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Digital ID and KYC Platforms Potent Weapons Against Accounts Receivable Fraud


Not knowing who’s on the other side of the transaction is expensive.

 As noted here last month, financial institutions (FIs) were fined nearly $5 billion for anti-money laundering (AML) violations, breaches of sanctions and flaws in know-your-customer (KYC) systems last year. 

That’s up 50% from 2021.  

Incoming payments and accounts receivable processes are a key point of vulnerability for banks and for enterprises in general. The “customer” — the individual or enterprise holding the bank account or contacting B2B customers — might not be who they say they are. Hacks and social engineering wind up making it difficult to effectively guard against fraud and money laundering.   


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