2017 played host to a catalogue of data breaches, and some of the most shocking examples were those that were an updated account of previously reported breaches. This has done nothing to augment already dwindling trust in financial services. In the wake of the second Payment Services Directive (PSD2), the General Data Protection Regulation (GDPR) updates and AntiMoney Laundering (AML) updates with their regulatory requirements for stronger verification and more rigorous data protection, have current verification methods passed their expiry date?

The plethora of digital account services available now has given rise to more opportunities for cyber criminals to breach customer account data- this can then be sold on the dark web and used for fraud and money laundering. At the same time, the rise of cryptocurrencies has enabled such nefarious activities by providing anonymity. What is the way forward for digital payment and service providers to know exactly who their customers are as they come under increased regulatory scrutiny?

Download this new white paper, produced by Finextra in association with Mitek, as we explore these issues and highlights some of the emerging methods financial institutions can deploy to meet compliance obligations while onboarding their customers in a secure, user friendly manner.

Get the report