Registration is open for a “tech sprint” focusing on “digital identity proofing” – the process used to collect, validate, and verify information about a person – sponsored by the federal bank deposit insurer and the Treasury Department’s financial crimes enforcement arm, the agencies said Tuesday.
The tech sprint, dubbed “Measuring the Effectiveness of Digital Identity Proofing for Digital Financial Services,” focuses on the process used to collect, validate, and verify information about a person. The Federal Deposit Insurance Corp. (FDIC) and the Financial Crimes Enforcement Network (FinCEN) have said they have a number of goals in the effort. Those include: increasing efficiency and account security, reducing fraud and other forms of identity-related crime (including money laundering and terrorist financing), and fostering “customer confidence in the digital banking environment.”
The agencies said the tech sprint will ask participants to answer the challenge question of: “What is a scalable, cost-efficient, risk-based solution to measure the effectiveness of digital identity proofing to ensure that individuals who remotely (i.e., not in person) present themselves for financial activities are who they claim to be?”