Identity verification

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.

There are steps financial firms can take to protect their customers in the event a major wireless network is compromised, including reconsidering the use of SMS messaging for account authentication.

The digital ID market has massive potential, but many fundamental problems that must first be overcome. Among them: The companies best positioned to provide a viable digital ID platform are not the ones best positioned to benefit from it.

Consumers are stuck using outdated or easily compromised means of proving their identities in a world where banks and retailers need something better. Mastercard and Microsoft are teaming up to take on this monumental challenge.

Fifth Third Bank customers were swindled out of over $100,000, but not because the bank didn't have protection in place.

Social Security numbers are used to verify identity across the financial services industry, but their use is outdated and leaves consumers vulnerable to data breaches.

HSBC is the latest bank to be hit with this type of attack, in which hackers take stolen usernames and passwords from one site and attempt to reuse them to login to banks.

The breach may have occurred through a technique called "credential stuffing," in which hackers who have stolen passwords for other websites try them out on an online banking site.

Self-sovereign identity solutions are becoming increasingly common as credit unions move away from less secure authentication methods.

Australian credit unions can teach American CUs a thing or two about effective use of blockchain and know-your-customer strategies.