Luke Parker

Identity Verification in Fintech: A Guide to Best Practices

Identity Verification in Fintech: A Guide to Best Practices

Financial institutions are turning to digital identity to increase efficiencies, offer a better customer experience, and help mitigate risk. In this modern age, they must also employ modern solutions to meet the needs of their clients and keep pace with the ever-changing landscape.

The following best practices can aid fintech in approving and locating new clients without fraud or friction while streaming the client journey.

What is digital identity verification?

Digital identity verification (IDV) is verifying an individual’s identity. The objective is to confirm the person exists and is who they claim to be. Identity verification is a part of the customer due diligence processes needed by AML regulations in the world.

Any financial institution can verify a person’s in-person and online characteristics by acquiring electronic and documentary evidence.

Digital identity verifying solutions in fintech

There are different digital identity methods, and financial services can use a combination to increase their digital security. They include:

• Two-factor authentication
• Knowledge-based authentication
• Biometric verification
• Multiple methods
• AI (Artificial Intelligence)
• Document verification
• Database authentication
• Liveliness detection

1. Two-factor authentication (2FA)

Multi-factor or two-factor authentication requires clients to enter a code or OTP sent to their phone or email. This can be crucial to ensure your client didn’t fill incorrect data. 2FA typically needs customers to have their phones during the authentication process.

2. Knowledge-based verification (KBA)

Knowledge-based authentication verifies an individual’s identity by needing a response to security questions. To be verified, you will need to …

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Data Security: A Toolkit for Protection from the Unwanted

Data Security: A Toolkit for Protection from the Unwanted

How the DSP Toolkit Can Support a Strong Data Security Strategy

Data security is the beating heart of every business. Consumer trust is one of the healthcare world’s greatest assets, particularly given that security breaches have risen by 27% a year. Breaches cost the world $10 trillion a year, but the DSP Toolkit has swooped to the rescue. This online tool audits security performance according to 10 security standards.

What is the DSP Toolkit?

The DS protection Toolkit is designed to measure national data security performance in the regulatory ecosystem. It’s a requirement for all businesses under the NHS system and ensures compliance with NHS data mandates and UK data protection regulations.

Businesses that work with NHS patient data are required to assess their own compliance and complete a DSPT submission annually.

What is the DSP Toolkit Process?

The NHS DSP toolkit is an online self-assessment tool with 10 security standards. Registration is the first step to compliance and will help you to define the category of your business. Different categories have different compliance regulations.

Once registered, healthcare businesses must manually respond to 42 to 179 compliance items. Once you’ve submitted these responses, the National Data Guardian will complete an audit.

What Are the Data Security Standards?

The National Data Guardian has divided the national data security standard into 10 leadership obligations and three broad DSPT assessment themes:

  • Employees: Staff must know how to manage personal data safely and sensitively in keeping with the seven Caldicott principles.
  • Process: Your enterprise
…
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Gemba Walk Checklist: Get Ready to Take a Stroll

Gemba Walk Checklist: Get Ready to Take a Stroll

Maintaining quality, continuous improvement, and consistency in any industry can be challenging especially when you are managing dispersed or large teams, complex projects, segmented workflows, or multiple departments. And that is where exercises such as Gemba Walks can make a significant impact.

However, when you are starting your Gemba Walk, it is easy to rush in at a very high speed, which can lead to overlooking opportunities and missing crucial steps.

In this piece, we will discuss what a Gemba Walk Checklist should include. Read on!

What is a Gemba Walk?

For starters, we will first define a Gemba Walk. Gemba literally means “the real place or actual place”. In a company, this exact place means the place where value is added, such as the shop floor, factory floor, production floor, and office floor.

While work happens across a company at a variety of levels, Gemba Walks often helps surface the job happening at the production level. This is sometimes described as visiting the place where real work takes place.

Benefits of Gemba Walk

Performance and processes are boosted by Gemba Walks. This lean management tool allows you to engage with staff in order to explore improvement opportunities and observe processes in the workplace.

Gemba Walks help in the following areas:

• Trust building: The presence of a manager at the workplace proves that the company takes workplace issues and their resolutions seriously.

• Workplace efficiency: This lean manufacturing tool helps boost workplace processes, improve workplace productivity and reduce waste.…

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What Does an API Gateway Do?

What Does an API Gateway Do?

Ever since the inception of technology in almost everything we do, we’ve always strived to deliver more accessible, quicker, and much more secure access to our cloud-based services and data to our clients or even employees. This struggle has, in turn, been rewarded by the application programming interface.

An API is software that acts as an intermediary between two applications allowing them to communicate with each other. Since most of our work requires multiple applications to communicate with each other, it leads to the use of numerous APIs, thus the need for an API gateway; a good example is the Amazon API gateway. Thus, in this article, you will learn what API gateways are, what they do, and the most significant aspects they should address.

What is an API Gateway

An API gateway is an API management tool that can also be referred to as a traffic manager. It sits in between an API endpoint and its various backend services. As a reverse proxy, the API gateway is responsible for taking API requests and calls from client apps and matching them to the intended station or service. This station or service processes the API calls and requests and then sends feedback back to the client or user.

API gateways can either be open source or proprietary. As stated above, an excellent example of one of the most popular API gateways is the Amazon API gateway. This acts as a front door allowing applications to access data or functionality from the …

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8 Hurdles of a Data Migration

8 Hurdles of a Data Migration

We can all agree that data migration is an incredibly challenging task. Although it is defined simply as moving data and applications from one location to another, it has a lot of difficulties. Data migration is an inevitable eventuality, considering the constant development of better, faster and more efficient systems. Therefore, the transfer should be as smooth as possible.

According to Agile Data Migration, there are a ton of software migration tools on the market that your organization could use to ensure the success of the migration.

Additionally, knowing the risks involved in the process, like data loss and amplified errors, it’s critical to identify and overcome these problems before any data is transferred or modified. Some of the challenges encountered during the transfer may include those mentioned in this article.

Hurdles Of Data Migration

Due to the risks involved in this transfer process, the organization should consider having a backup server for storage that requires regular maintenance.

Inadequate Research On The Source Of Data

Before starting the migration process, examining the source is essential to the success of all migrations. It gives you a clear picture of problems existing in the legacy system data. An example of such complications is duplicates and erroneous data.

It is easy to assume that all the application records from the legacy system will work in the new system. However, this assumption may lead to critical failures in the migration plan. Generally, in an attempt to ensure the safety of the organization’s data, …

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6 Tips for Migrating to Atlassian Cloud

6 Tips for Migrating to Atlassian Cloud

As the market for cloud application services grows and new providers continue to enter the space, organizations are looking for opportunities to cut costs and increase efficiencies by moving their software into a cloud environment.

In many cases, moving your company’s custom software from an on-premises or virtual private server (VPS) installation to an Infrastructure as a Service (IaaS) provider.

If you’re considering moving to the cloud with your enterprise software, read on to learn more about migrating your custom software to Atlassian On Demand Cloud. Whether you’re just getting started or want to learn more about driving the adoption of your software in production, we’ve got you covered.

Tips for Migrating to Atlassian Cloud

  1. Understand your current software environment and the Atlassian Cloud

When considering a move to the cloud, one of your first considerations is what you’ll have to bring. Because this is an important decision, you must understand your current software situation.

Once you’ve established that the cloud is a good fit for your software, it’s time to evaluate how Atlassian Cloud can help make your job easier.

  1. Understand the Atlassian Cloud

Once you’ve established the size and configuration of your software environment, you can start evaluating what Atlassian Cloud offers by looking at various features. They include Data Loss Prevention (DLP), monitoring, and security.

Depending on the type of application that you run in production, some features may be relevant, while others may not be applicable at all.

Remember; if you don’t have any experience with …

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What Are the Main Elements of a Vulnerability Management Process?

What Are the Main Elements of a Vulnerability Management Process?

As security threats become more common and sophisticated, it is important that companies take preventive measures. Vulnerability management tools and strategies enable the business to evaluate and mitigate possible security vulnerabilities before they are utilised by threats.

The vulnerability management process enables your security team to understand various risks that the business is facing and deal with them in a methodological manner. It also creates a formal route for managing any new vulnerabilities. A solid process has several stages to assess and manage vulnerabilities until they are neutralised. These are the essential elements of the vulnerability management process.

Vulnerability Scanning and Assessments

Scanning is an automated process by which an organisation checks the system, network, or devices for any weaknesses or vulnerabilities. The process should be conducted inside and outside the organisation. Your website should not be left behind as it could be a source of vulnerabilities such as cross-site scripting and SQL injection.

You should carry both credential and non-credential vulnerability scans. Authenticated or credential scans are deeper and more complex as they enable you to discover configuration issues and missing patches. On the other hand, non-credential scans present the hacker’s view of the systems to enable you to check on open ports, listening services and things like operating systems.

On the other hand, vulnerability assessments include checking other issues that may be contributing to the weaknesses in the systems, such as poor policies, standards and processes. It differs from scanning in that it considers the entire security …

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The Benefits of Fuel Sampling and Contamination Testing

The Benefits of Fuel Sampling and Contamination Testing

You may not be able to see, smell, or taste it, but contaminants in your fuel can significantly impact engine performance. According to the fuel health guru, Conidia, this is especially true for fleets that rely on their diesel trucks day in and day out. If you operate a fleet of heavy-duty diesel trucks, sampling and testing your fuel is essential for identifying potential problems before they become routine maintenance issues.

Operators should adopt a proactive testing strategy that includes random fuel samplings and inspections at the source before delivery to your fuelling station. Here are the benefits of fuel contamination testing.

Identify Potential Problems Before They Become a Routine Maintenance Issue

Fuel contamination can cause problems for your engine. Using contaminated fuel may not burn properly, which can increase the chance of engine failure. Contamination will also likely cause premature wear in your fuel system components and injectors.

If you’re not regularly testing and sampling your fleet’s fuel, you may not identify these issues until they become a problem for you regularly.

Easy Adjustment for Your Engines

The sooner you know about potential issues with your fuel supply, the sooner you can take steps to resolve them before they become an expensive problem. Fuel contamination testing will give you the information needed to make the necessary changes before any damage to your vehicle occurs.

By sampling and testing your diesel fuel regularly, you will identify potential problems early on, minimising downtime and costs associated with repairs or …

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Does SAP Cloud Run on AWS?

Does SAP Cloud Run on AWS?

The short answer is yes. But not all SAP applications are compatible with AWS and Google Cloud.
However, as Avantra explains (https://www.avantra.com/blog/sap-on-premise-to-aws-cloud-migration), the SAP Cloud Platform does offer several applications for SAP customers, including SAP ERP, SAP HANA, and SAP Ariba, that are designed to run on AWS.

In the article below, you’ll learn the following:

  • What are the benefits of using an SAP cloud application on AWS?
  • What are the limitations of SAP cloud applications on AWS?
  • What applications are available on AWS?
  • How to get started with SAP cloud applications on AWS.

Benefits of Using an SAP Cloud Application on AWS

AWS is an increasingly popular option among SAP users including those looking to cut their costs by lifting and shifting ECC. The option (AWS) offers exemplary approaches backed by an outstanding experience to support SAP customers. It is one of the best ways to enjoy greater flexibility and utmost value from your SAP investments in the most reliable, secure and extensive way.

Besides, AWS offers 200+ services to allow you innovate and create a purpose-filled SAP automation tool to help you maintain value and focus. This platform is also ideal for innovative people looking to try new things and see how they turn out while at the same time, increasing the value of the SAP systems – integrating SAP with AWS technologies steers the business in real time.

If you have been thinking about incorporating AWS into your SAP, here are some of the potential …

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