Identity verification

Some fraudsters pose as loan applicants and submit doctored video or photos of property and assets to scam lenders they won't see in person. Firms like Elevate Funding and Credibly are fighting back.

The bank is investing in a new authentication platform because password-based security systems have too many weaknesses, says Juan Francisco Losa, BBVA’s global head of security architecture.

The current climate is akin to the Wild West, with little protection for the consumer, and new regulations are needed if the technology is to continue to expand in a safe and sustainable way, argues Mitek's Stephen Ritter.

Jason Gardner, founder and CEO of the card issuer Marqeta, discusses his experiences in starting up multiple fintechs and makes predictions for the new year.

The Department of Health and Human Services has eliminated the need for health plans to use a standard unique health plan identifier, effective December 27.

Consumer identities are becoming increasingly digital and more prone to privacy risks. Lawmakers cannot sit idle.

Consumer identities are becoming increasingly digital and more prone to privacy risks. Lawmakers cannot sit idle.

Though synthetic identity fraud is down across the industry, there's been an uptick in such attacks targeting credit unions.

NatWest is expanding its test of cards that use biometric fingerprints to authorize transactions, citing expanded use cases for contactless payments in the U.K.

Seeking relief from rising synthetic fraud, U.S. companies next year will be able to quickly verify whether Social Security numbers match other consumer data in government files, in a bid to thwart fraudsters from creating fake identities with stolen information and SSNs.

Fincen and others say third parties are proving to be treasure chests for crooks who create synthetic identities, but aggregators argue they help detect risk banks can’t see.

Visa is leaning more heavily on its Issuers’ Clearinghouse Service to help banks combat the rise of synthetic fraud, which it attributes in part to a security measure adopted by the Social Security Administration years ago.

Linda Lacewell, New York’s superintendent of financial services, said the CFPB's debt collection proposal does not go far enough to protect consumers.

The idea of a common digital identity for consumers has become more compelling amid the digitalization of the world's economy. Many bank and credit union executives consider it a natural fit, one the industry should be prepared to lead on.

Banks have to do a better job of protecting personal information about their customers' children.

Banks have to do a better job of protecting personal information about their customers' children.

A new project backed by the government of Luxembourg could ultimately be influential in the U.S., where banks have been slow to develop a shared platform for digital identities.

As strategic planning season kicks off, credit union boards and executives must consider whether they’re doing enough to prevent evolving cybersecurity issues, including account takeovers.