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Education

This authentication method is shaping how we think about Fortunately, recent
online payments while also being shaped by it in turn.
developments in identity
Users come to online purchasing hoping to maximize verification technology
convenience: KYC procedures that involve unintuitive
and labor-intensive onboarding and reauthentication have made it possible to
processes risk incentivizing customers to fall back on ID
certification methods with which they are more familiar. protect against even the most
sophisticated deep fake attacks.
Establishing public trust requires showing that these more
rigorous modes of identity verification are, at the same
time, frictionless and easy to set up, as these qualities are
crucial for retaining customers. most advanced biometric ID verification technologies—
earlier than their competitors have the chance to stand out
The new way to pay and scale up by offering their customers unprecedented

Businesses hoping to make the most of digital payment convenience and security. Taking a proactive rather than
face both more widespread financial fraud and a stricter reactive approach to AML and KYC doesn't just guard
against acute liabilities—it can also be an asset in itself.
regulatory environment. Staying abreast of these issues
and developing effective and adaptable AML and KYC
procedures can be a daunting prospect for businesses at Dave McGibbon is the CEO of Passbase, a leader in the identity verifica-
any stage, but it’s increasingly clear that doing so is non- tion space that makes facial recognition, liveness detection and ID veri-
negotiable. fication accessible through a suite of flexible developer tools. As a cyber-
security expert, McGibbon empowers Passbase’s clients across crypto,
Adopting sophisticated cybersecurity procedures comes fintech, gaming and other industries with technology that assures that
with a positive side. Businesses that begin investing in their transactions are both secure and efficient. Contact him at linkedin.
the latest online payment technology—as well as the com/in/dave-mcgibbon.