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Photo: EyeEm.com / Anamaria Mejia

Digital ID Tipped to Prevent Financial Crime

– Peer-to-Peer Finance News

Financial industry staff believe digital ID’s are key in fighting financial crime

A new survey of the financial services industry has found that a large majority of professionals agree, or strongly agree, that the concept of digital ID and know your customer (KYC) processes have the potential to prevent financial crime.

“The need for a comprehensive digital ID service is only growing more urgent, as fraudsters increasingly target identity to deceive businesses.”

Other beneficial aspects of digital ID services the survey highlighted include lower operational costs, efficient ID verification, and more robust verification processes.

As well as tackling financial crime, digitizing ID verification will also save companies significant resources in terms of efficiency, resilience, and costs

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