{"id":17440,"date":"2020-10-08T12:47:33","date_gmt":"2020-10-08T19:47:33","guid":{"rendered":"https:\/\/www.trulioo.com\/?p=17440"},"modified":"2022-11-15T22:14:52","modified_gmt":"2022-11-15T22:14:52","slug":"identity-security-beats-speed","status":"publish","type":"post","link":"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed","title":{"rendered":"Identity security beats speed as remote onboarding becomes the new norm"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"600\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2020\/10\/Identity-security-beats-speed.jpg\" alt=\"Identity security beats speed\" class=\"wp-image-17442\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2020\/10\/Identity-security-beats-speed.jpg 900w, https:\/\/www.trulioo.com\/wp-content\/uploads\/2020\/10\/Identity-security-beats-speed-740x493.jpg 740w, https:\/\/www.trulioo.com\/wp-content\/uploads\/2020\/10\/Identity-security-beats-speed-48x32.jpg 48w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/figure>\n\n\n\n<p>In 2018, approximately $1 billion was illicitly laundered through various transaction types. That number very nearly <a href=\"https:\/\/www.technologyreview.com\/2020\/01\/16\/130843\/cryptocurrency-money-laundering-exchanges\/\" target=\"_blank\" rel=\"noopener noreferrer\">tripled to $2.8 billion<\/a> in 2019 of not-so-funny money run through cryptocurrencies and, increasingly, online businesses used with or without the owners\u2019 knowledge as fronts for washing ill-gotten gains. This is estimated to cost $200 billion annually in the U.S. alone in an average year. What about an \u201canything but average\u201d year?<\/p>\n\n\n\n<p>When the world went off its axis in 2020 due to COVID-19 and the utter disruption of life as we knew it, cybercriminals rejoiced in that chaos. Resulting cybertheft outbreaks attending the pandemic have put anti-money laundering (<a href=\"\/blog\/aml-compliance\">AML<\/a>) and Know Your Customer (<a href=\"\/blog\/kyc\">KYC<\/a>) firmly in the spotlight of financial institutions and merchants, as they are on the hook for security.<\/p>\n\n\n\n<p>It\u2019s a daunting problem, accelerated like so many things by the pandemic. According to the <a href=\"https:\/\/id.trulioo.com\/october-2020-aml-kyc-tracker.html\" target=\"_blank\" rel=\"noopener noreferrer\">PYMNTS September-October 2020 AML\/KYC Tracker<\/a> done in collaboration with Trulioo, \u201cThe United Nations estimates that up to $2 trillion \u2014 or 5 percent of the global gross domestic product (GDP) \u2014 is laundered each year, with criminals leveraging tactics as basic as exchanging gift cards and as elaborate as setting up brick-and-mortar businesses through which they can funnel cash.\u201d<\/p>\n\n\n\n<p>Identity solutions remain the best line of defense against <a href=\"\/blog\/aml\/cybercrime\">cyber fraudsters<\/a> in a time of remote onboarding on a global scale. New and enhanced solutions are being deployed with greater urgency now as the scope of pandemic-era fraud and cybertheft begin to be felt across the financial world, from government disbursements to instant money apps.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-just-the-right-amount-of-friction\">Just the right amount of friction<\/h2>\n\n\n\n<p>Remote onboarding is the way of the things now, and it\u2019s manageable when businesses are equipped with the right tools. It comes down to identity, and identity can be made secure.<\/p>\n\n\n\n<p>\u201cWith the rise in digital payment usage also came more fraud and online crime. As a first step to safeguarding against bad actors, companies must ensure they\u2019re paying close attention to the onboarding process,\u201d Trulioo Chief Operating Officer Zac Cohen told PYMNTS. \u201cBy taking a holistic approach \u2014 using a variety of identity verification and authentication methods to deliver the right level of risk protection \u2014 businesses can prevent these bad actors from accessing their customers.\u201d<\/p>\n\n\n\n<p>PYMNTS\u2019 September-October 2020 AML\/KYC Tracker notes, \u201cConsumers may find it frustrating to encounter difficulties in account opening, but they do recognize the need for ironclad security.\u201d<\/p>\n\n\n\n<p>The new Tracker cites a recent Trulioo study finding that 62 percent of <a href=\"\/blog\/document-verification\/online-account-opening\">consumers prefer onboarding experiences that rank security over velocity<\/a> across all industries except gaming. Fully 73 percent of consumers reported having \u201cbecome less tolerant of these deficiencies over the past few years,\u201d the Tracker states. It\u2019s a strong argument for the right kinds of friction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-visibility-transparency-and-verifiable-identity\">Visibility, transparency and verifiable identity<\/h2>\n\n\n\n<p>Illustrating issues and answers around the remote onboarding conundrum, PYMNTS\u2019 new AML\/KYC Tracker converses with Amit Sagiv and Volodymyr Tsukur, co-heads of Wix Payments, the payments processing wing of web development firm Wix.<\/p>\n\n\n\n<p>As the new Tracker observes, \u201cHaving a detailed and holistic view of customers\u2019 typical transactions helps payments processors identify and flag unusual ones that could be the result of money laundering.\u201d Wix\u2019s Sagiv added, \u201cWe know what they\u2019re about to sell, what products they added and removed; we know where they\u2019re doing their marketing.\u201d<\/p>\n\n\n\n<p>In other words, \u201cIt\u2019s a 360-degree overview from both the buyer perspective and the merchant perspective,\u201d he said, \u201cand with all the data points that we\u2019re collecting, we could really pinpoint the [merchants] that should be expelled from the platform.\u201d<\/p>\n\n\n\n<p>Visibility, transparency and verifiable identity comingle into a defensive matrix that cyberthieves are finding it increasingly difficult to breach. And customers can sense it.<\/p>\n\n\n\n<p>As Cohen told PYMNTS, \u201cIt is worth noting that customers expect safe, seamless and quick onboarding when they\u2019re signing up for a new mobile app. However, achieving a balance can be tricky. If companies make onboarding too complicated, they\u2019ll lose customers; on the other hand, if they don\u2019t have the right due diligence in place, they risk falling victim to bad actors. This is why having technology partners that can provide real-time identity verification in a safe and trusted way is crucial in today\u2019s digital environment.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-download-the-pymnts-september-october2020-aml-kyc-tracker\"><a href=\"https:\/\/id.trulioo.com\/october-2020-aml-kyc-tracker.html\" target=\"_blank\" rel=\"noopener noreferrer\">Download the PYMNTS September-October<br>2020 AML\/KYC Tracker<\/a><\/h2>\n","protected":false},"excerpt":{"rendered":"In 2018, approximately $1 billion was illicitly laundered through various transaction types. That number very&#8230;","protected":false},"author":8,"featured_media":17442,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[335],"post-types":[133,172,205],"post-topics":[193,215,135],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.1 (Yoast SEO v22.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Identity security beats speed<\/title>\n<meta name=\"description\" content=\"Identity seciurity remain the best line of defense against cyberfraudsters in a time of remote onboarding on a global scale.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Identity security beats speed\" \/>\n<meta property=\"og:description\" content=\"Identity seciurity remain the best line of defense against cyberfraudsters in a time of remote onboarding on a global scale.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed\" \/>\n<meta property=\"og:site_name\" content=\"Trulioo\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/trulioo\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-08T19:47:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-15T22:14:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2020\/10\/Identity-security-beats-speed.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Paul Valkama\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@trulioo\" \/>\n<meta name=\"twitter:site\" content=\"@trulioo\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Paul Valkama\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed\"},\"author\":{\"name\":\"Paul Valkama\",\"@id\":\"https:\/\/www.trulioo.com\/#\/schema\/person\/4dedbd41574b6b5754919a490ed4d5ae\"},\"headline\":\"Identity security beats speed as remote onboarding becomes the new norm\",\"datePublished\":\"2020-10-08T19:47:33+00:00\",\"dateModified\":\"2022-11-15T22:14:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed\"},\"wordCount\":715,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.trulioo.com\/#organization\"},\"articleSection\":[\"Individual Verification (KYC)\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed\",\"url\":\"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed\",\"name\":\"Identity security beats speed\",\"isPartOf\":{\"@id\":\"https:\/\/www.trulioo.com\/#website\"},\"datePublished\":\"2020-10-08T19:47:33+00:00\",\"dateModified\":\"2022-11-15T22:14:52+00:00\",\"description\":\"Identity seciurity remain the best line of defense against cyberfraudsters in a time of remote onboarding on a global scale.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.trulioo.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Individual Verification (KYC)\",\"item\":\"https:\/\/www.trulioo.com\/post-topics\/kyc\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Identity security beats speed as remote onboarding becomes the new norm\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.trulioo.com\/#website\",\"url\":\"https:\/\/www.trulioo.com\/\",\"name\":\"Trulioo\",\"description\":\"Building trust online (online identity verification services)\",\"publisher\":{\"@id\":\"https:\/\/www.trulioo.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.trulioo.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.trulioo.com\/#organization\",\"name\":\"Trulioo\",\"url\":\"https:\/\/www.trulioo.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.trulioo.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/Trulioo-Wordmark-Dark-Green.png\",\"contentUrl\":\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/Trulioo-Wordmark-Dark-Green.png\",\"width\":2784,\"height\":1464,\"caption\":\"Trulioo\"},\"image\":{\"@id\":\"https:\/\/www.trulioo.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/trulioo\",\"https:\/\/twitter.com\/trulioo\",\"https:\/\/www.linkedin.com\/company\/trulioo\",\"https:\/\/www.instagram.com\/trulioo_global\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.trulioo.com\/#\/schema\/person\/4dedbd41574b6b5754919a490ed4d5ae\",\"name\":\"Paul Valkama\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.trulioo.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ae0ad041b53eb878badb2c5744ad4691?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ae0ad041b53eb878badb2c5744ad4691?s=96&d=mm&r=g\",\"caption\":\"Paul Valkama\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Identity security beats speed","description":"Identity seciurity remain the best line of defense against cyberfraudsters in a time of remote onboarding on a global scale.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed","og_locale":"en_US","og_type":"article","og_title":"Identity security beats speed","og_description":"Identity seciurity remain the best line of defense against cyberfraudsters in a time of remote onboarding on a global scale.","og_url":"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed","og_site_name":"Trulioo","article_publisher":"https:\/\/www.facebook.com\/trulioo","article_published_time":"2020-10-08T19:47:33+00:00","article_modified_time":"2022-11-15T22:14:52+00:00","og_image":[{"width":900,"height":600,"url":"https:\/\/www.trulioo.com\/wp-content\/uploads\/2020\/10\/Identity-security-beats-speed.jpg","type":"image\/jpeg"}],"author":"Paul Valkama","twitter_card":"summary_large_image","twitter_creator":"@trulioo","twitter_site":"@trulioo","twitter_misc":{"Written by":"Paul Valkama","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed#article","isPartOf":{"@id":"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed"},"author":{"name":"Paul Valkama","@id":"https:\/\/www.trulioo.com\/#\/schema\/person\/4dedbd41574b6b5754919a490ed4d5ae"},"headline":"Identity security beats speed as remote onboarding becomes the new norm","datePublished":"2020-10-08T19:47:33+00:00","dateModified":"2022-11-15T22:14:52+00:00","mainEntityOfPage":{"@id":"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed"},"wordCount":715,"commentCount":0,"publisher":{"@id":"https:\/\/www.trulioo.com\/#organization"},"articleSection":["Individual Verification (KYC)"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed","url":"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed","name":"Identity security beats speed","isPartOf":{"@id":"https:\/\/www.trulioo.com\/#website"},"datePublished":"2020-10-08T19:47:33+00:00","dateModified":"2022-11-15T22:14:52+00:00","description":"Identity seciurity remain the best line of defense against cyberfraudsters in a time of remote onboarding on a global scale.","breadcrumb":{"@id":"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.trulioo.com\/blog\/kyc\/identity-security-beats-speed#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.trulioo.com\/"},{"@type":"ListItem","position":2,"name":"Individual Verification (KYC)","item":"https:\/\/www.trulioo.com\/post-topics\/kyc"},{"@type":"ListItem","position":3,"name":"Identity security beats speed as remote onboarding becomes the new norm"}]},{"@type":"WebSite","@id":"https:\/\/www.trulioo.com\/#website","url":"https:\/\/www.trulioo.com\/","name":"Trulioo","description":"Building trust online (online identity verification services)","publisher":{"@id":"https:\/\/www.trulioo.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.trulioo.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.trulioo.com\/#organization","name":"Trulioo","url":"https:\/\/www.trulioo.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.trulioo.com\/#\/schema\/logo\/image\/","url":"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/Trulioo-Wordmark-Dark-Green.png","contentUrl":"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/Trulioo-Wordmark-Dark-Green.png","width":2784,"height":1464,"caption":"Trulioo"},"image":{"@id":"https:\/\/www.trulioo.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/trulioo","https:\/\/twitter.com\/trulioo","https:\/\/www.linkedin.com\/company\/trulioo","https:\/\/www.instagram.com\/trulioo_global\/"]},{"@type":"Person","@id":"https:\/\/www.trulioo.com\/#\/schema\/person\/4dedbd41574b6b5754919a490ed4d5ae","name":"Paul Valkama","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.trulioo.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ae0ad041b53eb878badb2c5744ad4691?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ae0ad041b53eb878badb2c5744ad4691?s=96&d=mm&r=g","caption":"Paul Valkama"}}]}},"_links":{"self":[{"href":"https:\/\/www.trulioo.com\/wp-json\/wp\/v2\/posts\/17440"}],"collection":[{"href":"https:\/\/www.trulioo.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.trulioo.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.trulioo.com\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.trulioo.com\/wp-json\/wp\/v2\/comments?post=17440"}],"version-history":[{"count":0,"href":"https:\/\/www.trulioo.com\/wp-json\/wp\/v2\/posts\/17440\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.trulioo.com\/wp-json\/wp\/v2\/media\/17442"}],"wp:attachment":[{"href":"https:\/\/www.trulioo.com\/wp-json\/wp\/v2\/media?parent=17440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.trulioo.com\/wp-json\/wp\/v2\/categories?post=17440"},{"taxonomy":"post-types","embeddable":true,"href":"https:\/\/www.trulioo.com\/wp-json\/wp\/v2\/post-types?post=17440"},{"taxonomy":"post-topics","embeddable":true,"href":"https:\/\/www.trulioo.com\/wp-json\/wp\/v2\/post-topics?post=17440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}