FDIC and FinCEN Open Registration for Digital Identity Tech Sprint
February 1, 2022 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) today opened the registration period for interested parties to participate in a Tech Sprint to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person.
Through the Tech Sprint, FDIC’s tech lab (FDITECH) and FinCEN seek to increase efficiency and account security; reduce fraud and other forms of identity-related crime, money laundering, and terrorist financing; and foster customer confidence in the digital banking environment. Read more about FDIC and FinCEN’s Tech Sprint, Measuring the Effectiveness of Digital Identity Proofing for Digital Financial Services.
Digital identity proofing is a foundational element to enable digital financial services to function properly. This element 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. The FDIC and FinCEN seek participants to answer the following question:
“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?”
Interested individuals may submit applications requesting participation by 5 p.m. ET on February 15, 2022. Additional questions about the Tech Sprint can be sent to [email protected].