WASHINGTON–The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) are highlighting three teams of experts in a “Tech Sprint” to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person.
Through the Tech Sprint, FDIC and FinCEN said they are seeking to increase efficiency and account security; reduce fraud and other forms of identity-related crime, money laundering, and terrorist financing, and foster customer confidence in the digital banking environment.
Nearly 60 participants were selected from more than 200 others seeking to compete in the Tech Sprint. The participants formed eight teams to present their solutions to a panel of government judges.
“We brought together a diverse collection of innovative and energetic minds to think deeply about how we can ensure bank customers are who they claim to be in our increasingly digital age,” said Martin Henning, FDIC’s deputy director-operational risk. “Helping financial institutions to stop identity fraud will help us to continue to have confidence in the safety and soundness of our banks and the integrity of the U.S. banking system.”
‘Foundational Element’
According to the two agencies, “Digital identity proofing is a foundational element to enable digital financial services to function properly. This element is challenged by the proliferation of compromised personally identifiable information (PII), the increasing use of synthetic identities, and the presence of multiple, varied approaches for identity proofing.
“The FDIC and FinCEN asked participants to answer the following question: “What is a scalable, cost-efficient, risk-based solution to measure the effectiveness of digital identity proofing to ensure that individuals who remotely (i.e., not in person) present themselves for financial activities are who they claim to be?”
For info: Measuring the Effectiveness of Digital Identity Proofing for Digital Financial Services.
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