ATLANTA, May 12, 2022 /PRNewswire/ — LexisNexis® Risk Solutions at this time introduced that Tracy Manning, director of economic crime compliance at LexisNexis® Risk Solutions, and her workforce have been spotlighted within the Federal Deposit Insurance Corporation (FDIC) and Financial Crimes Enforcement Network (FinCEN)-sponsored digital identity proofing Tech Sprint.
The Tech Sprint introduced collectively a various set of stakeholders throughout numerous sectors to develop a “scalable, cost-efficient, risk-based solution to measure the effectiveness of digital identity proofing to ensure that individuals who remotely present themselves for financial activities are who they claim to be.” Nearly sixty members took half within the Tech Sprint from March 11 to April 4, forming eight groups of specialists.
The organizers of the Tech Sprint chosen Tracy’s workforce, Team ConfIDence, made up of seven people representing monetary establishments, non-bank distributors and coverage specialists, for the creativity prize for its suggestion of a regulator-sponsored ID verification (IDV) effectiveness scorecard and testing sandbox designed to drive fast innovation in efficient and compliant identity proofing for distant onboarding inside digital channels.
The ConfIDdence scorecard offers an unbiased, credible and inclusive methodology for assessing the boldness of IDV in digital channels. By offering a scoring rubric, customers can consider assurance, regulatory compliance, inclusion, safety and adoptability.
“It is thrilling to receive this recognition from the FDIC and FinCEN for Team ConfIDence’s creative work to help shape the future of customer identification,” stated Manning. “In my role at LexisNexis Risk Solutions, I see every day how seamless customer experiences can and should co-exist with effective financial crime controls. Team ConfIDence’s proposed solution aims to meet that mark and create ongoing insights that can help shape the future of regulation. “Digital identity is on the forefront of the evolution monetary crime regulation, and I’m proud to be a part of a corporation that’s on the chopping fringe of this know-how.”
The shift towards digital commerce means higher comfort for shoppers, but in addition offers alternatives for cash laundering and sanctions evasion. Bad actors capitalize on anonymity, accelerated transaction speeds and inter-connectivity throughout a number of channels to aggressively goal companies for monetary crime schemes. As digital monetary crime dangers improve, companies are striving to stability the rewards of digital transformation with rising dangers and rising regulatory necessities.
LexisNexis Risk Solutions equips firms with instruments to combat criminals. One such software is LexisNexis® Financial Crime Digital Intelligence. This answer leverages the facility of shared international digital identity and site intelligence in LexisNexis® ThreatMetrix® to assist companies outsmart monetary crime and higher determine sanctions danger in near-real time, utilizing custom-designed insurance policies and automatic workflows that match their danger urge for food.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the facility of data and superior analytics to offer insights that assist companies and governmental entities cut back danger and enhance selections to learn folks across the globe. We present data and know-how options for a variety of industries together with insurance coverage, monetary companies, healthcare and authorities. Headquartered in metro Atlanta, Georgia, we’ve places of work all through the world and are a part of RELX (LSE: REL/NYSE: RELX), a worldwide supplier of information-based analytics and choice instruments for skilled and enterprise clients. For extra data, please go to www.danger.lexisnexis.com and www.relx.com.
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