The session will explore how digitization of remittances, accelerated by COVID-19, can increase financial access and inclusion and how the G20 Roadmap on Enhancing Cross-border Payments can support this development. International remittances can foster access to and use of transaction accounts by both senders and recipients. However, this potential remains largely untapped due to remittance service users electing cash-based methods over transaction accounts. Covid-19 restrictions suddenly disrupted the traditional cash-based remittance models, with agent locations being closed, having access limitations and/or facing cash logistics challenges. As a result, many money transfer operators have seen a considerable increase in mobile and online initiated remittances.
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This session will dive deep into KYC registries, collaborative solutions for KYC which impact individuals and MSMEs and key design features of registries. KYC and identity authentication is critical for numerous financial processes from onboarding a new client to making payments and insurance claims. Underpinned KYC processes, a KYC registry is a centralized repository of key ID attributes and other data that enable the identification of clients and contribute to efficiency of verification processes to meet customer due diligence requirements.
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The session will explore the vulnerabilities that can impact the security of these applications operating on basic and feature phones. Some of the vulnerabilities that will be examined in this session include man in the middle attacks, SS7 vulnerabilities, social engineering, replaying of sessions, including those that can impact the SIM card as well. The session will also examine the measures that have been implemented by DFS regulators and Mobile network operators to mitigate the impact of these threats and also consider the rise of phishing attacks on digital finance during the pandemic.
Related reports from FIGI SIT Working Group:
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