Know Your Customers: the Power of Digital Identity for Financial Services

organized on 26 October 2023 | 17:00 CET

Do you know who your customers are? This sounds like a trick question, but it isn’t. Whether welcoming a brand new customer or issuing a new loan to an existing client, financial institutions need absolute certainty when it comes to customers’ identities. Instances of fraudsters using stolen identity information to open new bank accounts under a victim's name grew by 32% in 2022 according to the FTC, and this is just one of several challenges that organizations must contend with today. When financial institutions can accurately and easily identify customers at high-risk points across the customer journey, they have the opportunity to offer better digital services and expand digital ecosystems while improving security and cutting losses at the same time.
Keywords: fraud detection, fraud management, financial institutions
Categories: Fraud & Financial Crime
Companies: Ping Identity
Countries: World
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Ping Identity

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