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Amid KYC/AML – And eCommerce – Biometrics Gain Support

Amid KYC/AML – And eCommerce – Biometrics Gain Support

Customers want speed and security when transacting online or with various FIs and merchants. The problem is that fraudsters have increasingly been crafting new ways to cobble together new identities – or steal old ones, even from individuals no longer alive. The problem is a global one, as firms strive to satisfy KYC and AML mandates. One possible solution lies with biometrics, as more commerce is done over mobile devices. Many Europeans are warming up to biometrics, according to a recent AML/KYC Tracker.

Data:

34 percent: Share of Europeans who want biometric KYC from their FIs to ascertain consumer identities.

28 percent: Portion of adults in European countries who say credit card and bank onboarding takes too long.

2.5M: Number of Americans affected annually by fraudsters using identities belonging to the deceased.

24 percent: Share of Asia-Pacific banks that cite managing KYC compliance as a top challenge.

$800K: USD equivalent of fines levied on five Tanzanian banks for KYC/AML violations.

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