Latest news with #identityverification
Finextra
17 hours ago
- Business
- Finextra
Is Flexibility the Main Driver of Growth for Identity Verification Solutions?
In this interview, Gus Tomlinson, Managing Director, Identity Fraud, GBG sat down with FinextraTV to discuss some of the progress being made when it comes to identity verification. Speaking about an increasingly fragmented landscape, Tomlinson explained how the history of technology has tended to encourage fragmentation, but that now it is important to focus more on finding solution that is designed not just for the industry, but for the end customer in mind. At the heart of all of this, Tomlinson holds flexibility up as being the primary driver of growth.
National Post
2 days ago
- Business
- National Post
Experian Strengthens its Fraud Fighting Capabilities with Mastercard's Identity Insights
Article content The partnership combines Mastercard's identity verification and fraud prevention tools with Experian Ascend Platform to accelerate decisioning and improve customer satisfaction Article content COSTA MESA, Calif. — Experian today announced the integration of Mastercard's identity verification and fraud prevention technology into the Experian Ascend Platform™. This collaboration will enable seamless, secure, and efficient identity verification for the company's more than 1,800 global clients across industries such as financial services, automotive, health, and digital marketing, helping to prevent fraud and cybercrime. Article content Article content A key feature in Experian's Identity and Fraud solutions, identity verification, plays a vital role in the fight to prevent fraud and cybercrime. Ninety‑six percent of decision makers view identity verification as an important tool in preventing fraud, but 27% of businesses report that their current identity verification strategy negatively impacts legitimate customers and their experience. Article content Mastercard's Identity Insights enriches Experian's data by verifying and connecting identity elements, aiming to validate individuals' authenticity. When combined with Experian's advanced fraud-detection capabilities, the integration offers robust protection against synthetic identity and application fraud, enhancing detection while reducing friction for legitimate customers. This solution is available through the Experian Ascend Platform across multiple geographies, including North America and UK & Ireland. Article content The joint solution delivers powerful identity assessment by uniting the Experian Ascend Platform—a decision engine built on Experian's comprehensive data, strategy design, decision automation, monitoring and reporting—with Mastercard's Identity Insights for validating identity elements such as name, email, and phone numbers, and analyzing related metadata. Article content The expanded collaboration builds upon the two companies' existing relationship, which has also encompassed open banking-powered solutions; Mastercard's identity solutions can be accessed via Ascend Platform in multiple geographies. Article content 'When acquiring new customers, our clients want a frictionless process where both ID and fraud, as well as credit risk, can be assessed as part of a single request that streamlines and speeds the customer experience,' said Greg Wright, Executive Vice President of Identity and Fraud, Experian Software Solutions. 'Success is measured by helping our clients grow their business while making fast, efficient decisions. By enabling clients with advanced analytics solutions that bring credit, identity, and fraud data into the Ascend Platform, we help them achieve their strategic goals while also driving greater financial inclusion for consumers.' Article content 'For many years, Mastercard and Experian have worked together to empower consumers to take financial control,' said Dennis Gamiello, EVP, Identity Solutions at Mastercard. 'By integrating Mastercard's Identity Insights with Experian's platform insights, we're partnering to streamline the entire customer journey from digital onboarding to fast-tracking secure transactions and reducing fraud.' Article content 'We believe signing up for electricity should be easy, so we need a system that addresses identity, fraud, and credit risk without adding friction or hassle for our customers,' said Laura Persson, General Manager at OhmConnect Energy, a Texas retail electric provider focused on energy savings. 'Experian and Mastercard's automated service accomplishes this, so we can make it easy for our customers to enroll and start their energy-saving journey.' Article content About Experian Article content Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realize their financial goals and help them to save time and money. Article content We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments. Article content We invest in talented people and new advanced technologies to unlock the power of data and to innovate. A FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 23,300 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at Article content Article content Article content Article content Contacts Article content
Finextra
3 days ago
- Business
- Finextra
The Complications of KYC in an ERA of AI
To discuss the impact of AI on KYC, Wil Janssen, Founder and CEO, Inverid joined the FinextraTV virtual studio. Setting out the negative impacts of deepfake technology on identity verification and disagreeing with the concept of 'fighting AI with AI', Janssen provided some hope in the form of NFC technologies.
Yahoo
3 days ago
- Business
- Yahoo
Nametag Sets New Paradigm in Enterprise Identity Verification with Bring-Your-Own-Storage for PII
Organizations using Nametag identity verification solutions can now host personally identifiable information (PII) entirely within their own storage environments, ensuring alignment with regulations and business policies. SEATTLE, June 25, 2025 (GLOBE NEWSWIRE) -- Nametag, the leader in workforce identity verification, today announced the general availability of Enterprise Data Custody. Enterprise Data Custody allows organizations to store all personally identifiable information (PII) captured during identity verification (IDV) within their own infrastructure, including AWS S3 buckets and Azure Blob Storage. This represents a foundational shift in how identity verification (IDV) can coexist with enterprise privacy practices. Rather than requiring PII to be retained by a third-party IDV provider, as is typical in consumer-facing applications of IDV such as Know Your Customer (KYC), enterprises can now verify their employees, contractors and customers without transferring sensitive data outside of their own infrastructure. Key features and benefits: Nametag Enterprise Data Custody Store PII from employees, contractors and customers within enterprise-owned infrastructure. Deploy Deepfake Defense™ identity verification while maintaining direct control over all PII. Ensure alignment between enterprise security needs, regulations, and business policies. Enterprises are increasingly adopting identity verification in the workforce but face growing data privacy and compliance challenges. As companies grapple with organized threat groups like Scattered Spider and North Korean IT workers, traditional user authentication practices are proving ineffective in the face of high-quality voice clones, deepfake identity documents, and advanced social engineering tactics. To mitigate these and other threats to workforce identity infrastructure, enterprise IT and cybersecurity teams are increasingly turning to identity verification (IDV). Global spending on digital identity verification is predicted to reach $26 billion by 2029, according to a report by Juniper Research. But enterprises looking to adopt IDV solutions are often faced with conflicting security needs, compliance requirements, and user expectations surrounding the handling and protection of sensitive data. While consumer-facing identity verification often permits IDV vendor storage of customer PII, workforce IDV requires a different approach. Employee and contractor data can be subject to different privacy expectations, regulatory frameworks, and increased oversight from legal and IT stakeholders. As a result, enterprises often mandate that employee PII cannot leave the company's direct control. This can create barriers to enterprise adoption of IDV to protect their workforce. Nametag enables enterprise adoption of workforce identity verification by assuring IDV alignment with modern data governance paradigms. Nametag's Enterprise Data Custody feature allows enterprises to meet this requirement by giving organizations direct control over how PII is stored, secured, and governed. With Enterprise Data Custody, companies using Nametag can choose to store PII within their own environments. This in turn allows enterprise IT and cybersecurity teams to apply specific access controls and security policies to user PII without impacting identity verification performance, accuracy or security. 'Enterprise Data Custody is emerging as a baseline requirement for organizations that demand greater control over how identity data is managed during identity verification,' said Aaron Painter, CEO of Nametag. 'This innovation reflects our long-standing commitment to privacy-first design and sets a new standard for how identity verification can align with enterprise data governance.' With the launch of Enterprise Data Custody, Nametag furthers its leadership in workforce identity verification. Nametag's platform, powered by its Deepfake Defense™ engine, is used by global enterprises to prevent breaches and reduce IT support costs by protecting and automating employee account lifecycle functions like onboarding, account recovery and helpdesk verification. Enterprise Data Custody is generally available to all Nametag customers. Companies interested in learning more about Nametag and its solutions can visit or contact sales@ About Nametag Nametag provides integrated identity verification and account protection solutions that prevent modern impersonation threats and streamline user experiences. Powered by Deepfake Defense™, Nametag detects and blocks sophisticated attacks which bypass other, outdated approaches to user verification, delivering the highest possible level of identity assurance. Nametag's out-of-the-box solutions help enterprises secure their entire user account lifecycle, from onboarding through recovery, while ensuring compliance with the latest privacy standards. Security-conscious enterprises trust Nametag to protect their businesses and reduce IT and support costs. For more information, visit CONTACT: Nametag Media Contact: Noah Blier Director of Product Marketing +1 (413) 230-8727 noah@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
News24
4 days ago
- Business
- News24
Halt ID-check fee hike immediately
Coenraad Jonker, founder and CEO of Tyme Group, urges Minister of Home Affairs Leon Schreiber in an open letter to reverse the 6 500% increase in fees for accessing identity-verification services. I write to you not only as co-founder of TymeBank, South Africa's first fully digital bank, but as a citizen deeply committed to the prosperity and digital advancement of our country. Your recent decision to gazette an increase in the fee for accessing identity verification services by an unfathomable 6 500% will unravel years of progress in digital transformation, financial inclusion, and economic justice. Today South Africa is one of the most inclusively priced countries in the world, comparing well with Panama, Columbia and Peru, at two US cents per identity lookup. Your new fee makes South Africa almost twice as expensive as the most expensive peer group countries, like Pakistan and Ecuador. READ | Home Affairs hikes ID-check cost by up to 6 500% as it launches upgraded system Let me use TymeBank as an example to illustrate the impact of this. We serve 11 million South Africans, many of whom are social grant recipients and informal earners. Under your current fee structure, TymeBank is able to provide the poorest South Africans with an account in real-time with no monthly fees. Your new fee will make this impossible, robbing South Africa of its only accessible and free bank account. An anti-poor policy decision It is in all our interests that the DHA verification system, which plays a foundational role in enabling trusted digital identity services, be both sustainable and accessible. Your decision shifts the cost of what should be a state-funded utility onto the shoulders of the poor. It imposes a regressive tax that penalises those with the least. Identity verification is a public good. Around the world, it is subsidised or fully funded because of its essential role in national development. Yet here, in a time when our country most needs inclusivity, innovation, and trust, we are choosing exclusion. As illustrated above, the DHA's price hike is wildly out of line with the average cost per user relative to South Africa's peer group countries. Paying for a failing system TymeBank fully supports the intention to build a better system. By your own admission, the system is down 50% of the time. As we understand it, you are now proposing an exorbitant price increase on 1 July 2025, without delivering a system improvement. So, instead of first fixing what is broken, your department proposes to abruptly increase fees for a failing service. This is not how public infrastructure should function. Essential digital services must be reliable, affordable, and accessible. Anything less is a betrayal of the trust South Africans place in their government. Fall-back solution is a problem You propose a new batch-processing option. While less expensive (R1.00 per field), it is not a practical substitute for real-time data lookups. In the digital world, everything is real-time – account opening, card replacements, PIN resets and payments. Real-time is increasingly important for customer service and for the safety and security of customers. In TymeBank, and in the best Fintechs worldwide, almost everything is real-time – and for good cause. As an example, if look-ups are not real-time, customers would incur additional costs because they would need to take at least two trips to open an account. These are costs that cannot be absorbed or mitigated by banks. It is true that old-generation banks still run many overnight batch processes. And this is exactly the problem. By charging R10 for real-time and R1 for batch processing, the DHA is essentially providing the incumbents with a 90% discount while punishing new digital competitors and their customers with unsustainable pricing. This is patently anti-competitive. Blow to progress The 6 500% increase is not merely unworkable, it is existential. It places an untenable financial burden on institutions that, like ours, are built to serve those who have long been excluded from the formal banking system. We did not sit idly by during your consultation process. We engaged in good faith, contributing through our industry body, SABRIC. However, the decision you have taken suggests our concerns were dismissed. As this decision has been gazetted and there is apparently no willingness from your department to engage, we are left with no choice but to speak directly to the public we both serve. Sabotaging digital transformation Your move flies in the face of global best practices. The World Bank outlines three pillars essential for financial inclusion: An accessible, affordable biometric identity database; Free or near-free real-time payments infrastructure; and An open banking system, empowering citizens with control over their data. For a variety of reasons, South Africa is underperforming on all three. The decision that has now been made takes us in the wrong direction, undermines the goals of our own National Development Plan, and contradicts your own history of forward-thinking leadership. Jeopardising the greylisting fight Let us also not forget that South Africa was greylisted in 2023 for deficiencies in our anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations. Since then, the financial sector has worked hard to address these shortcomings. Access to the DHA identity-verification service is vital for compliance with FICA, KYC, and AML/CFT standards. This price hike threatens that progress and weakens our collective effort to exit the grey list. How can banks and fintechs meet their legal obligations when the cost of compliance is prohibitively high? This decision forces institutions toward unverified data source in a bid to survive, undermining the integrity of our financial system and opening the door to increased fraud and risk. What we propose TymeBank has always stood ready to partner with government to build a more digitally inclusive society. We are not opposing transformation but are calling for responsible, transparent change. TymeBank has reached out to the Minister of Home Affairs to request a meeting, with the aim of engaging constructively and finding common ground on a policy that affects millions of South Africans. We propose: A consultative process with all key stakeholders, including the fintech and retail industries; A phased fee structure; Volume-based pricing; A cost-recovery model linked to performance and inflation; Reasonable notice periods that allow institutions to plan and budget accordingly; Prioritisation of the shared public-private responsibility to safeguard South Africa's identity ecosystem and financial inclusion; and Banning the bad actors from accessing the system. This is not an unreasonable ask. It is a call for fairness. Minister, this decision places your department on the wrong side of history and we call on the President, the Minister of Finance, the Governor of the Reserve Bank, the CEO of the Prudential Authority, and to every South African who believes in justice to urge you back to a path of progress. We urge you to halt this fee increase immediately and return to the table for constructive, transparent dialogue. We must find a solution that secures the integrity of the DHA's systems while protecting the dignity and rights of the people. Digital transformation and financial inclusion are not luxuries. They are the backbone of a modern, just society. The government cannot afford to raise barriers where it should be opening doors. We must not allow our digital future to be held hostage by short-sighted policy. We remain committed to continued collaboration and open dialogue. Let us be bold. Let us be visionary. Let us work together to build a South Africa that leaves no one behind. Sincerely, Coenraad Jonker Founder and CEO, Tyme Group.
