoid data loss or theft, businesses must guarantee that data is appropriately safeguarded. When a data breach occurs, businesses should notify people, as well as report the risk of damaging their brand and consumer loyalty. Companies might face fines of up to €20 million or 4% of yearly sales under the General Data Protection Regulation. 

Following a variety of recommended practices can help to reduce the risk of data breaches:

  • Ensure the app’s secure architecture and code

Developing a safe app’s logic entails incorporating security into each phase of the app’s usage. You must evaluate what data to keep, where it will be saved, who will have access to certain app features and data, and more throughout the early phases of app development.

  • Use Code Obfuscation

Developing a safe app’s logic entails incorporating security into each phase of the app’s usage. You must evaluate what data to keep, where it will be saved, who will have access to certain app features and data, and more throughout the early phases of app development.

  • Build Secure Identification, Authentication, and Authorization Processes

When a person claims to be a user of your app, identification entails supplying a name or username. Authentication is supposed to show that they are who they say they are. The next stage is to decide what they are permitted to do after the system has identified and authenticated them.

Threat Landscapes Where Data are at Risk

Though Fintech in today’s world has become increasingly secure, there are still some weak spots that can put our data at risk. These are some of the risks which may emerge while you use any fintech platform.

  • Fraud Risk 
  • Merchant Risk
  • Regulatory risk 
  • Anti-money laundering and countering terrorist financing
  • Consumer Risks
  • Cybersecurity and Data Privacy
  • Credit risk and operational risk
  • Outsourcing Risk 

Data Risks & Third-Party Ecosystem

For specialist services, competitive advantage, operational efficiency, and cost savings, businesses have traditionally turned to third parties. However, as businesses extend their third-party ecosystems to perform fundamental tasks that are vital to operations, business models, and value propositions, a significant change is occurring. As a result, the dangers to the expanded company have increased.

As talent gaps emerge, as automation, analytics, and artificial intelligence (AI) progressively complement and enhance traditionally human-performed professions, businesses are reconsidering the nature of work, workforces, and workspaces. Many of these modifications can be influenced by third parties.

How Signzy Can Help?

With the increased data risks in the fintech sector, there is demand for securing the sensitive data of the customers successfully. But, the question is how do we do that?

That is precisely where we can assist you. 

We at Signzy, have a variety of AI-based solutions to digitally identify, verify, and authenticate customers, moreover helping in ensuring full security. Our solution for onboarding security has been deployed by more than 45 big and valued clients. These include leading banks, NBFCs, mutual fund managers, P2P lending banks, digital payment solutions, etc. Thus, making it promising and easier to trust us.

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:

Signzy

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

 

Digital Identity in Fintech – Cyber Risks & Remedies

Posted on | by Signzian

A TransUnion Analysis found that digital frauds grew by 23.8% in the first four months of 2021 compared to the previous four months. At 60%, the financial services industry recorded the largest increase in online frauds.

To enable faster customer onboarding and an enhanced experience, Fintech providers and financial service companies are switching to digital identity technology. Also known as “Digital ID,” digital identification (or identity) is emerging as the new mode of identifying consumers lacking any legal form of ID documents.

Through this article, we shall look at the use of digital identity in the Fintech sector – and how to overcome its challenges.

Digital Identity in Fintech 

By using a digital ID, Fintech companies can unlock a huge market potential and offer a range of innovative financial services to their consumers, including financial inclusion of the “unbanked.” A Digital ID can streamline user authentication and improve the overall customer experience. 

Globally, governments and government agencies are putting together the infrastructure required for digital identity systems. For example, the Indian government has implemented the Aadhar-based eKYC registration process – which has reduced the cost of KYC registration from $5 to $0.70 for each customer.

How does this technology help in reducing identity thefts and cyber risks in the financial service sector?

  • Enabled by digital IDs, financial institutions can perform identity verification through the individual’s photo or video capture.
  • Digital IDs can also secure online transactions that are easier to manage instead of users having multiple online accounts that cyber attackers can target.

Why is Digital Identity Important in Fintech? 

Here is what makes digital identity important to the Fintech sector:

  • It helps in improving operational efficiency and eliminates “human error” from manual verification processes through building accurate customer profiles.
  • Increasing financial revenue by offering innovative products or services to previously unavailable consumers due to verification constraints.
  • Providing a superior user experience by removing any barriers to online transactions and securing user attributes.

Further, digital IDs can reduce the cost of customer service – by eliminating calling customers requesting for resetting their “forgotten” account passwords. At the same time, a digital identity can improve risk management by streamlining the eKYC process and safeguarding customer data from security breaches.

Digital Identity – Validation Workflow

How does digital identity work? A video-enabled digital identification process can help in identifying and validating individuals in the following ways:

  • Matching the person (on video) with the face on the ID document (example, PAN or Aadhar card).
  • A highly intuitive user interface for the best video interaction.
  • Use of video-based forensics for detecting any fake identity or spoofs.
  • High-end encryption for video transmission and communication.
  • Real-time capture of geolocation and IP address.

Digital Identity – Challenges

As stated by Phillip Malcolm of Refinitiv, banks and financial service providers must be able to “provide products and services (with increased scalability) that need to be technologically advanced.” Any large-scale disruption in anti-money laundering practices can result in irreversible damage – and large investments into digital identity technologies and infrastructures.

Additionally, with billions of dollars being transferred through online payments and eCommerce transactions, financial service companies will be regulated for compliance and penalized for any failures.

What is Signizy’s Role?

At Signzy, we believe that efficient digital identity solutions can go a long way in validating banking consumers and improving their banking experience. Designed for high-grade banking, Signzy’s VideoKYC solution is being used to onboard new banking customers according to financial regulations.

Through its partnership with the UAE-based Seed Group, Signzy is set to expand its footprint among banks and financial institutions based in the Middle East. With its global presence, Signzy has been instrumental in the digital transformation of leading banks and improving their global market share. This includes complete automation of their back-office operations and empowering their security infrastructure – among other capabilities.

Want to know how we can help? It is time to get in touch with us.

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:

Signzy

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

1 2 3 4