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.
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.
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.