News Topic: Identity verification
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Big tech is building a passwordless future. Banks want to join in.
Mastercard begins facial-recognition rollout with retailers
Microsoft backs startup that helps fight fake online images
How Fed aims to help banks spot synthetic identity fraud
Pressure grows on banks to abandon facial recognition tech
Synthetic identity fraud risks on the rise for credit unions
New analysis from SentiLink showed that the industry may be more vulnerable to some fraud threats than it realizes. ... Read full article
Barclays, Citi and other big banks invest in behavior biometrics firm
Four global banks have joined American Express Ventures in contributing to BioCatch’s Series C fundraising round and earning themselves seats on its newly formed Client Innovation Board. ... Read full article
Payfone rebrands, buys authentication tech from Early Warning
The company has renamed itself Prove and says that the acquisition will allow it to help banks fine-tune their security procedures when serving customers. ... Read full article
Identity fraud is soaring. Here's how one lender is attacking it.
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. ... Read full article
Will banks get caught up in facial recognition backlash?
Consumer advocates and policymakers are railing against use of the technology by government, universities and others. Banks using it for authentication need to tread cautiously, experts say. ... Read full article
Online lenders confront deepfake threat
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. ... 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
More regulation's needed to protect biometrics
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. ... Read full article
Expect 'a lot more dismantling': A fintech entrepreneur's vision for 2020
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. ... 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
Stop marketing to women and start designing for them
Companies are turning off prospective customers and employees with misguided approaches. ... Read full article
Fake ID fraud is declining, but small lenders are still vulnerable
Though synthetic identity fraud is down across the industry, there's been an uptake in such attacks targeting credit unions. ... 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
N.Y. regulator voices objections to CFPB's debt collection plan
Linda Lacewell, New York’s superintendent of financial services, said the CFPB's debt collection proposal does not go far enough to protect consumers. ... Read full article