Digital tools have become one of the only means by which consumers can communicate with their banks and other financial services, even when opening brand new accounts. The pandemic has put trust in remote digital onboarding centre stage. Government benefits, health services, online education, dating companies and gaming are just some of the sectors witnessing a huge surge in demand for digital know-your-customer (KYC) services. This is expanding the use of digital authentication at an unprecedented scale. Unfortunately, at the same time, the outbreak is proving fertile ground for fraudsters looking to exploit this global rise in digital metamorphosis.

Right now, the banking and financial services sector is facing a critical juncture. Digital tools have become one of the only means by which consumers can communicate with their banks and other financial services, even when opening brand new accounts. The pandemic has put trust in remote digital onboarding centre stage. Government benefits, health services, online education, dating companies and gaming are just some of the sectors witnessing a huge surge in demand for digital know-your-customer (KYC) services. This is expanding the use of digital authentication at an unprecedented scale.