The FDIC and the Financial Crimes Enforcement Network today published key takeaways from a recent “Technology Success” and Solutions Brief to help banks and regulators develop solutions to measure the effectiveness of digital identity verification – the process used to collect, approve and verify information about a person.
Through TechSprint, the FDIC and FinCEN sought solutions that would increase efficiency and account security. reducing fraud and other identity-related crimes, money laundering and terrorist financing; and enhance customer confidence in the digital banking environment.
Teams proposed solutions that followed one of three different approaches: tools to measure the effectiveness of identity verification systems; Developing a scoring system for remote identity verification; and assuming an identity provider combination or platform.
