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FDIC, FinCEN Publish Summary of Recent Digital Identity Proofing ‘Tech Sprint’

FDIC, FinCEN Publish Summary of Recent Digital Identity Proofing ‘Tech Sprint’

Posted: Sep 14 2022
The FDIC and the Financial Crimes Enforcement Network have published key takeaways and solution summaries from a recent “tech sprint” to develop solutions for banks and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate and verify information about a person.
 
Through the tech sprint, the FDIC and FinCEN sought solutions that would increase efficiency and account security; reduce fraud and other forms of identity-related crime, money laundering and terrorist financing; and foster customer confidence in the digital banking environment.
 
Teams proposed solutions that followed one of three distinct approaches: tools that would measure the effectiveness of identity proofing systems; development of a scoring methodology for remote identity proofing; and envisioning an identity provider consortium or platform.
 
To read more, visit: https://www.fincen.gov/news/news-releases/fdic-fincen-digital-identity-tech-sprint-key-takeaways-and-solution-summaries
 

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