Veriff

🖐 Five ways to tackle #AI risks in US finance by 2025. AI is transforming #financialservices, but managing risks is key to staying competitive. Here’s how financial institutions can stay ahead: 💡 Develop adaptive strategies to keep pace with changing regulations. Proactively align your AI initiatives with both state and federal guidelines to strengthen compliance, resilience, and operational readiness. ⚖️ Run regular audits of AI models to detect and reduce #bias. Use diverse datasets to ensure fair, equitable outcomes—especially in decisions like loan approvals. Tackling bias head-on builds trust and reduces legal exposure. 🔒 Establish a robust #data governance framework that protects customer data and ensures compliance with privacy regulations. Safeguarding data strengthens both security and customer trust. 🧐 Create systems that make AI-driven decisions easy to understand. Use dashboards and clear reports to explain outcomes to customers and regulators alike. Transparency not only ensures #compliance but also boosts confidence in AI solutions. 🤝 Collaborate with regulators and industry bodies to advocate for practical and consistent AI policies. Engaging in policy conversations helps shape a regulatory environment that supports innovation while protecting customers. Firms that prioritize ethical AI practices and champion responsible innovation will lead the way in the future of finance.

The future of #identityverification hinges on collaboration—building a universal network that not only recognizes fraud attempts across multiple platforms but also leverages behavioral patterns and technical fingerprints to stay one step ahead of fraudsters. In our next #webinar, Abe Post-Hyatt (Manager of North America at Veriff) will dive into this topic alongside Iryna Bondar 🇺🇦 (Senior Fraud Group Manager at Veriff) as they share key insights from our Identity #Fraud Report 2025. Businesses can’t operate in isolation—we must work together to strengthen global fraud defenses. Register to join us live or receive the recording to learn how you can outsmart evolving fraud tactics and safeguard your organization’s future (🔗 in the comments). 📍 Interview with Financial IT at Money20/20 Las Vegas #collaboration #fraudprevention #cybersecurity #IDV

"AI-enabled fraud, including #deepfakes and synthetic identities, is on the rise, prompting vendors to prioritize investments in incorporating #AI capabilities into their #KYC solutions." Download this Gartner® Market Guide to learn about the latest capabilities and vendor solutions that can help financial services organizations with their ever-evolving KYC needs 👉 https://bit.ly/3P4haeJ 👈

Following #Brexit, the UK established its own data protection framework through the UK Data Protection Act 2018. While it mirrors the core principles of the #GDPR, it also addresses specific UK-related needs. Businesses should note that although the GDPR has been retained in #UKlaw, there are important nuances that require attention. Stella Goldman, Lead Privacy and Product Legal Counsel at Veriff, has created a comprehensive guide tailored for #financialservices, featuring a step-by-step checklist to help ensure #compliance with both the UK GDPR and the UK Data Protection Act 2018: 🔹 Key principles of the UK GDPR 🔹 Individuals' rights under the UK GDPR 🔹 Step-by-step compliance checklist 🔹 Actions to take in the event of a data breach Get your copy here: https://bit.ly/3UZGtCa 🔗

🚀 From compliance wins to innovative fraud prevention launches, our Fraud and Identity team continues to raise the bar. Here’s a snapshot of how we’re making the digital world safer... Rishi Chauhan | Iryna Bondar 🇺🇦 | Anton Volkov | Geo Jolly | Romain Moisescot | Mattias Johannes Kallavus | Anu Liinev | Marii Kiisk | Evelin Orgusaar | Zeynep Adıgüzel | Emmanuel A. | Arina Shcherbova | Heiko Ivanov | Karl-Herden Kangur | Liisi Lasn | Younes Benimam | Henri Rästas | Maria Jurisson | Vadim Vassilevski | Triin Türna | Kadi Piirsalu | Jan-Ross Liiver | Kaisa Kärner | Chartis Research | iBeta Quality Assurance #compliance #fraudprevention #IDV #identityverification #2024wrapped

And that's a wrap! 🎬 2024 has been filled with ups and downs, twists and turns – it's been one hell of a ride. 🙏 We're incredibly grateful to our customers and our amazing Veriffians, both past and present, and to those who will join us on this exciting journey in the years to come. Wishing you all a happy and prosperous 2025!

"2025 could be the year of identity fraud, but should it also be the year that we collaborate to defeat identity fraud?" 🚀 For the 40th episode of #VeriffVoices, we invited back Mike Haley, CEO of Cifas, to discuss the growing #fraud threat to businesses in 2025. 👀 Keep your eyes peeled for the full conversation, coming this January. Stream all previous episodes wherever you get your #podcasts!

🌆 As the sun sets on 2024, we're taking a moment to pause and reflect.  One word came up time and time again this year 👉 global. Our mission is simple but ambitious: to make the internet safer for EVERYONE. As we grow and welcome clients from all corners of the world, we're also expanding to be closer to them. As 𝘵𝘩𝘦 global growth platform, we're tackling fraud with unparalleled international expertise. We've built the most comprehensive language and document database on the market, helping you onboard genuine users from anywhere in the world while keeping bad actors out. And this is just the beginning. 👀 Watch this space—2025, here we come! 𝘍𝘦𝘢𝘴𝘵 𝘺𝘰𝘶𝘳 𝘦𝘺𝘦𝘴 𝘰𝘯 𝘵𝘩𝘦𝘴𝘦 𝘴𝘵𝘶𝘯𝘯𝘪𝘯𝘨 𝘴𝘶𝘯𝘴𝘦𝘵𝘴 𝘧𝘳𝘰𝘮 𝘢𝘳𝘰𝘶𝘯𝘥 𝘵𝘩𝘦 𝘨𝘭𝘰𝘣𝘦 𝘴𝘩𝘢𝘳𝘦𝘥 𝘣𝘺 𝘰𝘶𝘳 𝘝𝘦𝘳𝘪𝘧𝘧𝘪𝘢𝘯𝘴 𝘪𝘯 𝘋𝘦𝘤𝘦𝘮𝘣𝘦𝘳! 𝘈𝘯𝘺 𝘨𝘶𝘦𝘴𝘴𝘦𝘴 𝘸𝘩𝘦𝘳𝘦 𝘵𝘩𝘦𝘴𝘦 𝘱𝘩𝘰𝘵𝘰𝘴 𝘸𝘦𝘳𝘦 𝘵𝘢𝘬𝘦𝘯? 📸

Why is #KYC so critical for financial institutions? 👀 There are two main reasons why KYC is essential: the first is regulatory compliance, and the second is #financial protection. Failure to comply can result in severe penalties from #regulatory bodies like the Consumer Financial Protection Bureau or the Department of Justice. KYC isn't just about meeting regulatory requirements – it also protects businesses from financial exposure and reputational damage. In this episode of #VeriffVoices, Carl-Alain Memnon, Co-Founder and COO of Grid, discusses the true cost of KYC non-compliance. 🎧 Tune in wherever you get your #podcasts and discover how innovative solutions are transforming compliance, fraud prevention, and risk decision-making.