Estimated reading time: 2 minutes, 26 seconds

U.S. Agencies Host 'Tech Sprint' in Hopes of Neutralizing Massive ID Fraud Threat Featured

Two federal U.S. agencies announced significant progress in their collective effort to bolster identity security and combat a growing fraud threat in the financial services space. As such the Financial Crimes Enforcement Network (FinCEN) and the Federal Deposit Insurance Corporation (FDIC) sponsored a “tech sprint” to address the most pressing threats to digital security facing consumers today.

According to the organizations, the sprint included expert teams each working toward improving the process by which “digital identity proofing” takes place. That process includes the collection, validation and verification of an individual. “We brought together a diverse collection of innovative and energetic minds to think deeply about how we can ensure bank customers are who they claim to be in our increasingly digital age,” said Martin Henning, FDIC’s deputy director of operational risk, in a statement. “Helping financial institutions to stop identity fraud will help us to continue to have confidence in the safety and soundness of our banks and the integrity of the U.S. banking system.”

Identity fraud cost consumers $43 billion in 2020, according to the 2021 Identity Fraud Study from Javelin Strategy & Research.

Overall, close to 60 participants were asked to compete in the event. The participants formed eight teams, with three of those teams garnering special note from the agencies. Those standout teams were comprised as follows:

Creativity–Team ConfIDence

  • Dakota Clum, Bonifii
  • Nancy Guglielmo, Bank Policy Institute
  • Elizabeth Cronan, GeoComply
  • Tracy Manning, LexisNexis Risk Solutions
  • Michael Engle, 1Kosmos
  • Vadim Slavin, GlobalID
  • Candler Eve, MidFirst Bank

Effectiveness/Impact–Team Heimdall

  • Patrick Curry, Sedicii Innovations Ltd.
  • Stephen Ritter, Mitek
  • Casey Jennings, Seward & Kissel LLP
  • Greg Woolf, FiVerity, Inc.
  • Rob Leslie, Sedicii Innovations Ltd.
  • Lisa Zeimetz, First National Bank & Trust Co.
  • Ryan Rodrigue, Wolf & Company, P.C.

Market Readiness–Team Six

  • Daniel Buchner, Block
  • Megan Monroe, Block
  • Holly Kramer, Splunk
  • Bruce Silcoff, Shyft Network Inc.
  • Timothy Madore, HSBC North America
  • Jessica Winchell Credit First National Assn.
  • Jay Meier, FaceTec, Inc.

From Twitter

ENISA @enisa_eu Jan 20

FTN Feature 2022.04.08"How can we secure our digital identity when even our own face can be spoofed? #ENISA published two new reports today looking into the emerging trend of self-sovereign identity (SSI) and remote identity proofing. Check them out!CP6rJr"

 According to the announcement, the sprint was aimed specifically at addressing issues related to money laundering, terrorist financing and other identity-related crime. Among the challenges the teams were asked to address included synthetic identities and the recent proliferation of “compromised personally identifiable information.”

"We are grateful for the partnership of the FDIC and the participation of all the Tech Sprint teams. It is critical that financial institutions have reliable ways to identify their customers, particularly in our increasingly digital world,” said Him Das, acting director of FinCEN in a statement. “Identity is a fundamental cornerstone of financial integrity, and identity proofing is precisely the type of complex issue that benefits from public-private collaborations like this Tech Sprint.”

Read 375 times
Rate this item
(0 votes)

Visit other PMG Sites:

click me
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.