HooYu working in collaboration with the Prepaid International Forum (PIF) has released a new report sharing industry stats on how the prepaid fintech sector is approaching KYC regulations.

The report addresses the identity fraud challenges faced by the industry how as the industry has grown, so have attempts by criminals and terrorist groups to harness the sector for their own aims.

The results of the sector survey show that a wide range of innovative technologies, combined with best practice principles, due diligence and governance means that providers are winning the war against criminals and terrorists.
The report includes data collected from organisations representing the full spectrum of emoney and prepaid providers and reveals:

• The % take-up of KYC technologies currently being used
• The number of applications that currently are subject to checks above the basic requirements
• The efficiency of the current KYC technologies being used
• The % of customer applications that get abandoned

For example:

• 43% of prepaid operators use geo-location to check the customer location tallies with the data given in their application.

• Even newer technologies are being used whereby 57% of firms will examine the applicant’s digital footprint and social media accounts to gain further confidence in the customers’ identity.

An increasing number of prepaid fintech firms use a range of innovative techniques that are harder to cheat (especially when used in combination) but are still quick and easy for customers without damaging the customer’s digital journey.

The report highlights how innovative solutions provided by companies like HooYu are helping providers of financial services to quickly identify and accept genuine users while also cracking down on potential criminal activity.
Download the Whitepaper HERE