Category: KYC

Read and learn about KYC and Financial Services with these articles and posts by Ekata, a Mastercard company.

Risk Assessment

Complementing AML risk assessment and KYC with identity insights

When it comes to fraud prevention in today’s ever-evolving global, digital economy, we argue that an AML risk assessment, along with traditional KYC compliance checks, should be considered just the starting point… and not the finish line. Article at a glance: AML risk assessment and KYC checks alone are insufficient in today’s digital economy, […]

9.20.2023

Synthetic Identity Fraud

The ultimate guide to detecting and preventing synthetic identity theft

What is synthetic identity theft? Synthetic identity theft is an insidious type of financial fraud that involves stealing a real person’s information, such as their government identity card or their date of birth and combining it with falsified personal information to create a new “synthetic” identity. The most common victims are children, the homeless and […]

8.3.2023

Identity Verification

Why you need an alternative to knowledge-based authentication (KBA) for identity verification in the digital age

KBA is an authentication method that is used to verify an individual’s identity before they can proceed with their login, onboarding or transaction. Before we dig into why you need to go beyond KBA in your digital onboarding process, let’s take a step back and answer some frequently asked questions regarding this method of authentication. […]

5.24.2023

Identity Verification Boost KYC compliance

Digital Identity Verification

Boost KYC compliance with digital identity verification and stay ahead of the game

How well do you know your customer? The financial industry has been changed by the emergence of new technologies, new players, new regulations and new markets. Financial institutions must embrace a digital transformation strategy or risk becoming obsolete. Therefore, in this ever-evolving, digital-first economy, it’s important to know who really is behind the screen. As […]

5.12.2023

Why you can’t rely on CPF checks for digital identity verification in Brazil

Account Opening

Increase your thin file customers with Account Opening API

Customers have hundreds of choices for their banking needs — and once they choose, they aren’t likely to switch. This makes capturing customers early key to achieving revenue goals. While the latest Global Findex Database (2021) emphasizes the need for more work to be done to include the 1.4B people worldwide who remain unbanked, one […]

3.8.2023

Ekata

What Do You Do When KYC Drives Consumers Away?

Intersekt, 2022 Ekata Roundtable In the days of brick-and-mortar locales, Know-Your-Customer (KYC) was a simple process; the customer was standing in front of you. You could even hold their hand as they opened an account, if you so wished. No one was frustrated by multiple captcha codes and biometric scanning requirements, abandoning the checkout process. […]

11.8.2022

Ekata

Ekata Executive Series, Part III: Is Fintech Facing an Existential Threat or Momentum to Innovate?

Welcome to Ekata’s Executive Series. In this series, our CEO Rob Eleveld will be outlining the dynamics we see developing in the global identity verification (IDV) market and highlight Ekata’s response to continuous market demands. Today, we write in response specifically to a recent report on the existential threat facing the future of the fintech […]

12.15.2020

Ekata

Money20/20 US - Major Trends in GDPR, KYC, & PSD2

The Ekata team headed to Las Vegas for Money20/20 and meet professionals in the Payments industry, attended sessions to learn about topics such as PSD2 and KYC, and reconnected with customers. Each year, over 12,000 people attend Money20/20’s flagship conference in Vegas. It’s easy to get lost in the shuffle, but if you keep your […]

11.15.2018

Ekata

Why Know Your Customer (KYC) Isn’t Fraud Prevention

Banks and other financial institutions are all required by the PATRIOT Act to conduct a thorough review of new customers to undercut terrorist financing and combat money laundering. These Know Your Customer (KYC) checks are essential for regulatory compliance, but too many organizations rely on these as the sole method to verify the identity of […]

9.25.2017