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The Economic Crime and Corporate Transparency Act (ECCTA) is a landmark UK law enacted in 2023 to enhance corporate transparency and combat economic crime. It strengthens regulations to ensure that companies are not used for illicit purposes, chiefly by introducing stricter identity verification and reporting requirements. In essence, ECCTA mandates that key individuals associated with UK companies prove they are who they claim to be. This includes a new mandatory identity verification system for people involved in running or controlling companies. Specifically, all company directors and persons with significant control (PSCs) – both new and existing – are now required to verify their identities with the companies registry. Even individuals who file documents on a company’s behalf must be verified, unless they’re registered agents under the Act.

Articles

The Real ID Act is a U.S. federal law passed in 2005 as a post-9/11 security measure. It was enacted in response to recommendations by the 9/11 Commission to establish federal standards for identification documents. In essence, the Act sets nationwide security requirements for state-issued IDs (like driver’s licenses and identification cards) to make them more secure and harder to forge. This law aims to enhance national security by ensuring that state IDs can be reliably used for federal purposes (such as passing through airport security) without fraud or identity tampering.

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Synthetic identity fraud is an invisible threat infiltrating businesses at alarming rates. Fraudsters create fake personas by stitching together real and fictitious information – a “Frankenstein” identity – to open accounts and commit crimes undetected. The result? The fastest-growing form of identity theft, costing businesses billions globally​. In the U.S. alone, the average loss per synthetic fraud case is around $15,000, and shockingly over 80% of new account fraud today is attributed to synthetic identities​. This isn’t a niche issue; it’s a growing epidemic. Nearly half of organizations worldwide experienced synthetic identity fraud in the past year, and 91% of U.S. companies see these fake identities as a growing threat​. Looking at recent trends, suspected synthetic fraud incidents rose 21% in just one year (184% since 2019)​. In short, synthetic identities have become a favorite weapon of cybercriminals – and no industry is immune.

Articles

Age verification has become a critical compliance checkpoint for online businesses – from iGaming platforms and online casinos to social media networks and content sites. Lawmakers in the United States and Europe are increasingly focused on keeping minors away from age-restricted content and services. This means companies must verify users’ ages and meet strict legal standards, all while respecting user privacy. In this article, we’ll explore the key age verification laws in the U.S. and Europe (including regulations like GDPR, COPPA, KYC requirements, and the EU Digital Services Act) and what they mean for industries like online gambling and social media. We’ll also discuss whether businesses are required to use specialized age verification tools (such as biometric age-check SDKs like Bynn.com), and how privacy-preserving methods – like facial age estimation and zero-knowledge proofs – can confirm a user's age without storing sensitive data. Finally, we’ll clarify the difference between age verification and full identity verification, and why each serves a different purpose.

Articles

Ever had a legitimate customer blocked by your KYC system even though they were who they claimed? That’s an example of a false rejection. Or worse, imagine a fraudster slipping through as a verified user – a false acceptance. In identity verification, these two error metrics are critical. The False Rejection Rate (FRR) measures how often a good user is mistakenly rejected, while the False Acceptance Rate (FAR) measures how often a bad actor is wrongly accepted.

Articles

Financial institutions worldwide face a critical balancing act in digital identity verification (IDV). Traditional banks and fintech startups both must verify customer identities to meet Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, but they often approach the task differently. This thought leadership overview compares how legacy banks and agile fintechs tackle IDV – from compliance hurdles and onboarding workflows to the latest innovations in AI-driven verification. We also explore global regulatory landscapes and fraud prevention strategies, highlighting key differences in approach.