The FDIC and the Financial Crimes Enforcement Network today published key takeaways and solution summaries from a recent “tech sprint” to develop solutions for banks and regulators 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, the FDIC and FinCEN sought solutions that would 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.
Teams proposed solutions that followed one of three distinct approaches: tools that would measure the effectiveness of identity proofing systems; development of a scoring methodology for remote identity proofing; and envisioning an identity provider consortium or platform.
