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Cyberfraud/ID Theft
One of the largest data breaches of 2019 for banks and financial institutions
Recognizing that innovation within the private sector can help financial services organizations better identify and report criminal financial activity
Banks and other financial institutions likely the biggest clients
Bad actors only need to identify, infiltrate and take advantage of the weakest link in the financial services chain
“Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability”
Four banks have signed on for the pilot, mostly in Australia
More than 650 branches and 2,400 service machines effected
The cost of fraud isn’t limited to the loss itself
Canada is a hotbed of money laundering crime in the same league as China, Iran, Paraguay
Advances in digital identity authentication are providing a better customer experience while shrinking the window for losses
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