DerivSource has covered cyber risk in previous podcasts, but in this podcast we’re discussing identity fraud, where people are opening accounts or doing suspicious transactions under a false identity. Regulation requires that financial institutions know their clients, and as such they must have controls in place to ensure that they know who they are dealing with, so they can better identify suspicious transactions early on.
Specifically under MiFID II, firms need to send execution and decision maker details, so the question for firms is “How do you know who the people that conduct the trades are who they say they are and are not necessarily sharing login details or hardcoded logins in static data tables?”
In this podcast we’re speaking to Ian Bamber of Capital Edge Consulting, to shed some light on the risks of identity fraud and how this impacts institutional financial firms from a regulatory, compliance and risk perspective.
Listen to the podcast or read the transcript
More information about Capital Edge:
Capital Edge are working with Authentic ID to fuse leading edge identity technology with cryptography and blockchain to drive consistent digital customer identity validation and authentication. The solution, known as Trusted Key authenticates a transaction in under 3 seconds no matter where in the world the customer is engaging with you. It uses one or more biometric technologies & logs events into the blockchain.