Session Abstract: How do we address PII for roughly 2 million U.S. immigrants annually when American financial services use PII that depends on U.S. citizenship for identity verification? The Bank Secrecy and PATRIOT acts require that financial institutions collect users’ name, date of birth, address and unique identifier (such as Social Security number). However, they aren’t actually required to verify each piece of information. They only need to be able to form a “reasonable belief” in the true identity of their customers.
A growing number of financial institutions are utilizing alternative verification methods to achieve that “reasonable belief” and provide products to non-residents—both in the U.S. and in other countries. Some are utilizing data from a third-party credit bureau and authenticating it based on the local country’s requirements. Others are using behavioral biometrics data to verify potential customers.
This panel of experts will discuss how identity verification can be expanded in financial services to be inclusive of more individuals, regardless of their citizenship status.
