Most Importance of Trusted User Identity Verification to Counter Fraud in Financial Sector #Infographic

Money gains are often the motivation for criminals to infiltrate banking institutions, which makes the financial sector more vulnerable to fraud than other industries. The "PATRIOT Act" and other laws require financial companies to perform identity verification procedures and comply with regulations. These new authentication processes are deployed when registering new customers and before authorizing transactions to ensure that the people accessing financial services are the same as they said.

However, fraudsters have become more determined to circumvent security measures implemented by banks. Identity verification processes such as mobile facial biometrics are seen as viable solutions to mitigate fraud. These identity verification methods provide banks with a safe and convenient way to identify the legitimacy of the people who transact with them.

For more information on the importance of deploying trusted customer identification technology in the financial industry, see Ipsidy.