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Trulioo recommends payment apps to improve security against COVID-19 fraud

Friday 24 July 2020 12:28 CET | News

Trulioo has released an Anti-Money Laundering and Know Your Customer (KYC) report that tracks fraudulent activity during the pandemic.

According to MobileIDWorld, the company stated that cybercriminals are increasingly targeting payment apps, during the pandemic, as more transactions are taking place online. Therefore, Trulioo advises financial services providers to implement stronger authentication measures such as biometrics and one-time passcodes, which will make it more difficult for fraudsters to execute account takeover attacks. 

Besides, the company warns that failing to comply with consumer protection requirements might be exposing themselves to significant financial penalties, both in the form of lost confidence (and lost customers) and official fines. The report gives as an example the Westpac Banking Corporation in Australia, which racked up more than 23 million AML violations between 2013 and 2019 and has now set aside USD 570 million to pay its anticipated sanctions.

Furthermore, Trulioo has highlighted the importance of customer onboarding during a recent webinar geared towards the online gaming industry. Moreover, the July 2020 AML/KYC Tracker goes on to suggest that financial institutions will need to be vigilant in the future, largely because Brexit could further disrupt the regulatory environment in Europe and make people more vulnerable to the machinations of cybercriminals, Mobile ID World reported.

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Keywords: Trulioo, Anti-Money Laundering, AML, Know Your Customer, KYC, report, fraudulent activity, COVID-19, cybercriminals, payment apps, online transactions, biometrics, account takeover, Westpac Banking Corporation, customer onboarding
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions