iDMerit

Minors sneaking into clubs, alcohol-fuelled violence and drug peddling in bars and pubs is a chilling reality. Widespread scrutiny in Australia’s Queensland has led to the government coming up with a clever solution. This includes the implementation of ID scanners in clubs.

The MOBILE Act of 2017 could help an estimated 67 million unbanked or underbanked people in the United States access #MobileBanking services. Keeping convenience aside, this would also ensure that consumers are protected by the financial institution’s #identity #theft and #fraud policies. 

In the United States alone, medical Identity theft is costing the healthcare industry $80 billion to $230 billion, annually. It is imperative for the healthcare industry to become as impenetrable as the financial services industry. Healthcare providers, insurance providers and the governments must improve their identity authentication methods to curb the rise of medical identity theft.

Anti-Money-Laundering (AML) and Know-Your-Customer (KYC) regulations are financial security protocols in place to prevent fraudulent activity. As money is a limited resource – i.e., there is only a finite amount available, prevention of economic damage, especially through means that make a potential threat harder to track, is absolutely paramount.

Whether we know it or not, Identity Verification (“IDV”) touches virtually every part of our lives every day. From our morning coffee runs to our most important banking transactions.

First developed to help companies comply with Anti-Money Laundering (“AML”) and Know Your Customer (“KYC”) rules, IDV is now a vital component to the transaction ecosystems of ecommerce companies, financial institutions, online gaming, and even social media. Wherever risk needs to be determined and then mitigated, IDV is at play.