Identity verification

Massive Ethereum breach spells opportunity for banks


When a coder locked $150 million of digital currency stored in Parity digital wallets last week, many bankers probably saw it as another reason to ignore cryptocurrencies. Instead they should recognize the business opportunity (key custody) that the incident presents.


ID-verification firms seize on Equifax moment


The identity theft threat created by the Equifax hack and the growth of online lending have given software makers a platform to pitch products that rely on selfies, scans of driver’s licenses and other nontraditional ID methods.


Blockchain key to rethinking identity, avoiding next Equifax


The best solution to the current broken identity system is to flip the authentication process from third parties to the users themselves.


Heavyweight bank tech vendors enter digital ID fray


OnlyID, a joint offering from FIS and Equifax, is meant to become consumers’ single sign-on for bank and retail websites and apps. Longstanding relationships may give it a better shot at achieving network effect than previous attempts.


'To unbank the banked': Comments of the Week


Readers react to USAA teaming up with Amazon’s Alexa, how a new Wells Fargo’s scandal could affect arbitration rules, a digital identity startup’s ambitions, and more.


‘Neither Mad Max nor Orwell’: ID startup walks a fine line


GlobalID stands out from scores of similar companies and projects by attempting to wed self-sovereignty with regulatory compliance. If its technology works, it could alleviate a major cost for banks.


Where did your financial data go? Wells Fargo’s app will soon tell you


The bank's new Control Tower app is designed to empower customers to track where their financial data is stored and to simplify their control over where it goes and what is done with it.


The credit union for people who breathe air: Comments of the week


Readers slam credit unions’ ever-inclusive membership criteria, weigh in on the OCC’s proposed fintech charter, encourage a rewrite of the CRA, and more.


Security questions don’t answer digital onboarding challenges


The challenge of juggling security and convenience is escalating as banks realize digital channels are for sales as much as they are to display account balances.


'Existential requirement for banks': Comments of week


Readers this week highlighted the need for banks to upgrade payments systems, debated a small bank’s decision to ditch its legacy core vendor, lamented populist initiatives of the GSEs, and more.