KYC models need upgrade to cope with crypto, digital banking changes

Know Your Customer (KYC) and anti-money laundering approaches will need a complete overhaul to cope with the wave of digital change, the mainstreaming of blockchain technology and efforts to bank two billion unbanked people, says Ideco.

Know your customer (KYC) and anti-money laundering (AML) is a worldwide focus in the financial services sector, as regulators seek to embed greater transparency in transactions and stamp out raud and money laundering. But KYC and AML management models in their current form present challenges. “Effective KYC and AML are vital, as a wave of digital change and the mainstreaming of blockchain technology increases financial services’ risk profiles, but the current KYC and AML models need an urgent upgrade if they are to cope with future demands,” says Marius Coetzee, CEO of SA-based identity specialists Ideco.

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Biometrics: the game changer in access control

Biometrics is enabling a future in which authentication and access control is seamless, reliable and risk-free

By Marius Coetzee, CEO of South African Identity management experts Ideco

The principle of using technology for access control is not new – from the first keys to unlock doors, through to cards, access pins and early biometrics – enterprises and individuals have been using it to secure and gain access. What’s changing fast, however, is the way in which identity is confirmed and access is authorised. Advanced biometrics and integrated systems are enabling a revolutionary new way of managing access, which is so effortless, reliable and accurate that users barely know it is there.

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Biometric tech being deployed in SA could prove risky

The wrong technology in the wrong environment actually increases risk.

The use of biometrics is set to go mainstream in South Africa, as Home Affairs and local banks roll out major identification projects. But not all biometrics technologies are equal, and some may ‘come back to bite’ the enterprises rolling them out, warns Marius Coetzee, MD of South African Identity management experts Ideco.

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My Bank is using Biometrics :-0


I recently visited my Bank to get a replacement credit card as mine was compromised. As expected, I was required to present my fingerprints as part of the Bank’s identity verification process. For some reason, the online verification system could not find a fingerprint match and the Bank had to revert to traditional methods to confirm my identity.

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Do villains care about biometrics?

Inadequate biometrics systems could be creating a false sense of security in banks, security estates and office blocks, and in effect rolling out a red carpet to criminals.

By Marius Coetzee, Managing Director of leading identity fraud solutions provider Ideco

Biometrics-based security devices, in particular fingerprint readers, are now widely in use across South Africa. But in many cases, they could be creating a false sense of security among enterprises, and worse – serving to enable criminal activities.

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