In apps, payment and compliance can no longer exist as discrete functions; they must work together.
They also need to know what device you are transacting with—whether you're using a mobile device or a desktop. And, they need to geolocate you to identify your region. This becomes important if, say, someone is filing an insurance claim in Canada, but the geolocation shows they’re in Chicago. All of this helps them understand who you are as a purchaser and verify that you are the correct person or entity entitled to access these goods or assets.
Now we’re at the part most customers are aware of. When customers make a payment into a merchant’s account, the merchant needs to ensure customers are using their own accounts, and not someone else’s, for these transactions. There are many more steps in between—verifying someone holistically is a long and detailed process. And yet, that journey must all take place within seconds to allow business to continue as usual.Unfortunately, while everyone is aware of the growing technical capabilities of bad actors in the financial sector, not nearly enough payment companies—or businesses that utilize them—are doing the requisite level of due diligence. Bluntly, it is an industry problem.
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