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The Growth of KYC and the Emergence of KYP Within Digital Identity

– Payment Expert

A recap of a SBC Digital Payments event on digital verification for businesses

In this online panel, experts discussed the extent to which people’s data is being sold on the dark web due to data breaches, making it difficult for companies to ensure their customers are who they say they are.

“The issue is when you have the amount of data breaches that we’ve experienced in the US and across the globe, that means everyone’s PII, or the vast majority of consumers’ or players’ PII, has been exposed in one way or the other via various breaches."

The participants discussed the meaning of digital identity, and how the Know Your Customer process can help verify customers. They also talked about how this is shifting into a more complex Know Your Player policy, which can help reduce the risk of fraud in digital onboarding.

There are several versions of identity. I’ve had multiple emails, multiple phones and multiple addresses which are all legitimate and they’re all associated with me. So when you go in and you’re engaging with a digital player, how do you account for versioning? How do you account for correlations between different aspects of the identity?

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