Portfolio Category: Reports & Guides

Trust has always been a major obstacle for any business, and this hasn’t become easier with the increase of digital transactions. Companies need to know who they can safely do business with, especially those in the financial sector. Luckily, KYC is there to unmask customers and businesses alike.

But what exactly is KYC, why is it important, and what does it involve when it comes to banking? Simple. KYC is the process of verifying customers in order to prevent crime, while also boosting conversion rates. A three-step process is all it takes and IDnow is here to assist along the way. From CIP to CDD to continuous monitoring, our products such as AutoIdent can support your every need.

However, KYC isn’t just about unveiling the man behind the curtain. Rather, it provides companies the opportunity to improve their customer engagement, while enhancing trust in their organization. KYC isn’t a burden, but a tool for building a relationship that just gets better with time.

What will the future of mobility look like? Will inner cities be dominated by e-scooters instead of cars? Will people opt out of owning a car and instead turn to flexible sharing options? All these questions concern not only cities and regions, but the mobility industry as a whole, with identity verification being at the center of this new transportation age.

This report provides an overview of where the mobility industry is headed and the products that will assist in this new transition.

IDnow is proud to have sponsored Fluctuo’s recently published European Shared Mobility Annual Review.

The extensive mobility report features insights into the future of shared mobility, including a country-specific break-down of mobility trends and the increasing importance of identity verification technology.

Get Fluctuo’s largest ever report, featuring an analysis of 115 European cities, as well as an analysis of the entire European market.

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What’s inside:

• 2021-2023 market evolution
• Top 20 tenders in 2023
• 5 Country analyses
• 3 City focuses

With this study, IDnow and SBC Media set out to establish an industry benchmark for what the biggest compliance challenges of 2024 are and evaluate how they are likely to evolve during the year. The study looked at four areas: compliance, fraud, onboarding, and financial risk checks. It asked over 100 operators working in markets across Europe, the US, and Latin America about their experiences and expectations to obtain an international perspective on the industry’s biggest pain points.

The challenges faced by betting and gaming operators’ compliance teams are many and varied. As the industry continues its move towards regulation in new territories and tighter regulation in established markets, and the technological revolution keeps speeding ahead, those issues are in a state of constant change.

For too long, the UK has been regarded as the fraud capital of Europe, with Brits nearly nine times more likely to be victims of scams than their counterparts in Germany, for example. In 2023, with these numbers front of mind, the government has set the target of reducing fraud by 10% by 2025 and earmarked £100 million of additional funds to make it happen.

But what does the British public think about fraud in the UK, and what types of fraud do they believe pose the biggest threat? To answer these questions and more, we surveyed more than 2,000 UK adults for our inaugural IDnow UK Fraud Awareness Report.

The report shines a spotlight on the prevalence of fraud in the UK, especially in the banking sector, and suggests where consumer education needs to focus in the future. The results reveal a shocking disparity in awareness of the different types of fraud, as well as some worrying behavioral trends.

As most people return to their pre-pandemic lives, the travel industry is seeing a surge in bookings that are reaching pre-pandemic levels. After such a long dry-spell, many of us are ready to get back out there and explore. However, the fraudsters are not far behind.

When it comes to booking accommodations at hotels during travel, verifying a customer’s identity is extremely important. Not only does it provide peace of mind for the guest, especially contactless check-ins, but it also provides the security the hotel needs to prevent the many different types of fraud seen in the hospitality industry.

But this rise in fraud will not rain on the travel booking parade. Thanks to IDnow’s automated identity verification service, hotel fraud can be prevented.

There are many different types of hotel fraud in the hospitality industry. Learn about the most common examples as well as how to prevent them in our ‘Hotel Fraud in the hospitality industry’ ebook.

With upcoming regulations from the EU and the UK in 2023, the crypto asset market is about to receive a level of protection and accountability that it has never experienced. But, will bringing cryptocurrency into the mainstream, and adding stability have a positive effect on crypto exchanges, or will organizations simply decide to trade elsewhere?  

The ‘Preparing for the known: Operating in a world of crypto regulation.’ whitepaper explores the challenges facing UK crypto exchanges in the brave new world of regulation. 

Will the launch of the Digital Identity and Attributes Trust Framework (DIATF) encourage British companies to finally embrace digital identity verification?

Are the British finally ready to change the habits of a lifetime, and embrace digital identities and digital identity verification? The UK government and FCA are banking on it. Indeed, the very future of the UK economy may depend on it. 

The ‘Identity crisis? The future of digital identity in the UK’ whitepaper explores how the UK’s historical hesitancy to adopt identity cards has informed the current government’s unique approach to digital IDs. It also explains how digital identity verification solutions can unlock valuable economic and societal opportunities, tackle fraud, and improve customer conversions and the consumer experience. 

While there was certainly an increased demand for digitised customer experiences across every sector before 2020, the COVID-19 pandemic undoubtedly accelerated the needs for greater remote access. The banking sector was no different from this. With customers unable to simply walk into their local high-street branch, digital adoption soared and has continued even as the pandemic continued to approach its end.

This research helps to better understand customer feeling towards identity proofing and digital banking services in the UK. It focuses on current customer perceptions and experiences of opening an online bank account and also seeks to uncover concerns and fears surrounding the management of personal finances online.

The research clearly indicates that digital processes are increasingly important to consumers of all ages from around the UK. While many of those surveyed still hold a traditional bank account, there is a huge opportunity for both high-street banks and challenger banks to attract new customers from competitors who do not offer efficient and secure digital banking.

Identity Fraud continues to be a growing problem in Europe, with fraudsters creating increasingly sophisticated methods to acquire personal information. And even though this past year saw a decrease in Similarity Frauds, Social Frauds were on the rise. But what exactly are the most common fraud patterns and where are they occurring?

Fraud schemes such as Social Engineering, Counterfeit Fraud, and Authorized Push Payment Fraud are just a few of the many techniques experts have observed, with countries such as Italy, Spain, France, and Germany attractive locations for their occurrence. However, despite these observations, the overall Fraud Detection Rate has remained seemingly high.

IDnow’s patented solutions, such as VideoIdent, provide the highest security and data protection. Plus, combined with the expertise of fraud experts, you can rest assured that your customers will be able to identify themselves in a heartbeat while committing to the highest security standards. It’s a perfect balance of security and convenience.

How can you set up a KYC process that satisfies your customers, while meeting regulatory requirements?

With money laundering accounting for 2-5% of global GDP and the rise in popularity of digital experiences, particularly online transactions, the risks of fraud and identity theft can put a brake on the smooth running of business, especially in the banking sector.

For this reason, the KYC “Know Your Customer” process has become a major element in securing day-to-day financial transactions.

Our guide explains the importance of the KYC process in the banking sector. Fill out the form to get your free copy.

The UAE is becoming an increasingly important global financial hub, with the powerhouse cities of Abu Dhabi and Dubai at the forefront, balancing innovation with forward-thinking regulation. As the financial services industry and a flourishing fintech ecosystem develops in the region, so too does the need for safe, secure and speedy solutions for digital identity proofing.

There is also a growing desire amongst UAE consumers for convenient onboarding processes, confirmed by commissioned public research and independent data analysis. Digital verification and proofing can enhance the customer experience and reduce friction at the bank account opening stage, ensuring a seamless end-to-end journey.

With some of the world’s highest rates of internet and smartphone penetration, the UAE is well placed to rapidly adopt truly digital onboarding solutions. For customers and institutions alike, it can help save time, decrease manual administrative processes and reduce account approval procedures from several days to a matter of minutes. Through robust digital identity proofing, the UAE’s financial services sector can evolve to meet customer needs.

As the crypto market keeps rising, one could say that crypto is the new currency. With more and more corporations jumping on this new bandwagon, crypto payments are what’s hot. But what exactly are these new crypto industry trends everyone is talking about and the regulations that are following?

Terms such as NFT, Metaverse, and Decentralized Finance are just a few of the driving trends in this growing market. New products and experiences are being tailored to these technologies and it isn’t slowing down anytime soon. But despite these new breeds of cryptocurrencies, there are always risks that follow. Fraudsters want their share of the riches, and lawmakers are trying to keep up with this fast-paced industry.

Embracing these inevitable regulatory trends are key and need not be looked at as a burden. Instead, compliance can put you ahead of the game, and in the end, benefit from a seamless KYC process.

The digital world operates with almost as much consistency and traffic as the physical world. The number of users in Europe’s e-commerce market alone is projected to hover around more than 500 million users by the end of 2021. A significant portion of these ever-increasing digital activities happens in online marketplaces with global sales on online marketplaces projected to be as much as $7 trillion in 2024.

Online Marketplaces Fraud – ID Verification to the Rescue

These “online marketplaces” are the new rave, and nearly everyone provides or enjoys at least one product or service via this medium. The ability to receive, hold and pay money makes online marketplaces a treasure trove for identity theft and, ultimately, financial fraud.

The need for user-friendly and fast digital processes is greater than ever. Not only have customer expectations changed over the last few years – users expect services to be available within minutes, not days – but the current situation has also forced many companies to act and adapt quickly.

Fraud on the rise.

COVID-19 is a significant distraction for management and employees, and large numbers of employees are now working remotely. Criminals use sophisticated analysis to seek out weak spots and to take advantage of flimsy controls and poor IT security. Based on a report by consulting firm PricewaterhouseCoopers (PwC), individual organisations recorded a 40 percent increase in attempted cyberattacks within a week of the lockdown.

IDnow’s Trend Report: Identity Fraud outlines different fraud methods used by fraudsters and explains how IDnow is able to identify and prevent fraud utilising the best of both worlds: Highly developed technology and human instinct.

In July 2016, the qualified electronic signature (QES) completely entered the mainstream following the EU regulation known as eIDAS. Since then, it carries the same significance throughout the entire European Economic Area (EEA). In our white paper, IDnow explains why such a solution is worth its weight in gold in the digital age and why it’s relevant for all industries.