Ondato

🤯 Synthetic identity fraud is an escalating concern worldwide. It occurs when genuine, often stolen, information, is mixed with fake details like fictitious names, addresses, and more. Fraudsters then use this synthetic identity to open credit cards or make fraudulent transactions, earning the nickname “Frankenstein identity” for the way it pieces together various bits of information. Follow the link in the comments to our new blog post, which explores the nature of synthetic identity fraud, its impact, and why businesses must adopt new strategies for fraud prevention 👇 #syntheticfraud #fraudprevention #KYC #AML #compliance #identityverification

🤓 Digital IDs allow people to get verified quickly. This reusable solution minimises the need to repeatedly provide documents like passports and driver’s licenses to various organisations. Digital identities only require users to undergo the process of identity verification once, which can be achieved by various methods. These methods provide different levels of assurance in determining if a person is who they claim to be online. The best approach layers multiple data checks, so follow the link in the comments to read more 👇 #digitalID #biometrics #authentication #KYC #AML #compliance #fraudprevention

Countries on the Financial Action Task Force's Grey list are actively following agreed action plans. This includes national risk assessment, political commitment to work on the effectiveness of their AML and counter-terrorism financing measures. These jurisdictions are given a set timeframe to improve and are continuously monitored 🧐 The #FATF calls for the application of a risk-based approach with these jurisdictions. As of June 2024, the FATF has reviewed over 133 countries and jurisdictions. Of these, 84 have since made the necessary reforms to address their AML/CFT weaknesses and have been removed from the process ✔️ #KYC #AML #compliance #greylist #CFT #fraudprevention

🚨 We live in an era of increasing online safety regulation. Initially introduced in 2022, the Kids' Online Safety Act (#KOSA) aims to protect children, highlighting the risks minors face online. With this goal in mind, it empowers the Federal Trade Commission to take legal action against apps, websites, and other online platforms whose features could potentially harm minors. With similar legislation coming into effect all over the United States, it is important for social media platforms to prepare for these changes ahead of time. Follow the link in the comments to learn more about KOSA's impact and compliance 👇 #KYC #AML #compliance #fraudprevention #ageverification

🤓 PIPEDA is a federal law in Canada, regulating how personal information is collected, used, and disclosed during commercial activities. It affects a wide range of organisations, including private-sector entities, non-profits, and federal government bodies. Staying compliant with it is essential for safeguarding individuals' privacy rights and maintaining public trust. Ignoring these regulations can lead to severe penalties and significant reputational harm. #PIPEDA ensures organisations follow 10 fair information principles to protect personal data. Follow the link in the comments to learn about the framework that is built on those principles 👇 #KYC #AML #compliance #regulations #fraudprevention #verification

With online dating, finding love and building relationships is easier than ever. But with the rise in users, there’s also a rise in potential misuse, identity theft, and romance scams🚨 The only way to create a secure environment on dating apps is to implement age and identity verification measures. Find out why below 👇 #KYC #AML #compliance #ageverification #fraudprevention

🔍In 2016, the Financial Crimes Enforcement Network (#FinCEN) published the Customer Due Diligence (CDD) final rule, outlining a due diligence checklist for financial institutions. With rising regulatory demands and evolving financial crimes, banks must adopt strong due diligence practices to protect themselves and their customers. What are the core components of CDD? 🧐 ✔️ Customer identification program (CIP) ✔️ Understanding the nature and purpose of customer relationships ✔️ Ongoing monitoring and updating of customer information ✔️ Risk-based approach Don't forget to follow the link in the comments to learn more 👇 #KYC #AML #compliance #fintech #duediligence

🥁 We are thrilled to announce that G2's Summer Report 2024 has recognized Ondato with 18 badges, solidifying our reputation as a trusted provider in various software fields 🚀 This quarter, we have been named a Leader in the Anti-Money Laundering and Identity Verification category. We greatly value the positive feedback from our clients on G2 and are committed to maintaining our high standards 🤩 #g2 #report #leader #KYC #AML #compliance #fraudprevention #award

Interested in how transaction fraud happens? 🧐 This type of fraud can affect individuals, businesses, and financial institutions, leading to financial loss and reputational damage. It can occur through various methods, where the main goal typically is to steal money or obtain goods and services without paying for them 👇 #KYC #AML #compliance #fraudprevention #transaction #monitoring #fintech

🚀 Check out this interview on Entrepreneur Media with our CEO and Co-founder Liudas Kanapienis, where he shares his personal experience on the most important lessons that most people learn way too late in life. He talks about how prioritising mental health fuels success both in work and personal life and positively impacts the growth of Ondato. Link in the comments below👇