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Guidance on Digital ID

– Financial Access Task Force (FATF)

  • Report
  • Posted by Good ID team (Good ID)
  • 13 March 2020

A report outlining the Financial Action Task Force’s (FATF) guidance on the issues and potential benefits surrounding the use of digital ID in financial transactions

Digital payments are growing rapidly worldwide, and with this rise comes an increased risk of cybercrime and fraud. The report authors explore how using digital ID to verify customers can mitigate these risks if used properly:

“Digital ID systems that meet high technology, organisational and governance standards hold great promise for improving the trustworthiness, security, privacy and convenience of identifying natural persons in a wide variety of settings, such as financial services, health, and e-government in the global economy of the digital age.”

The report uses case studies from around the world to illustrate the main features of different systems of digital ID. It offers various recommendations to governments, private sector entities, and digital ID providers to ensure the ID they use is inclusive, secure, and interoperable.

Reliable, independent digital ID systems can also contribute to financial inclusion by enabling unserved and underserved people to prove official identity in a wide range of circumstances, including remotely, in order to obtain regulated financial services

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