This session will present the Digital ID Toolkit issued by the FIGI Digital ID Working Group which provides policy guidance and practical implementing approaches to regulatory authorities when adopting Digital ID strategies, reforms or deployment.
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This session will provide an overview of how DFS account takeover can be prevented using strong authentication methods and showcase their implementation in real live systems. A secure DFS system requires reliable form of customer identification in order to generate secure credential for authenticating clints. Many current online DFS systems still rely on the use of insecure password solutions for client authentication. In order to enhance security, some solutions use multifactor authentication (MFA) to protect against account takeover. However, MFA induces friction to the authentication process without expanded additional security benefits if not implemented properly. Recent advances in technology have resulted in secure systems that are based on the FIDO Alliance protocols that enable secure password-less authentication solution that are user and device friendly. Furthermore, coalitions such as DID Alliance are finalizing core specification that bootstrap trusted consumer identity online.
Related FIGI SIT Working Group report: Impleme​ntation of Secure Authentication Technologies for Digital Financial​ Services
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Lack of identification or reliable and independent proof of identity of individuals makes it difficult for FSPs to open accounts. This session will present different approaches to e-KYC regulation including the FATF Guidance on Digital ID published in 2020 and temporary measures adopted to address COVID-19 related needs.
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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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