The Move to Digital Means More Challenges: A Case for Mobile Verification & Automated KYC

We all know that data breaches and identity fraud were on the rise before COVID-19, but now we are seeing an even sharper increase due to current operations being unprepared. With a 250% increase in digital channel usage, fraudsters are increasingly taking advantage of businesses and preying on consumers. How do businesses combat and make a comeback?  

In our recent webinar Adopting KYC Technology For Compliance and Fraud Prevention in the Onboarding Process, Acuant’s Chief Product Officer Jose Caldera met with Aite Group’s Fraud & AML Research Director Julie Conroy to talk about what they’re seeing in the marketplace, including COVID’s impact on digital behavior, threats that are more challenging than identity theft and how mobile verification is becoming increasingly important in the customer onboarding process.  

Key Takeaways 

1. COVID-19 Fears Will Change Habits 
2. Synthetic Fraud is a Bigger Problem than Identity Theft   
3. Application Fraud Attacks are Surging 
4. Money Mules are Opening Accounts Online 

All of this means that knowing who you are doing business with now is more important than ever before. With the explosion of mobile transactions, incorporating mobile verification and automated KYC compliance becomes vital. This is key to address fraud prevention, customer onboarding processes, improve analysis and reduce the manual labor associated with document analysis and manual review. Along with preventing fraud, improving customer experience is a primary driver for implementing mobile data capture and identity document verification.  

Many businesses are reevaluating their technology uses, with digital initiatives beginning to take priority. Initiatives that can provide better compliance and also improve security, operational efficiency and customer experience are more likely to get funded. Acuant clients have been able to improve operational security and efficiency, automating up to 70-80% of what was previously manual.  

Watch the webinar to learn more.