Investment platform Further has announced a new partnership with digital identity provider Yoti, who will streamline the customer onboarding process, making it faster and easier for people to invest in their chosen funds.
Under Financial Conduct Authority (FCA) rules, Further is required to provide appropriate identity evidence for investors when transactions take place. This is to prove that all investors seeking to invest in a fund via Further are who they say they are.
By using Yoti for digital identity verification, Further says it will strengthen its KYC and AML processes, offer frictionless onboarding and faster processing times. Yoti’s digital identity checks take less than five minutes to complete; speeding up the identification process.
India is extending its Aadhaar-like identity programme to developing countries.
The International Institute of Information Technology, Bengaluru (IIIT-B) has developed an open-source foundational identity platform called the Modular Open-Source Identity Platform (MOSIP), which is currently being used by six countries – Sri Lanka, Morocco, the Philippines, Guinea, Ethiopia and the Togolese Republic – to provide digital identities to their citizens. West African nation Sierra Leone is also coming on board soon.
The programme is backed by the Bill and Melinda Gates Foundation (BGMF), Tata Trusts, Norad, and Omidyar Network, which have cumulatively provided Rs 150 crore in funding.
Infosys co-founder Kris Gopalakrishnan’s Pratiksha Trust has also committed $1 million to the project.
So far, in the Philippines, 71 million citizens have been registered using MOSIP, out of which 50 million have been issued identity cards. In Morocco, out of a population of 36 million, 150,000 have been issued unique identity numbers.
IIIT-B reportedly intends to reach a billion people in the next couple of years out of three billion people across the world who do not have an identity. Among other countries that have shown interest in using MOSIP are Uganda, Nigeria, Samoa, and Tunisia.
Mastercard has become the third credential provider to be accredited under the federal government’s digital identity system, joining Australia Post and the Australian Taxation Office.
The credit card giant revealed its accreditation as a credential provider and as an identity proofing level 1+ provider through the government’s trusted digital identity framework (TDIF) on Tuesday.
It means Mastercard’s digital identity service, ID, is now accredited for three out of the four roles supported by the TDIF, more than any other private sector organisations under the framework.
Equifax is to acquire Midigator, a US-based provider of post-transaction fraud mitigation solutions, expanding its global footprint in digital identity and fraud prevention.
Midigator’s automated, data-driven chargeback prevention and chargeback dispute management solutions complement the Equifax Kount Identity Trust Global Network. Equifax’s solution uses artificial intelligence (AI) to link trust and fraud data signals from 32 billion digital interactions, 17 billion unique devices, and five billion annual transactions across 200 countries and territories.
Midigator offers a technology platform designed to automate the dispute response process and to provide real-time data businesses need to know why chargebacks are occurring in the first place and better understand their customers. The resulting granular, post-transaction data, and digital signals complement the Equifax Kount dataset and augment AI-driven Kount preventative fraud products to combat the illegitimate chargebacks known as ‘friendly’ fraud as well as criminal fraud activities.
By combining the Kount pre-authorisation and preventative protection capabilities with Midigator’s complementary post-authorisation and automated chargeback technologies, Equifax aims to provide a complete solution that improve customer experience while helping businesses to protect and recover revenue.
The National Standard of Canada for digital trust and digital identity fundamentals has reached a periodic review period, leading Canada’s CIO Strategy Council to seek public input.
The proposed second edition of the ‘CAN/CIOSC 103-1, Digital Trust and Identity – Part 1: Fundamentals’ would further refine the characteristics and requirements for digital trust and identity, and expand its scope to include additional assurances for relationships between people and other people or organisations. New sections on leadership, planning and support have also been added to support adoption of the standard.
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Comments on the draft proposal are due by September 21.
Credas Technologies has been certified to perform digital identity verification for the Right to Work, Right to Rent and anti-money laundering checks that are being mandated in the UK.
The certification was announced by the UK’s Department for Culture, Media and Sport (DCMS), and makes Credas the fifth service provider certified to the Digital Identity and Attributes Trust Framework.
Customers of Credas’ anti-money laundering platform for property professionals can use it to perform required ID verifications to the minimum published standards for identity service providers. This puts them in line with the current strong recommendation by the government for agents, landlords and employers to use a certified IDSP for DBS background checks.
Persona has launched a new risk response and digital identity verification engine called ‘Dynamic Flow’ to allow customers to automate and customise verification processes for different user segments.
Real-time analysis of each user and use case is carried out with behavioral biometrics and a variety of active and passive signals, according to the company announcement.
Dynamic Flow enables authentication to be stepped up or bypassed. It provides a no-code flow builder, along with a customizable user interface and native funnel analytics to help customers understand their conversion pipeline and address points of friction.
The UK government is to begin testing technologies and greater use of biometrics for automated border identity verification checks as part of its newly published plans to develop, test and implement a “contactless digital border” at airports, ports and other entry points to the country.
These technologies “would allow some passengers to enter the UK and undergo automated border screening without going through an eGate or speaking to a Border Force officer, helping to speed up legitimate journeys to the UK,” the Home Office says.
“The passengers would instead undergo pre-screening and be identified at the border using the latest technology — ensuring the security of the border and the UK public. The Home Office aims to begin pilot testing in 2024.”
Greek citizens can now create, store and present digital versions of their national identity card and driving licence using a digital identity wallet on their smartphone.
The Greek government has begun rolling out the Gov.gr Wallet for both Android and Apple devices, enabling citizens to generate digital documents that can be used in Greece in the same way as their physical ID card or driving licence and incorporate a QR code and unique document code that allow a document’s authenticity to be verified by officials.
Daon, a global leader in identity assurance technology, has announced a new integration with Ping Identity, leveraging PingOne DaVinci, a no-code identity orchestration service. The partnership will enable Ping Identity customers a unified identity experience across all engagement channels and throughout all stages of the customer’s identity lifecycle by using Daon’s biometric authentication offering.
Minneapolis-based cybersecurity firm Entrust has confirmed it was hit by a cyberattack last month.
Entrust, which describes itself as a global leader in identities, payments and data protection, told TechCrunch that an “unauthorized party” was able to access parts of its system that are used for the internal operations on June 18.
“We promptly began an investigation with the assistance of a leading third-party cybersecurity firm and have informed law enforcement,” Ken Kadet, vice president of communications at Entrust, said in a statement. “While our investigation is ongoing, we have found no indication to date that the issue has affected the operation or security of our products and services, which are run in separate, air-gapped environments from our internal systems and are fully operational.”