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aml-cfft
Compliance

State of the art of AML/CFT in Europe, what are the available KYC solutions?

The fight against fraud, money laundering and counter-terrorist financing remains a long-standing European commitment. For the past 30 years, the AML-CFT European Directives followed one another to provide an accurate regulatory framework to fraud-prone companies, all the while reinforcing the identification procedures for online customers. Knowing the European “Digital Identity wallet” is fast approaching, and in the context of constant digitization, let’s take a good look at the current European regulatory landscape and draw up an overview of existing solutions to meet KYC requirements, while waiting for a european hoped-for harmonization.

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Vérification d'identité
Fraud

Should you be wary of remote ID verification solutions?

Even if we’re not aware of it, we go through ID verification almost every day. When we log into a mobile app, open a bank account, subscribe to an insurance policy or rent a car, we have to prove that we are the person who wants to use a given service.

Whereas in the past, face-to-face identification or email and password were sufficient. But with the digitization of services and the increase in cybercrime, there is a growing need for secure solutions, especially for sensitive services.

More and more companies are now using remote ID verification services with a dual goal: fighting fraud and building customer trust. The global identity verification market post COVID-19 is expected to grow from $7.6 billion in 2020 to $15.8 billion by 2025, according to a Markets and Markets research.

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