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How Selfies Are Key To Fighting Growing Covid-19 Fraud

– Forbes

Exploring new methods of identity verification in a digital age

Amidst global lockdowns and increased financial fraud, the UK’s Financial Conduct Authority (FCA) has called for banks to use ‘selfies’ as a means of identity verification for new customers.

"The move towards selfies by the FCA proves that the regulator believes now is the time for every bank, not just the most digitally advanced, to move towards digital identity verification."

Hendrikse argues that selfie-based verification is an easy and effective option for banks, but highlights the importance of ensuring that the process does not exude older and more vulnerable people.

The opportunity posed by easy-to-access digital identities, verified by a combination of AI and human expertise, is huge. Now, organisations need to get on board fast – before the fraudsters catch up

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