Measuring the effectiveness of digital identity proofing – the process used to collect, validate, and verify information about a person – was the aim of three teams of experts for a tech sprint fostered by the federal bank deposit insurance agency and the Treasury’s financial crime prevention arm.
According to the Federal Deposit Insurance Corp. (FDIC) and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), the tech sprint generally was meant to increase efficiency and account security, reduce fraud and other forms of identity-related crime, money laundering, and terrorist financing. It was also meant to foster customer confidence in the digital banking environment.
The individuals (and their organizations) making up the three teams were:
- 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.
The agencies described digital identity proofing as a “foundational element to enable digital financial services to function properly.” They said it is challenged by the proliferation of compromised personally identifiable information (PII), the increasing use of synthetic identities, and the presence of multiple, varied approaches for identity proofing.