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IndustryUpdate

companies to integrate advanced four years. This increase will be driven by the use of government-backed digi-
account-to-account bank transfer tal identities to replace physical identity documents as a source of verifica-
connectivity within their platforms. tion for third-party apps, such as banking and financial services, researchers
Transactions are routed via the stated, adding that this will be critical as businesses aim to reduce identity
PayJunction gateway using low-cost theft and meet increasingly stringent Know Your Customer regulations. The
ACH processing rails, which results research also identified a move away from passwords for identity verifica-
in significant savings for busi- tion, with these being replaced by biometric verification and multifactor
nesses, PayJunction stated, adding authentication under a zero-trust model, where identities are authenticated
that payments, whether in-person, continuously.
online or via invoice, are initiated in
the same software businesses use to ETA reports on inclusion
run their operations, and all trans-
action information flows seamlessly The Electronic Transactions Association released its annual white paper
into client records. Bank account or outlining a variety of financial technology products and services that have
credit card details can be securely broadened access to the payments and financial services ecosystems. The
associated with client records for report, Advancing Economic Inclusion—Empowering Underserved Communities
future payments, further streamlin- with Fintech, highlights the innovative products and services revolutionizing
ing processes. the way commerce is conducted through safe, secure, convenient and reward-
ing solutions. Jodie Kelley, CEO of ETA, said, "ETA members drive the effort
Socure commits to rooting of broadening access to both underserved consumers and small businesses
out 100,000 synthetic IDs by developing and deploying technology to create secure, convenient, and
inclusive products and services."
Socure, a provider of digital iden-
tity verification and fraud solu- LNRS studies alternative credit data impacts
tions, said it is committed to root- LexisNexis Risk Solutions unveiled the findings of its Alternative Credit
ing out 100,000 synthetic identities Data Impact Report, a nationwide survey assessing the adoption, utilization
from the U.S. financial system in
2023. “Synthetic fraud behaviors
have changed drastically follow-
ing the pandemic, and are now
attacking deposit accounts at higher
rates than any other time in his-
tory, where they are being used
as money mules to fuel fraudu-
lent money movement," said Mike
Cook, vice president of fraud solu-
tions at Socure. "Bad actors have
been given free rein for too long, HOLIDAY PAYMENT
and it is high time to eliminate these
mules. Our goal is to completely SOLUTIONS
eliminate synthetic identities from
the U.S. financial system by 2026.
This is an eminently achievable goal
by partnering with the industry ACH • LEVEL III • EMV
and government agencies. Today’s
target of 100,000 synthetic identity WEB • RECURRING
takedowns is just the beginning.”

RESEARCH CASH DISCOUNT

Digital ID apps to surpass CUSTOMER DATABASE
4.1 billion by 2027
A new study from Juniper Research C A L L F O R A D E M O
found the number of digital identity
apps in use will exceed 4.1 billion 8 0 0 - 2 9 6 - 4 8 1 0
globally by 2027, rising from 2.3
billion in 2023. This represents a
growth of 82 percent over the next

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