Axcess Financial is using stronger authentication, studying up on bad actors and planning to use a federal service that automates verification of Social Security numbers.
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.
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Fearing regulatory fines, banks have retreated from selling identity protection in recent years. Institutions will get back in the market if the Consumer Financial Protection Bureau is weakened.