ID Authentication in Banking Applications

March 21st, 2022 by admin No comments »

Global financial institutions are faced with a growing need to “know” – identify and authenticate – their customers, to prevent fraud losses, the funding of terrorism, money laundering, and tax evasion. Failure to comply with proper identification of the institutions customers can result in monetary losses, fines, and bad publicity.

Current ID Verification Practices at Financial Institutions

Financial institutions typically verify ID for the following types of transactions:

Account Opening: The Patriot act initially required institutions to retain a copy of the ID presented during the account opening. This was subsequently reduced to requiring only the recording of key information proving that ID was verified (e.g. driver’s license number). While it may suffice to note the ID number, a simple clerical error, such as transposing numbers may invalidate the proof of the ID verification. Capturing the ID card during the account opening process confirms that the ID was verified, and opens the door for better subsequent interactions with the customer. Possibilities include: a) Adding the photo ID to a bank-issued debit or credit card, without the need for photo capture equipment. Small photo IDs are used by warehouse clubs in combined member/credit card applications. b) Showing the ID/photo, personal characteristics, and signature to the teller during a transaction to reduce ID fraud.
Routine Transactions: Machine-readable identification cards (ID cards, credit/debit/ATM cards) can be used to identify a customer. The teller application can pre-populate information about the customer to speed up the transaction, and to create a more pleasant customer experience.
Cash Withdrawals: ID cards are typically required for any cash withdrawal by a customer at a branch unless the withdrawal is at the customer’s home bank and the customer is personally known to the bank employee.
Large Transactions: Financial institutions typically require multiple pieces of ID for transactions over a certain amount threshold, including transfers and deposits. This is necessary because losses can occur with large deposits (such as cashier’s checks) where the deposit is a forgery, but only detected after the amount was withdrawn.
Check cashing: A recent FDIC survey (1) showed that 7.7% US households are unbanked, and over a quarter – 25.6 percent – of all households either don’t have a checking or savings account at all, or have a bank account but still choose to rely regularly on “alternative financial services” like payday lenders and pawn shops. Serving these customers can be profitable, especially in a tough economy, but require solutions to positively identify a person who is not a customer of the financial institution. This business is today largely handled by check cashing stores, pawn brokers, but increasingly viewed as an opportunity to bring customer into stores (such as convenience stores and gas stations) by offering check cashing services. In check cashing applications, the ID card is required for initial account registration and for subsequent check cashing transactions.
Government Regulations: ID verification is required for any financial transaction that may require government reporting, such as in the US cash transactions over $10,000. In countries with foreign exchange regulations, transactions need to be reported by government ID number. Most foreign exchange windows require a valid ID.

Developments in Identification Documents

Post 9/11, it has become evident that government-issued identification (passports, national ID cards, driver’s licenses) were not sufficiently protected against forgery. The 9/11 Commission recommended that the U.S. improve its system for issuing identification documents, urging the federal government to set standards for the issuance of sources of identification.

For international travel, the International Civil Aviation Organization (ICAO) issues a standard for biometric passports, or e-passports. E-passports include biometric information on the passport holder on a secure chip. Public key infrastructure is used to authenticate the data stored on the passport chip. The United States (2) and most of the EU nations have adopted e-passports for all new passports issued.

Passports are only required for international travel, and are not typically used as ID in domestic commercial transactions where state-issued driver’s licenses are the primary identification documents.

Reputation Management is the Answer How Your Business Is Perceived

March 1st, 2022 by admin No comments »

Is it true that you are keen on finding out about dealing with your standing? Have you been searching for accommodating and solid data? Indeed, this article will ensure you get a few strong ideas. It will assist you with sorting out some way to more readily deal with your standing.

Posting data via online media locales is essential to your business’ standing. You should post a few times each week at any rate to actually run an advertising effort. Assuming you see that posting via online media locales is overpowering, consider recruiting an aide to make your posts for you.

At the point when individuals invest in some opportunity to offer something about your business, it is vital that you are sufficiently gracious to answer. While you might be an extremely bustling individual, it shows your crowd that you really care about them and what they need to say. This is imperative to keep a consistent client base.

At the point when you talk with your crowd, ensure that you do as such in a conversational tone. Individuals try to avoid the possibility of entrepreneurs continuously addressing them with promoting to them. While you would like to make a deal, you ought to never cause a client to feel like this is your main concern.

Be grateful. Assuming somebody leaves a decent audit about your organization, send them an individual message and express gratitude toward them for their criticism. On the off chance that conceivable, send your client a coupon for a specific percent off on their next buy as a much obliged. In the event that this is preposterous, earnestly say thanks to them for their input.

Assuming you will utilize anybody’s thoughts, you ought to constantly make a point to give them credit for that. Everybody out there can advance a little from others, so giving due credit will show individuals that you don’t think you are over that. This is an extraordinary method for getting their appreciation.

On the off chance that you own a business, treat your representatives consciously. Any other way, you might foster a negative standing as an entrepreneur. Certain individuals won’t give you business as a result of it.