Reports 21 Min Read

Reducing Fraud with Bank ID and Verifiable Credentials

Banks invest significant amounts of money in their Know Your Customer (KYC) processes to build trusted customer relationships. Once customers are proofed, an identity record is created in a central directory. Banks then rely on authentication methods that vary in quality and strength, usually in the form of multi-factor authentication, to interact with the same user. Implementing bank-verified digital identities has led to a decrease in fraud rates, with examples like Norway’s BankID reducing fraud from 1% to 0.00042% of payment transactions.

Discover how BankID’s verifiable credentials can significantly reduce fraud and enhance security. This insightful document delves into the innovative use of digital identity verification to protect organizations from fraud, streamline authentication processes, and ensure compliance. Download now to learn how you can safeguard your business and customers in an increasingly digital world.