S P E C I A L I S T I N S I G H T
S P E C I A L I S T I N S I G H T
We must see regulators support this by fostering bilateral agreements , promoting FinTech partnerships and encouraging digital adoption over non-digital methods . They also ensure real-time foreign exchange rates and accurate fund settlements , creating a conducive environment for cost-effective remittance services .
With the rise in identity fraud , how do you see decentralised identity ( DID ) improving KYC processes and security for both banks and consumers in the near future ?
In 2023 , identity fraud losses amounted to US $ 23 billion in financial harm for American consumers . Decentralised identity
( DID ) offers a secure and efficient way to enhance KYC processes and protect both banks and consumers .
DID allows users to store and manage identity documents securely through digital wallets or distributed ledgers , reducing the risk of fraud and data breaches . Customers gain control over their digital identities , only sharing information when necessary , which builds trust and streamlines onboarding .
Banks benefit from tamper-proof storage and cryptographic verification , ensuring accurate authentication and improved security . DID also addresses AI-driven fraud , such as deepfakes , by offering robust protection against advanced fraud techniques .
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