Category: Think-Tank

Welcome to our Think Tank category, a dedicated space designed to host thought-provoking discussions and thorough analyses related to the future landscape of fintech. As an influential player in the fintech industry, we believe in the power of knowledge sharing and the exchange of insights as a means to cultivate an environment that fosters innovation and thought leadership.

The Think Tank is a hub of articles that span an array of topics. We delve into everything from the profound impact of regulatory changes on fintech to the transformative role of artificial intelligence within the realm of financial services. Our objective is to provide a forum for insightful discourse that stimulates thought, encourages debates, and acts as a catalyst for innovation.

At Signzy, our passion lies in exploring and envisioning the future of fintech, and sharing our vision with the world. Our Think Tank is a testament to this passion. It’s a platform where we showcase our ideas, share our insights, and make predictions about the evolution of the fintech industry.

Whether you are a fintech professional at the forefront of industry developments, a business leader steering your organization through the digital landscape, or an individual intrigued by the future of finance, our Think Tank offers a treasure trove of thought-provoking insights and stimulating discussions.

We invite you to join us on this exciting intellectual journey as we explore the future of fintech, sharing our vision for a financial landscape that is more efficient, secure, and customer-centric. Step into our Think Tank, where ideas fuel innovation and discussions shape the future of fintech. Let’s explore, question, and envision the future of finance together.

Banking Frauds

Top 5 Emerging Banking Frauds in 2024

Posted on | by Signzian

The Reserve Bank of India reported that in the financial year 2023, bank frauds amounted to more than 302.5 billion Indian rupees, marking a decrease from over 1.3 trillion rupees in 2021. However, the number of bank fraud cases increased to more than 13,000 in 2023, up from the previous year! 

The financial sector in 2024 stands at a pivotal point, balancing on the edge of technological innovation and the rising tide of sophisticated fraud schemes. The digital era has not only transformed the way financial services operate but also how fraud is committed. This shift demands a proactive and knowledgeable approach to safeguard against emerging threats. 

In this comprehensive exploration, we delve into the top five fraud trends anticipated in the financial sector in 2024 and outline robust strategies for their mitigation. 

Deepfake Technology in Identity Fraud

One of the most alarming developments in digital fraud is the use of deepfake technology. Deepfakes, which leverage artificial intelligence to create hyper-realistic but entirely fabricated images and videos, are increasingly being used in identity fraud. Fraudsters can now create convincing fake IDs, or even video calls to impersonate clients or officials, leading to unauthorized access to financial accounts and sensitive information.

In 2023, we witnessed a 30% increase in deepfake-related crimes, and this trend is only expected to rise in 2024. The financial sector, with its reliance on digital identity verification, is particularly vulnerable. The sophistication of these fakes makes them challenging to detect, posing a significant threat to the integrity and security of financial transactions.

Mitigation Strategies:

Combatting deepfake-related fraud requires a multi-faceted approach:

  1. Advanced Detection Technology: Implementing AI-driven verification systems that can detect anomalies and inconsistencies in digital images and videos is crucial. These systems should be trained to recognize the subtle signs of deepfake manipulation.
  2. Biometric Verification: Incorporating biometric data, like fingerprints or retina scans, adds an additional layer of security. Unlike visual representations, biometric data is much harder to replicate or forge.

Sophisticated Phishing Attacks via Artificial Intelligence

In 2024, AI-enhanced phishing attacks are becoming increasingly sophisticated. These attacks use AI to tailor messages and bait that are incredibly convincing and personalized, making them harder to distinguish from genuine communications. Such attacks can result in unauthorized access to sensitive financial data and substantial financial losses.

Mitigation Strategies:

  1. Advanced Email Filtering Solutions: Employ AI-driven email filtering tools that can detect and block sophisticated phishing attempts.
  2. Regular Security Training: Conduct frequent training for employees to recognize and report advanced phishing attempts.
  3. Multi-Factor Authentication (MFA): Implement MFA to add an extra layer of security, reducing the risk of compromised credentials.
  4. Real-Time Monitoring and Response: Establish a 24/7 monitoring system to detect and respond to phishing attacks promptly.

Cross-Border Transaction Frauds

As global financial transactions increase, so do cross-border frauds. These involve complex schemes that exploit differences in regulatory environments across countries, making detection and recovery difficult.

Mitigation Strategies:

  1. International Collaboration: Collaborate with international financial institutions and law enforcement agencies for information sharing and joint efforts in fraud prevention.
  2. Advanced Analytics: Utilize advanced analytics to monitor and analyze cross-border transactions for suspicious patterns.
  3. Customer Verification: Implement stringent customer verification processes for international transactions.
  4. Regulatory Compliance: Ensure strict adherence to international financial regulations to prevent exploitation.

Vulnerabilities in Digital Customer Onboarding and Verification

The shift towards digital customer onboarding in the financial sector, while convenient, has opened up new vulnerabilities. Fraudsters are increasingly exploiting these weaknesses, especially in identity verification and customer due diligence processes. This trend is manifesting in various forms, including synthetic identity fraud and manipulation of digital documentation.

Mitigation Strategies:

  1. Advanced Identity Verification Tools: Leverage cutting-edge technologies like biometric verification and AI-driven document analysis to enhance the accuracy of identity verification.
  2. Ongoing Process Evaluation and Enhancement: Continuously assess and refine digital onboarding processes to address emerging vulnerabilities.
  3. Integration of Diverse Data Sources: Employ multiple and varied data sources to corroborate customer information, strengthening the verification process.

KYC Data Breaches and Manipulation

KYC data is a goldmine for fraudsters. In 2024, there is a growing trend of sophisticated attacks aimed at breaching and manipulating KYC data. These breaches not only threaten customer security but also undermine the credibility of financial institutions.

Mitigation Strategies:

  1. Robust Data Security Measures: Implement and constantly update data encryption and other security measures to protect KYC data.
  2. Regular Security Audits: Conduct frequent and thorough audits of KYC data handling and storage practices.
  3. Advanced Anomaly Detection Systems: Use AI and machine learning-based systems to detect unusual patterns in data access or modification, indicating potential breaches.

As we navigate through the evolving landscape of financial fraud in 2024, it becomes clear that the challenges are as dynamic as they are daunting. The trends identified – from the misuse of deepfake technology and AI-enhanced phishing attacks to the vulnerabilities in digital customer onboarding and the sophisticated breaches in KYC data – all point towards an urgent need for innovative and robust countermeasures. This is where Signzy’s expertise and solutions become invaluable.

Signzy, with its cutting-edge technological capabilities and deep understanding of the financial sector, is uniquely positioned to address these emerging threats:

  1. Combatting Deepfake and AI-Phishing Threats: Signzy’s advanced AI-driven solutions can play a pivotal role in detecting and neutralizing deepfake manipulations and AI-based phishing attempts. By integrating sophisticated algorithms capable of identifying even the subtlest anomalies, Signzy can provide a crucial layer of defense against these highly advanced fraud techniques.
  2. Securing Digital Customer Onboarding: Signzy’s technology excels in enhancing the security of digital onboarding processes. By utilizing a combination of biometric verification, real-time data analysis, and AI-powered document verification, Signzy can significantly reduce the risk of identity fraud and ensure a secure onboarding experience.
  3. Safeguarding KYC Data: In the face of increasing KYC data breaches, Signzy’s secure data handling and encryption methodologies are essential. By employing rigorous data protection measures and conducting regular security audits, Signzy ensures the integrity and confidentiality of sensitive customer information, thereby fortifying trust and compliance.
  4. Empowering Institutions with Real-Time Analytics and Compliance Tools: Signzy’s real-time analytics and compliance solutions enable financial institutions to stay ahead of fraudsters. By providing advanced tools for monitoring transaction patterns and customer behavior, Signzy aids in promptly detecting and responding to suspicious activities, thereby mitigating potential fraud.
  5. Partnering for a Secure Financial Ecosystem: Signzy’s commitment to collaboration and innovation positions it as a leader in the fight against financial fraud. By partnering with financial institutions, regulatory bodies, and technology experts, Signzy fosters a more secure and resilient financial ecosystem.

Together, let’s turn these challenges into opportunities to build a more secure, trustworthy financial future. The next step in financial security isn’t just about fighting fraud; it’s about pioneering the path forward!

Visit www.signzy.com for more information about us.
Contact us directly!

Online KYC To Prevent Data Breach- 4 Things To Understand Its Relevance In Cybersecurity

Posted on | by Signzian

According to IBM, the typical cyberattack costs $3.86 million, and it takes 280 days to discover and contain. Additionally, the market for basic cybersecurity worldwide will be worth $403 billion by 2027, growing at a 12.5% compound yearly growth rate. For the longest time, KYC in all forms (including Online KYC) and basic cybersecurity have operated as independent fields. Protecting businesses against external threats like antivirus software, firewalls, etc., has been referred to as cybersecurity. However, the KYC process has been incorporated into the company’s client onboarding procedure to guarantee that the new user is qualified after passing the security tests.

Another effect of the coronavirus outbreak is the fusion of Online KYC and basic cybersecurity. Online businesses proliferated when lockdowns confined individuals inside of their homes. But regrettably, it also puts daily life subject to cyber attacks. Since the pandemic breakout, 71% of IT and security experts worldwide have noticed increased security risks and attacks.

Here are 4 things to understand about the use of Online KYC in basic cybersecurity.

1. What Exactly Is The KYC Process?

In the global economy, financial institutions are more exposed to criminal activity than ever before. Know Your Customer (KYC) guidelines have been developed to safeguard financial institutions from fraud, corruption, money laundering, and financing of terrorism.

KYC is used in the following:

  • Determining the identity of the customer
  • Recognizing the kind of activities that customers engage in
  • Make sure the money is coming from a reliable source.
  • Evaluating the danger of money laundering

Business owners have traditionally valued KYC Processing. It used to be required for regulated companies, but since technology has evolved and the bulk of services are now provided online, it has become increasingly important for every company. It serves as the customer’s first point of identification because it includes biometric data like fingerprint, IRIS, and face. They make sure to verify uniqueness before offering any services as a result.

2. KYC and Basic Cybersecurity?

Businesses reported fraud-based losses resulting from account opening and account takeover in 57% of cases. It indicates that cyber dangers are gaining access to KYC procedures and that further security measures are necessary. Businesses currently provide safe Online KYC solutions for increased cybersecurity.

Facial liveness solutions that employ artificial intelligence and machine learning technology to provide a failsafe verification process are assisting in preventing fraud. Today, the same can be done with a selfie or fast video chat, contrary to earlier perceptions that it was impossible to do facial liveness checks without physical verification. As a result, social media networks can use such technologies to stop cybersecurity frauds.

3. Online KYC’s Role In Ensuring Seamless Identity Checks

Companies and enterprises can choose to integrate ML algorithms and Online KYC APIs easily. They are simple to integrate into any organization’s primary business applications. It makes it possible for verified consumers to be onboarded and for the customer experience to be smooth. In addition, document validation uses AI and ML technology.

Technologies like document verification and optical character recognition (OCR) extraction are also emerging. They provide the businesses the authority to collect altered photographs. Similar to how OCR software identifies, extracts, and assembles letters into words and phrases from an image. Additionally, it is advantageous against data breaches.

4. What Can Governments Do?

Governments can actively assist businesses by assisting with consumer identity checks. Unique IDs, like the Aadhaar cards used in India, are one such method. Governments’ readiness to give necessary APIs to the private sector, where possible, can ensure that KYC processing is completed in addition to setting up Unique IDs. Additionally, it will help to eradicate cybersecurity fraud and data breaches.

Conclusion

Nowadays, Online KYC can be completed quickly and affordably thanks to contemporary technology, which also improves cybersecurity. At the moment, Online KYC and basic cybersecurity coexist in the same world. Companies are now asking pertinent questions about cybersecurity due to the post-pandemic shift in the security paradigm. They want to integrate seamless and secure operations to maintain their customers, data, and reputation. Never let your guard down as a corporation, and keep an eye out for technological solutions that guarantee cybersecurity during the Online KYC processes.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

 

$5 Trillion

Fintech’s Role in India’s $5 Trillion Ambition

Posted on | by Signzian

As India sets its sights on achieving a $5 trillion economy by 2026, the fintech industry emerges as a pivotal player in this grand vision. Combining the power of technology with finance, fintech is transforming traditional banking, facilitating seamless digital transactions, and bridging the financial inclusion gap in the country. With its ability to offer innovative solutions, from digital payments to alternative lending, fintech is not just modernizing the financial landscape but also catalyzing economic growth by driving investments, creating jobs, and enhancing consumer experiences.

In 2019 Prime Minister Narendra Modi envisioned making India a titan with a USD 5 trillion economy and a global powerhouse by 2024-25. With this, India would be the third largest economy in the world with every financial company powering the change.

Although almost all industries have contributed to India’s growth in the past decade, financial technology significantly impacts achieving the goal. A major factor for this is the relentless adoption of automation in the sector.

India’s digital journey has been a unique one. It probably started with the Digital India campaign in 2015, which aimed to promote greater financial inclusion – India’s population has grown to over 1.4 billion, and significant steps have been taken toward digitization.

The Government’s Role In The Fintech Industry

The government-initiated campaign had three main components: 

  • Digital Infrastructure Creation
  • Digital Delivery of Services
  • Digital Literacy

To a large degree, the movement empowered the people and continues to impact the country’s growth positively. 

Today, we have the following:

  • Aadhaar ID system
  • Unified Payments Interface (UPI)
  • Enhanced internet connectivity
  • A nation with a large portion of digital natives
  • Some of the fastest-growing and most successful fintech industry startups

With the digital revolution that has been happening, people are getting greater and easier access to financial services. This fundamentally changes consumers’ financial behavior from a preference for cash to e-wallets and UPI. UPI is one of the significant driving factors in India that has gotten consumers to use payment services on their mobile phones. Changing payment habits are driving changes in banking and financial services in India.

Financial Companies Into E-Commerce

As e-commerce took off in India, with companies like Amazon and other e-commerce players entering the market, consumers transitioned to digital payments like Google Pay, Paytm, QR payments, etc.

They also became habituated to using digital authentication methods from:

Some of these were introduced out of necessity to cater to consumers in cities with varying internet access and mobile penetration levels.

As account opening modes transform from in-person transactions to in-person remote events, the question, ‘is the client legitimate?’ becomes difficult to answer. Moreover, with the growth of digital businesses comes the growth of fraud and risk. So it’s critical for banks, financial services providers, and non-financial banking institutions (NBFCs) to ensure a secure verification process from the point of onboarding.

Interestingly, over the last few years, video/online KYC has revolutionalized the KYC process between banks and consumers, whether it happens in person or remotely. In addition, consumers have also become habituated to smartphone verification as it becomes part of an account opening process or ongoing banking transactions.

Fintech For Five Trillion- Together, We Shall

The payments revolution also drives other shifts within the ecosystem, particularly in the lending industry, as banking and financial services move away from conventional operating methods. We are seeing more “openness” from the overall digitization of products, services, and offerings to API unification across some of the larger banks in India. Banks also collaborate with fintech industry startups to bring some innovative products to life.

These collaborative projects, along with new initiatives by the government, including the open banking drive, have propelled India to the forefront. 

At the organization level, high-growth companies need working capital to ensure their innovative ideas and services can launch successfully. These companies may be smaller compared to typical multinational corporations. If they are being evaluated using traditional financial instruments used by banks and NBFCs, they would be less likely to get approval for the loans required because several data points wouldn’t be available. As part of the government’s vision to bring the Indian population into the digital age, IndiaStack and other vital frameworks help make some of these data points available.

On the consumer level, with the amount of transactional data available as digital activity increases, data privacy and security will be of concern. For example, how risk profiles are being built from payment transaction data, what is in payment transaction data, how fraud is being managed, etc. – these topics that we often hear from consumers, banks, and the fintech industry.

Fintechs Are Improving 

Although Fintech has seen considerable developments in the past few years, creating a new-age financial framework in a country with diverse demographic and linguistic diversity can be daunting.

All stakeholders, from banks, fintech companies, financial services firms, government regulatory institutions, and value-added services, must address the current challenges and ensure inclusive growth through valuable innovative services and products.

Some more improved and relevant fintech innovations include:

  • Fraud-proof e-Stamp with unique identification number
  • E-Way bill – a goods movement compliance mechanism
  • GeM- Government e-Marketplace
  • TReDS- Trade Receivables Discounting System that facilitates MSMEs to receive payments from any corporates through e-banking rightly
  • GSTN for any checking claim on input tax credit
  • Bharat Bill Payment System- an integrated bill payment system where customers can through a network of registered agents through multiple payment modes.

It is necessary to supplement these initiatives with strong policy measures that enable their adoption at scale rather than just being siloed and fragmented success stories.

New-To-Credit (NTC) Customers And Risk Management

India’s current credit gap is nearly INR 16.6 lakh crore. Most of these are small-ticket loans sought by New To Credit(NTC) customers or individuals. They are usually unserved or underserved by conventional financial companies. Financial technology startups are striving to bridge this credit gap with flexible loans. They combine low-cost digital payment modes with innovative delivery models and data science to assess creditors’ creditworthiness and avoid payment defaults.

Many verification tech providers using traditional data points effectively exclude most of India’s population because many of us are new to credit. An excellent financial technology service provider should ensure accessibility with documents such as passports, driver’s licenses, residence permits, and of course, Aadhaar. They need to provide the right resources

Alternative credit scoring is also part of our solution for Indian companies. Credit scoring impacts how businesses evaluate their prospects and customers, from insurance to Ola or Uber rides. Consumers without specific financial data points aren’t necessarily unlendable. De-risking through a broad exclusion of NTC customers in India means losing out on a significant potential consumer base. Multi-platform score, joint modeling, and email detection are part of what we can offer as a more comprehensive alternative scoring solution. I think it’s also noteworthy that these data and insights don’t just help verify customers; they also help businesses build a better understanding of their customers and make better decisions for a longer-term business impact.

Why And How Signzy Enables Financial Companies With The Goal

At Signzy, we consider all the above concerns while crafting solutions. To improve digital payment penetration, we create resources that require very little expertise to integrate and, more importantly- use.

NTC customers need special attention, which we ensure with good ID Optical Character Recognition (OCR) for documents and Face Recognition tech for individuals. It will help make sure businesses can recognize high-risk and unsuitable customers right at the beginning and in an automated fashion.

All this is done using No-Code AI-driven resources that can be integrated seamlessly. We also have patented tech and no code workflow builders that shape the new edge tech required in the market.

So if you seek to improve your venture’s processes, Signzy certainly can help you. Check out our website.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

 

Data Fabric To Weave Safer Financial Technology- How It Can Be Used To Improve Financial Services

Posted on | by Signzian

The excellent offerings of fintech firms derive from the creativity of startup founders and the people they drive to work for their companies, who have changed the financial technology industry as we know it. These innovators see everything possible and let their imaginations run wild when crafting ways to enhance our digital interactions. As a result of this dynamism, some fintech startups have achieved incredible success.

Conventional banks are catching up with newer fintech companies by providing fintech-like experiences and innovative new products. Perhaps these banks are inspired or threatened by what they see in the fintech industry. But, regardless of their drive and motivations, they are increasingly willing to up their game to the plate and compete with novel fintech offerings. This is because fintech and multiple banks — at least those that want to be around in the future — clearly understand that state-of-the-art technology is vital to remain competitive in the sector.

Thus, banks, other financial institutions, and fintech companies deploy new technology to meet their implied promise to customers that if the customers come to them, they will get better services, offerings, and products. This is how AI-artificial intelligence, machine learning, deep learning, big data, and data science have entered the finance industry. Therefore, financial institutions should obtain as much data as possible to use this technology and provide a competitive service and good user experience without compromising data privacy.

The Fundamental Requirement In Financial Technology

This fundamentally requires financial institutions(FIs) to consider the regulatory constraints on data access and use. A further challenge is that, while many companies might be great at collecting mass and personal data, they may actually have difficulties uncovering actionable insights that could help them provide better banking offerings and customer experiences. It certainly does not help that more extensive and older financial companies deal with data silos, legacy systems, and unstructured data. And then, there is the big baddie of cyber security, which leads many executives to hold back when developing new strategies for collecting and using customer data.

Data is the new oil. It’s precious, but they can not use it if it is unrefined. It has to be transformed into gas, plastic, chemicals, etc., to create a valuable entity that drives profitable activity, so all data(even personal data) must be broken down and analyzed to generate value.

Many would agree with this analogy. But unfortunately, companies have difficulty truly managing the vast amount of data and information available in our technologically networking world. This data is stored in various formats and places, making it challenging to fully utilize its power and potential. In addition, this data is increasing exponentially due to the digital footprint that all the customers leave on all the available online services they use.

Data Fabric- Handling The Issue Of Mass And Personal Data In Financial Technology

The problem is that we have too much data. This is precisely where data fabric will help companies. The data fabric’s value is that it enables improved insights because it provides access to more data from an extensive pool of varied and distributed data sources. This is on-premises or in public clouds that businesses usually use and identifies the specific relationships between data to provide better context. In addition, the data fabric ensures proper data governance, which is vital when scaling the utilization of data for analytics and AI.

This ensures proper data governance and allows companies to implement a winning technology strategy. In addition, a data fabric architecture will enable companies to utilize a hybrid and a mixture of multiple clouds, allowing portability in data storage and applications. For instance, IBM’s definition of a hybrid cloud includes on-prem data stores and applications, not necessarily just an on-prem private cloud.

Despite the challenges and hurdles posed by an excess of data, numerous players in the financial technology sphere are moving in the right direction, seeking to overcome the significant obstacles that come with the increased implementation of artificial intelligence and customer demands for personalization. Data fabric addresses multiple issues companies face in their attempts to better and update their technology strategies. Furthermore, it helps institutions comply with strict privacy regulations while using customer data.

Taking It A Step Further

In financial technology services, tech-savvy users long for personalized offerings that consider their financial history and present financial situation to give solutions based on the current requirements and anticipate future needs. To meet this requirement, companies need many data points to make sense of the vast amount of data collected from their customers and give them comprehensive solutions.

If a company knows its customers better and designs solutions based on this knowledge, there will be benefits for the customer and the company.

Many would wish financial companies to take their sophisticated pasts and presents into account to provide them with a more “humanized” banking experience, regardless of the growing use of technology required to reach this.

Faster extraction of the insights is a value of a data fabric; the embedded capability of governance ensures that appropriate data privacy and security is maintained — this is especially critical in the FSS industry. Also, data does not have to be moved and can stay secure at its source per the comment above is essential for highly regulated industries such as Financial Services.

Suppose a company is not up to speed with the better, richer insights gained from properly implementing a data fabric architecture. In that case, it will likely lose out to its competitors. The primary reason is that the customers may move to newer banking providers whose financial solutions are better matched to their current life situation and seamlessly adapt to their future needs.

Racing The Race With Data Fabric

The race is becoming increasingly tense — within the crowded space of new financial competitors, ranging from fintech startups and banks to non-financial companies taking advantage of this embedded-finance trend.

For the future victors in the financial sphere, the right data fabric strategy is not merely an option but a necessity. 

Any such form of revamping or upgrading in any organization, done alone, is not smart. It’s always better to see how experienced experts can help you out. Signzy holds a plethora of resources that can improve your processes to a greater extent. With our AI-driven products and services, you can make things better.

About Signzy

Signzy is a market-leading platform that is redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering totally customizable workflows. It gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru, and it has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Top Security Trends In FinTech For 2022

Posted on | by Signzian

There’s an unexpected and rapid evolution in the FinTech industry, which is being driven by technology. This tech-led development has made changes to the way we think about banking and payments. As a result, consumers are slowly transitioning to digital payment methods.

2021, like every year, saw several significant cyberattacks and data leaks that exposed the personal information of millions of consumers online, and 2022 would be no exception. In the first half of 2021, more than 98.2 million people were victims of the top ten data breaches, according to ITRC and the U.S. Department of Health and Human Services.

New research by Skybox Security shows that as much as 73% of CIOs and CISOs underestimate the risk of cyberattacks as they are too confident in their ability to detect and respond.

Under the purview of cyber security, it has become more vital than ever for organizations to continuously monitor their environments for threats, both internal and external.

The FinTech industry is facing tough challenges regarding security as cybercriminals become increasingly sophisticated and data breaches occur on a large scale. Security is a top priority for banks, credit unions, and financial institutions as cyber-attacks continue to rise and threaten the privacy of millions of consumers.

While the FinTech industry is taking several steps to secure its systems, there are still some challenges that remain to be addressed. Here are a few security trends in the FinTech sector for 2022:

New Regulatory Technology (RegTech)

A cloud-computing technology, RegTech helps financial institutions address complex compliance issues by automating regulatory processes. This will help banks and other FinTech companies to stay ahead of changes in the regulatory environment and adapt quickly to new rules. With the help of big data and machine learning tech, RegTech can automate the compliance process and make it more efficient.

In fact, according to a poll, 68.6% of vendors advised that supervisors should encourage regulated businesses to use RegTech in their supervisory process.

Adoption Of AI For Fraud Detection

As the digital payments industry continues to grow, fraud will become a major challenge. According to a Forbes post, nearly eight in ten mobile banking users are concerned about credit card fraud.

Financial institutions will need to adopt AI-based technologies like deep learning and machine learning for advanced fraud detection. AI tools can help banks and other financial institutions analyze large amounts of data and get insight into customer behavior patterns, allowing them to stay ahead of hackers who are constantly looking for loopholes in payment systems.

Increasing Reliability In Blockchain Systems

The distributed ledger technology (DLT) of blockchain can help reduce the risk of fraud and provide a more secure way of storing data. Blockchain can also help streamline the process of KYC (know-your-customer) and AML (anti-money laundering). Financial institutions will need to increase the reliability of their blockchain systems to ensure the safety of customer data.

Implementation Of Secure Access Service Edge (SASE) Architecture

With a growing number of connected devices, banks and other financial institutions must adopt a security architecture that can protect them from DDoS (distributed denial-of-service) attacks. One such solution is the Secure Access Service Edge (SASE) system, which provides secure connectivity through a combination of software technologies like authentication proxies and encryption techniques.

Taking Up Stronger Data Security Measures

As the use of big data and analytics increases in the financial sector, so does the risk of data breaches. To protect customer data, banks and other financial institutions will need to implement stronger security measures such as data encryption, two-factor authentication, and access control.

The Bottomline

With the pandemic accelerating the shift to digital payments, the FinTech industry is facing new challenges regarding security. To stay ahead of the curve, financial institutions need to adopt new technologies and implement stronger security measures. From RegTech to blockchain, several trends will shape the security landscape of the FinTech industry in 2022 and beyond.

About Signzy

Signzy is a market-leading platform that is redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering totally customizable workflows. It gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru, and it has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

 

 

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