News Topic: Digital ID
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Apple is rolling out digital ID. Will banks use it?
Can Utah's digital driver's license be a viable form of customer ID?
Digital ID startups to get funding boost from U.K. payments firm
Apple to add digital ID storage to Wallet app
EU wants banks to adopt digital wallet, but it's a tough sell
Coronavirus lockdown spurs widespread adoption of digital ID tech in Canada
The coronavirus pandemic has led to a massive surge in Canadians using digital identity authentication platforms to get immediate access to government emergency aid. ... Read full article
'Everything is breakable': Why BBVA wants to ditch passwords
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. ... Read full article
Congress needs to hurry up on data protection
Consumer identities are becoming increasingly digital and more prone to privacy risks. Lawmakers cannot sit idle. ... Read full article
Data aggregators push back against notion they have a fraud problem
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. ... Read full article
Digital IDs: The next financial services frontier?
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. ... Read full article
PayPal-backed blockchain aims to help banks verify digital IDs
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. ... Read full article
Spring Labs raises $23M, plans to expand customer ID blockchain
The Los Angeles company has established a network that is designed to help verify the identities of consumer and small-business borrowers. It says 20 lenders are participating and that it is trying to recruit more. ... Read full article
6 takeaways from the Global Payments-TSYS merger
Global Payments' purchase of TSYS is the latest merger of large payment technology companies — and by no means the last. ... Read full article
BofA, Wells Fargo sour on blockchain
They haven't thrown in the towel yet, but comments by top executives at the two big banks suggested that their interest in finding financial services uses for distributed ledgers is wearing very thin. ... Read full article
Tech firms Jumio, ComplyAdvantage team up to help banks ID crooks
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. ... Read full article
Credit union blockchain consortium enlists IBM to plot expansion
CULedger and the computing giant will work to develop blockchain technologies, create new products and improve existing ones. ... Read full article
Why this small bank created a separate, digital-first brand
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. ... Read full article