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The Paypers Unveils Comprehensive Report on Emerging Technologies and Trends in Identity Verification, KYC, and KYB

Thursday 16 May 2024 09:32 CET | News

The Paypers, a leading source of news and intelligence for professionals in the global payment community, is pleased to announce the launch of its latest report titled Emerging Technologies and Trends in Identity Verification (IDV), KY, and KYB.

 

The Paypers Unveils Comprehensive Report on Emerging Technologies and Trends in Identity Verification, KYC, and KYB

What is happening?

Rising interest rates, tech sector layoffs, geopolitical tensions, and recession concerns impacting livelihoods have presented significant challenges for businesses. Generative AI advancements have facilitated fraud automation, amplified fraud, and cyberattack instances, while regulatory changes like AML, KYC, eIDAS 2.0, and MiCA have driven compliance leaders towards efficient tech solutions. At the same time, diverse payment methods necessitate faster financial crime prevention systems. Still, trends like verifiable credentials, digital wallets, passwordless solutions, and the use of data analytics and AI reshape security and investment sectors.


Priorities with KYC and KYB

Amidst these dynamics, the industry focuses on four key priorities: expedited customer onboarding, compliance, fraud prevention, and cost reduction.

How can banks, fintechs, regulated entities, and other players address these concerns? By trialling and investing in new tech solutions, partnering with expert solution providers or acquiring expertise themselves, developing in-house products or seeking help, learning from peers, and staying in the know. The Emerging Technologies and Trends in Identity Verification, KYC, and KYB Report offers FIs and regulated entities insights and solutions from payment and security experts on the 2024 trends and developments in KYC, KYB, and IDV.


What to expect in the report

Industry experts from Facetec, Persona, Caf, the Open Identity Exchange (OIX), Liminal, and KuppingerCole have poured their know-how and ideas into the pages of our report to equip businesses with best practices and ideas in digital onboarding.

They tackle topics such as trusted wallets, verifiable credentials, GenAI, fraud insurance, detecting and preventing sophisticated types of fraud by proving liveness, efforts in the EU to enable digital identities (EUDI), advice on scaling digital onboarding in different jurisdictions, challenges, trends, and best practices in business and entity verification.

  • The KYC, KYB, and IVD 2024 report offers compelling insights about:

  • The evolution of digital identity wallets into trusted entities;

  • The risk of unauthorised users presenting credentials or devices;

  • The effectiveness of KYB processes, gauged by high completion rates and minimal drop-off during expedited onboarding across regions;

  • Facetec's spoof bounty programme, launched in October 2019, which remains unmatched in the industry after over 150,000 global attacks.

Additionally, key statistics from the report reveal that:

  • 90% of customers want to use KYB solutions for fraud detection and seek comprehensive solution capabilities beyond mere compliance, according to Liminal.

  • Fraud and compliance costs have surged, with Alloy's report revealing that 25% of financial companies surveyed suffered losses exceeding USD 1 million to fraud in 2023. Moreover, Lexis Nexis reports a staggering global financial crime compliance cost of USD 274 billion in 2022, marking a significant increase from USD 213.9 billion in 2020.

Despite KYC, KYB, and IDV challenges, the report delves into the trends and best practices that empower businesses to navigate the complexities of digital onboarding. Integration of advanced technologies such as artificial intelligence (AI), machine learning (ML), blockchain, and more, plus adherence to global initiatives and standards (eIDAS 2.0, Open Banking, ISO, etc.) are highlighted as key strategies for sustainable growth.


Get your FREE copy of the Emerging Technologies and Trends in Identity Verification, KYC, and KYB report NOW and help your business win the fight against seasoned fraudsters! For more information and access to the report, please visit
here

Your feedback is important so don’t be a stranger! Reach out to us via our social media channels or via email at editor@thepaypers.com. We would love to hear what challenges your business encounters in the KYC/KYB department and how your knowledge and solutions deployed can foster a growing community of experts who relentlessly work to make Internet browsing safe for everyone.

 


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Keywords: product launch, identity verification, KYC, KYB, report, fraud management, fraud detection, identity fraud
Categories: Fraud & Financial Crime
Companies:
Countries: World
This article is part of category

Fraud & Financial Crime