Finovate Webinar: Solving the ‘identity problem’ for PSD2 and GDPR

The Second Payment Services Directive (PSD2) mandates banks across the European Union to add two-factor Strong Customer Authentication (SCA) and Strong Customer Identity Verification (SCeID) on all remote access to customer accounts.

Both SCA and SCeID are mandated by PSD2, although the latter is not well understood. And failure to implement these capabilities exposes banks to penalties up to 2% of global annual turnover under GDPR.

The aim of this webinar is to examine the links between SCeID and SCA in the context of PSD2 and GDPR, sharing insight into how legislation mandates regulated firms to digitally verify customer identity and what technology helps to achieve this objective.

This Finovate webinar, in association with Jumio, hears from Jumio, Consult Hyperion and leading FinTech businesses to discuss the challenges – and opportunities – of SCA and SCeID. During an interactive panel discussion, the speakers will address a number of key questions, including:

  • How are SCeID and SCA connected?
  • How are the various regulatory mandates which require secure authentication and verification, such as PSD2 and GDPR, similar, and how do they differ?
  • What are the pitfalls to avoid when implementing SCeID and SCA?
  • Why does the reset process become so critical – and how can banks make sure they have robust protections in place around reset?
  • What technology solutions can banks leverage to meet their obligations around security and identification?

Speakers

Moderator: Ruth Wandhöfer
Global Head of Regulatory & Market Strategy
Citi

 

 

 

Gordon Harrison
Business Development Manager
Jumio

 

 

 

Tim Richards
Principal Consultant
Consult Hyperion

 

 

 

Pascale-Marie Brien
Senior Policy Adviser
European Banking Federation

 

Stronger Together: Fintechs, Techs, and FIs Collaborating on CyberSecurity

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Ready for some good news on the cybersecurity front?

Most of the time cybersecurity appears in the headlines, it is a report of a breach that just occurred or a new threat to guard against in the future. Caught between the hack that caught us unaware and the certainty that it won’t be the last, we can lose sight of the fact that there are hundreds of cybersecurity firms with thousands of security professionals that are working around the clock to make our lives online a lot safer. And many of these companies are Finovate alums specializing in service to the financial industry and its customers.

Ted Ross, founder and CEO of SpyCloud, demonstrating the company’s Best of Show-winning platform at FinovateFall 2017.

Importantly, not only are these companies working 24/7/365 to fight cybercrime, but also many of them are teaming up and partnering with financial institutions, retailers, and each other to test their technologies, make key improvements and enhancements, and ultimately get their fraud-fighting solutions to market.

With that in mind – and in line with our October focus on cybersecurity – here’s a look at the partnerships, agreements, and collaborations forged by our cybersecurity-related alums so far in 2017.

October

Fintech-to-Tech

  • Mitek partners with handwriting-based biometric authentication service Asignio to deliver IDaaS solution.
  • Avoka extends strategic partnership with Mitek for digital identity verification solutions.
  • ThreatMetrix and ID.me partner to deliver ID verification for government and commercial digital services.
  • Ledger partners with Intel to boost blockchain app security.
  • BioCatch to power behavioral biometrics for Samsung SDS America. 
  • SecureKey collaborates with Intel to enable consumers to access its blockchain-based digital identity technology via traditional web browsers.
  • Zighra launches flagship continuous authentication product.
  • Kony to launch digital banking solution leveraging Daon biometrics. 
  • iSignthis to integrate its Paydentity UBO Service with Web Shield’s InvestiGate platform.
  • TASCET teams with Secured2 to launch Algo5 data security offering.

Fintech-to-FI

  • Latvian Bank Citadele secures mobile and online banking with VASCO’s DIGIPASS for Apps and CRONTO.
  • National Bank of Canada joins SecureKey’s digital identity network.

Fintech-to-ECommerce

  • HooYu to provide ID confirmation for U.K.’s Cars-as-a-Service easyCar Club.

Multiple Best of Show winner EyeVerify demonstrating its Eyeprint ID technology at FinovateEurope 2017 with partner YapiKredi Bank.

September

Fintech-to-Tech

  • Vera to provide data security services for GE.
  • BioCatch to power fraud prevention solutions for HoneyTek Systems.

Fintech-to-FI

  • DefenseStorm to bolster cybersecurity operations for Genesee Regional Bank ($551 million in assets).
  • Open Banking selects Ping Identity to provide the identity and access management to underpin the U.K.’s open banking framework.

Fintech-to-Ecommerce

  • Signifyd guarantees fraud protection for Magento Commerce Merchants.
  • Infosys Finacle partners with ToneTag to leverage sound wave technology to drive contactless authentications and transactions.

August

Fintech-to-Tech

  • Jumio partners with Plynk to bring instant verification to Europe’s first money messaging app.
  • FIS and Equifax partner to offer new identity verification solution, OnlyID.
  • Biometric Signature ID partners with National Fingerprint to provide virtual ID proofing and verification services.
  • BioCatch partners with LexisNexis to leverage data and analytics for better risk management.

Fintech-to-FI

  • Samsung to power biometric authentication pilot for Bank of America.
  • Mexican payment processor chooses fraud fighting technology from Featurespace.

Fintech-to-ECommerce

  • HooYu brings identity confirmation technology to BCRemit.

July

Fintech-to-Tech

  • ID Analytics partners with Acxiom to strengthen risk assessment and combat fraud.
  • HackerOne Powering bug bounty program for Tor browser.

Fintech-to-FI

  • MoneYou integrates Mitek’s identity solutions for real-time digital onboarding.
  • DefenseStorm to serve as cybersecurity partner for Bank of Jackson Hole to enhance security.

Fintech-to-ECommerce

  • International Air Transport Association chooses fraud prevention technology from Featurespace.
  • Signifyd brings its Guaranteed Fraud Protection solution to Authorize.Net’s U.S.-based e-commerce merchants.

Behavioral biometric innovator BehavioSec, shown here demonstrating BehavioSec on Demand at FinovateFall 2015, has won three Best of Show awards.

June

Fintech-to-Tech

  • Daon adds EyePrint ID to IdentityX platform courtesy of new partnership with EyeVerify.
  • IdentityMind Global to offer Confirm.io’s document authentication technology to its financial services customers.
  • Jumio partners with Monzo for strong identity verification.
  • iovation to integrate its device-based authentication technology with PingFederate from Ping Identity.
  • TSYS partners with Featurespace to deliver real-time decision capabilities.

Fintech-to-FI

  • Leumi Card to use Feedzai’s artificial intelligence platform to fight fraud.
  • Ghana-based Premium Bank selects NetGuardians’ anti-fraud solution – FraudGuardian.

May

Fintech-to-Tech

  • Cisco and IBM team up on security.
  • BehavioSec partners with Kount.
  • Trulioo partners with Mitek to add facial recognition functionality to its ID verification platform.
  • Daon to integrate IdentityX platform with Experian’s fraud and identity platform, CrossCore.

Fintech-to-FI

  • Australia-based forex broker Pepperstone to deploy Paydentity verification services from iSignthis.

April

Fintech-to-Tech

  • Fraud prevention innovator Featurespace partners with U.K. digital family banking solution, goHenry.
  • Payment solutions provider Buckaroo chooses AML solution from Fiserv.

Fintech-to-FI

  • Global financial services firm chooses Mobile Verify and Mobile Fill from Mitek.

Fintech-to-ECommerce

  • Braspag announces integration of e-commerce and anti-fraud technology from ACI Worldwide.

A FinDEVr favorite, HackerOne and its bug bounty and vulnerability disclosure platform leverage white hat hackers to find critical security gaps before criminals do.

March

Fintech-to-Tech

  • Mastercard adds to authentication arsenal with acquisition of NuData Security.
  • Swiss financial sector infrastructure operator SIX partners with IBM Watson to build cyber-security hub.

Fintech-to-FI

  • Daon brings mobile biometric authentication to UnionBank.
  • Co-op Financial Services to leverage machine learning-based fraud fighting technology from Feedzai.
  • Pindrop to mitigate call center fraud for credit union service organization PSCU.

Fintech-to-ECommerce

  • Saltrex to use Jumio’s Netverify Trusted-Identity-as-a-Service.
  • Featurespace to provide machine learning fraud and risk management solution to CashFlows.

February

Fintech-to-Tech

  • BioCatch brings continuous online and mobile authentication to Nuance Communications’ Security Suite solution.
  • Icon Solutions joins forces with Featurespace to bring anti-fraud protection to instant payments.

Fintech-to-FI

  • Affinity CU becomes “trusted sign-in” partner in SecureKey Concierge.
  • First national private bank of Turkey, Yapi Kredi to deploy Eyeprint ID from EyeVerify for mobile logins.

Fintech-to-ECommerce

  • Feedzai and Merchant Risk Council (MRC) team up to leverage AI and machine learning to fight fraud.
  • MoneyGram using Mobile Verify from Mitek to meet AML requirements.

January

Fintech-to-Tech

  • Arxan Technologies partners with Cisco as to protect connected medical devices.
  • WISeKey and Stratumn partner to provide enterprise-grade process security software based on blockchain technologies.
  • FICO and Ethoca partner to improve card acceptance rates, fight CNP fraud, and reduce disputes.

Fintech-to-FI

  • ACI Worldwide to provide fraud protection for Kuwait’s Shared Electronic Banking Services Company (KNET).
  • NetGuardians brings real-time fraud protection to Nigeria’s Keystone Bank.

 

Safe Spaces: The Best of the Authenticators, Verifiers, and Fraud Fighters

Left to right: A representative from Alipay joins Tinna Hung, Director of Marketing for EyeVerify during a demonstration of Eyeprint ID at FinovateAsia 2016.

This month we’re highlighting the issue of security in fintech. Our first installment was our interview with ENVEIL CEO Ellison Anne Williams.

Today we use the lens of our Best of Show awards to take a look at companies innovating in the security space for financial services companies and institutions. Three security companies have won Best of Show awards in more than one conference. Biometric specialists EyeVerify and BehavioSec have both earned Best of Show trophies on three separate occasions. Interestingly, both companies won one of their Best of Show awards at FinovateAsia; BehavioSec in Singapore, EyeVerify in Hong Kong. (Speaking of FinovateAsia, remember that Finovate returns to the Far East November 7 & 8.)

Earning two Best of Show awards was Silver Tail Systems (now a part of RSA, the security division of EMC, which acquired the company in 2012). Founded in 2008 and headquartered in Menlo Park, company was a pioneer in leveraging real-time behavior analysis to spot and stop business logic abuse on financial institution websites.

BehavioSec CEO Neil Costigan demonstrating BehavioWeb and BehavioMobile at FinovateEurope 2014.

EyeVerify, which was acquired by Ant Financial last fall, announced in August that it was rebranding as Zoloz. In a blog post at the company’s website, CEO Toby Rush said the new company would be focused on providing a hosted identity platform geared toward the Asian market. “Underserved and underbanked consumers in this region are moving to mobile so quickly that they have leapfrogged biometrics adoption and identity services in other geographies,” Rush wrote. “The platform is centered around the idea that I am me, my phone should just know me, and my apps and services should know me – automatically, conveniently, and securely,” he explained.

Zoloz is headquartered in Kansas City, Missouri, and was founded in 2012. The company most recently demonstrated its technology at FinovateEurope 2017.

BehavioSec, the behavioral biometric innovator, forged a partnership with Gemalto earlier this summer, to provide end-user verification and identity solutions as FIs increasingly embrace digital technologies. “Removing bottlenecks to achieve full digitization of a business goes hand-in-hand with conquering online fraud, through a layered an collaborative approach,” Costigan said. In May, BehavioSec teamed up with fellow Finovate alum Kount, integrating its behavioral biometric technology with Kount’s fraud management platform. A partnership with Appdome this spring produced AppFusion for BehavioSec, a solution that makes it easier for app developers to add behavior-based biometric authentication to their mobile apps.

Based in Stockholm, Sweden, BehavioSec was founded in 2009. The three-time Best of Show winner most recently demonstrated its technology at FinovateFall 2015.

Making it on the Finovate stage as a security solutions provider is one challenge. Taking home a Best of Show trophy as a company dedicated to helping stop fraudulent transactions, prevent unauthorized access, and create truly “safe spaces” in a connected world is quite another. Here is the full list of security companies that have won Best of Show awards at Finovate conferences.

FinovateFall 2017

FinovateSpring 2017

FinovateAsia 2016

FinovateFall 2016

FinovateEurope 2016

FinovateEurope 2015

FinovateFall 2014

FinovateSpring 2014

FinovateEurope 2014

FinovateAsia 2013

FinovateFall 2012

FinovateSpring 2012

FinovateFall 2011

FinovateFall 2010

Finovate 2009

FinovateStartup 2009

  • Silver Tail Systems (demo)

Finovate Alumni News

On Finovate.com

  • With New Funding, Prosper’s Valuation stands at $550 Million.
  • Tuition.io Raises $7 Million in Series B.
  • AutoGravity Teams Up with Hyundai Capital America.

Around the web

  • Infosys Finacle partners with ToneTag to leverage sound wave technology to drive contactless authentications and transactions.
  • PYMNTS interviews Jumio CEO Stephen Stuut on the challenge of combating cybercrime in “real time.”
  • Xero teams up with TradeGecko to help Singapore’s SMEs Go-Digital.
  • Bento for Business appoints Jeff Pomeroy to the role of Vice President of Product.
  • ThreatMetrix Announces Smart Authentication Platform.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alums Earn Spots in European Fintech 100

Powered by collaborative Belgian innovation platform, B-Hive, and Dutch financial consulting firm, Alex van Groningen BV, the European Fintech Awards & Conference recognize fintech innovators working in a variety of areas ranging from the Blockchain/Bitcoin and Financial Inclusion to InsurTech and Payments.

The awards consist of a European Fintech 100 and a Top Three which will be selected from among the top three startups in each of the conference’s nine categories during a pitch contest at the end of September. Here are the Finovate alum finalists who will compete for top honors in their respective categories this fall.

Dorsum (FinovateEurope 2017)

  • Category: Innovative Banking Software
  • Founded in 1996
  • Headquartered in Budapest, Hungary
  • Róbert Kő is CEO and Founder

Meniga (FinovateEurope 2017)

  • Category: PFM / Robo Advisory
  • Founded in 2009
  • Headquartered in London, U.K.
  • Won Finovate Best of Show three times
  • Georg Ludviksson is CEO

Revolut (FinovateEurope 2015)

  • Category: Challenger Banks
  • Founded in 2013
  • Headquartered in London, U.K.
  • Nikolay Storonsky is CEO and founder

TWINO (FinovateEurope 2016)

  • Category: Alternative Finance
  • Founded in 2015
  • Headquartered in Riga, Latvia
  • Jevgenijs Kazanins is CEO

Below are the Finovate alums that have been named to the European Fintech 100.

 

 

 

 

See the full European Fintech 100 list.

Interested in fintech in Europe and the U.K.? Finovate brings its new, expanded format to London in February. With live demos on Days One and Two, and a diverse range of keynotes, panel discussions, and round tables with fintech professionals on Days Three and Four, FinovateEurope 2017 is an event you won’t want to miss. Visit our FinovateEurope page today to learn more and to take advantage of huge early-registration savings.

Finovate Alumni News

On Finovate.com

  • Avoka Reports Record Growth for Second Consecutive Year.
  • Blackhawk Network Acquires CashStar in $175 Million Deal.
  • Temenos to Power Cloud-Based Lifecycle Management Suite for Baxter Credit Union

Around the web

  • Jumio partners with Plynk to bring instant verification to Europe’s first money messaging app.
  • Alaska USA FCU chooses Ignite platform from banking solutions provider Jwaala.
  • Ondot Systems joins Symitar Vendor Integration Program (VIP).
  • Tavant Selected by Newfi Lending To Provide Next-Generation Digital Platform.
  • Plaid delivers bank account integration to enterprise developers.
  • Personal Capital Reaches $5 Billion in Assets Under Management.
  • PayPal launches Mastercard– it’s first cashback credit card offering.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Expensify Reaches Five Million Users Worldwide, Doubles Customer Base.
  • Cloud Lending Solutions Unveils New Enhancements to CL Lease.

Around the web

  • CREALOGIX recognized by Wealth and Finance International as “leading digital financial advisory.”
  • FIS and Equifax partner to offer new identity verification solution, OnlyID.
  • Let’s Talk Payments interviews Finn.ai CEO, Jake Tyler.
  • Jumio teams up with Branddocs TrustCloud to bring its identity verification business to Spain and Latin America.
  • Avoka partnership helps Bankwest win top honors for omni-channel service, digital platform at Australian Business Banking Awards 2017.
  • Fiserv introduces its Instant Issue Advantage wireless tablet solution to support instant, in-branch card issuance.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

Finovate Alumni News

On Finovate.com

  • Expensify Announces Five New Receiptburner Partners.
  • Flybits Raises $6.5 Million to Help Banks Put Data to Work

Around the web

  • Jumio introduces eyeball tracking to the “liveness” check of its biometric authentication solution, Netverify.
  • NYMBUS adds executive talent, opens center of strategic excellence in Glastonbury, Connecticut.
  • Co-founder Kristo Käärmann takes the helm at TransferWise.
  • PayPal announces strategic partnership with Samsung Pay.
  • ThreatMetrix named the Leader in The Forrester Wave: Risk-Based Authentication, Q3 2017.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Yoyo Wallet Raises $15 Million in Series B.
  • Flywire Teams with PayPal for Cross-Border Payments Method.
  • Fintonic to Use $28 Million Round to Move Beyond Loans and Insurance.

Around the web

  • IdentityMind Global to offer Confirm.io’s document authentication technology to its financial services customers.
  • transcosmos to integrate with Tradeshift Japan to help businesses digitalize their indirect operations and accelerate transactional speed
  • Coinbase is reimbursing losses caused by the Ethereum flash crash.
  • Backbase scores fintech deal in Norway with SSF Bank.
  • Fiserv partners with GoldBean to provide a digital adviser offering extra assistance.
  • Meniga & Islandsbanki partner to deploy new card-linked offer platform reaching more than 30% of households in Iceland.
  • Jumio partners with Monzo for strong identity verification.
  • mBank moves into fintech vendor space with new digital banking system.
  • JCB International partners with iSignthis to enable SEPA transactions.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Signicat Launches Mobile Authentication.
  • 3 Steps to Take During the Countdown to GDPR and PSD2.

On FinDEVr.com

Around the web

  • NuCypher earns finalist spot in BBVA Open Talent 2017. Join NuCypher at FinDEVr London, Jun 12 & 13.
  • TSYS enables tokenization across its North American commercial card platforms.
  • Catholic Vantage Financial ($98M) hires Insuritas to deploy and manage their insurance agency solution.
  • AuthenticID enhances CatfishAIR Identity Platform to support real-time identity authorization for CNP transactions.
  • Vera announces support for multi-factor authentication solutions from Duo Security, RSA SecureID, and fellow Finovate alum, Twilio.
  • Amsterdam Trade Bank (ATB) to streamline banking, treasury, and finance operations in partnership with Misys.
  • Cisco and IBM team up on security.
  • Glenmede taps IHS Markit for data management.
  • GMC Software launches Business Partner Track for Partner Advantage Program
  • Expensify exceeds 35,000 global customers, adding Xero, HappyFresh, GoCardless, and Adroll as clients
  • Jumio announces expansion into new Shoreditch U.K. headquarters.
  • Steve Lewczyk joins Trizic as new Chief Revenue Officer.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.