FinCEN, FDIC to Hold 'Tech Sprint' for Digital Identity Tools

Posted on by American Coins & Gold

FinCEN, FDIC to Hold 'Tech Sprint' for Digital Identity Tools
Two federal regulators – the Financial Crimes Enforcement Network (FinCEN) and the Federal Deposit Insurance Corporation (FDIC) – have teamed up to host an upcoming “tech sprint” aimed at testing the effectiveness of digital identity proofing.According to a joint announcement published Wednesday, digital identity proofing refers to the process of collecting, validating and verifying information about a person. This information is often used by financial institutions to establish proof of identity when customers are attempting to access services online. As the financial services industry moves increasingly online, fraudsters and scammers have found new and inventive ways to commit financial crime.…