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Session Description:
Verification is the process of
confirming the identity of a person
and/or device at the other end of a
channel. While many financial service
providers (FSPs) consider authentication
a reasonable means of validating a user,
it does not establish whether or not the
user on the other end is who they claim
to be. FSPs (banking, securities,
brokerage, and insurance industries)
have traditionally relied on
face-to-face communications. With the
advent of identity management, tokens,
biometrics, and digital signature
technology, face-to-face communication
as a manner of doing business will, in
the not too distant future, become the
exception rather than the norm. The
obstacle of distance, as it relates to
electronic interaction, will be
overcome, but only when a means to
verify individuals and businesses is
established.
Electronic commerce and technology are
affecting all industries, not just FSPs.
However, FSPs have become increasingly
dependent on technology for their
survival, thanks to a variety of cost
savings and new market opportunities. In
order to fully exploit these
opportunities, FSPs need the ability to
verify the person and/or device at the
other end to establish and retain
relationships, open new accounts and
complete transactions.
Presenters in this session discuss
verification, not authentication, in the
POS, prepaid, online account opening,
mobile and contactless payments, and
employment check environments. Know You
Customer (KYC), the underpinning of the
payments industry, is explored. The
future importance of verification and
how to apply it to today's security
solutions, both physical and virtual,
are also discussed.
This session is appropriate for senior
financial services executives with
responsibility for Retail Banking,
Electronic Banking, Online Account
Opening,
Mobile Banking, Market Research and Strategy teams.
About Chris Colson:
Chris Colson, Product Manager for
Equifax Inc., has over 25 years combined
experience working in financial
services, software development and
alternative delivery channel technology.
His financial services experience spans
several different markets, including
credit, retail branch management, small
business and corporate banking products
and development. Colson's overall
research has focused primarily on
developing alternative channels,
including Kiosk, ATM, IVR, e-mail,
wireless, user-centric and interactive
television, and expanding their feature
and function capability. His Portal
research has concentrated specifically
on verification of unknown users and
monetizing the opportunities they
present. Colson currently operates as
senior director for Equifax products:
iSTS, ID and Fraud Platform, and
enterprise Portal and common services.
About Equifax Inc.:
Equifax empowers businesses and
consumers with information they can
trust. A global leader in information
solutions, we leverage one of the
largest sources of consumer and
commercial data, along with advanced
analytics and proprietary technology, to
create customized insights that enrich
both the performance of businesses and
the lives of consumers.
Customers have trusted Equifax for over
100 years to deliver innovative
solutions with the highest integrity and
reliability. Businesses — large and
small — rely on us for consumer and
business credit intelligence, portfolio
management, fraud detection, decisioning
technology, marketing tools, and much
more. We empower individual consumers to
manage their personal credit
information, protect their identity, and
maximize their financial well-being.
www.equifax.com
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