Identity verification

Consumers expect financial institutions to provide mobile applications that combine ease of use with top-class security features. Biometrics could help credit unions keep up with these high-stakes technology demands.

Canada is making a big leap in modernizing identity verification, tapping blockchain technology to let consumers digitally prove who they are to securely access banking and other personal services.

Many banks rely on the location data they get from carriers through data aggregators to spot fraudulent transactions. With telecom companies shutting that source down, banks are worried it could significantly hurt their capacity to detect fraud.

Alongside identity-document scanning and other ID verification, the two companies are offering real-time checks of lists of suspicious persons. The goal: keep money launderers out of the banking system.

Reports of improper charges by perpetrators who know the victim soared last year. Issuers and card networks are failing to tighten security, clearly label transactions and police chargebacks, critics say.

CULedger and the computing giant will work to develop blockchain technologies, create new products and improve existing ones.

Municipal IDs help marginalized groups, such as undocumented immigrants, open checking accounts and become credit union members but concerns over regulatory compliance linger.

Credit unions must walk a fine line between making interactions for members as easy as possible while also providing robust protection against evolving cybersecurity threats.

Midwest BankCentre in St. Louis, with the help of a stable of fintechs, started Rising Bank to keep up with big banks in the hunt for deposits and millennial customers.

ComplyAdvantage, Cinnamon and Zoovu recently raised millions of dollars to fuel expansion of their automated risk management, data-scanning and customer service products geared toward financial services companies.

As large banks put stronger fraud monitoring and authentication technology in place, fraudsters have been turning to small banks, like Kennebunk Bank on the coast of Maine. Here's how it fought back.

The quest to implement a broadly accepted digital ID solution may take years, but Jumio is hoping to get headway with a new authentication service leveraging video selfies.

The automaker's finance arm joins Avant, OnDeck Capital and SoFi in the system, which is designed to help verify loan applicants' identities.

E-commerce's opposite threats of cart abandonment and fraud create butting heads, but advanced authentication could give merchants a new way to manage both challenges.

Regulators are handing out fines for GDPR violations, that while relatively small can have a large impact on the push for sharable identity by drawing attention to how large companies use data.

Canada needs to embrace digital identification to "unlock the full potential" of banking and the economy, Canadian Bankers Association Chief Executive Officer Neil Parmenter said.

There are many contenders working towards developing a universal digital ID system. CULedger will test its offering later this week with a rollout scheduled for the second half of 2019.

There are many contenders working towards developing a universal digital ID system and away from static passwords. A group of credit unions is ready to see if its blockchain-based approach can serve a wider market.

VC firms Capital 300 and Draper and Associates have made a Series A investment in Authenteq, a identity security firm that uses blockchain, which is gaining steam as a means to support digital ID.