Digital identity ‘tech sprint’ aims to find ways to reduce fraud

The Financial Crimes Enforcement Network, FinCEN, and the FDIC have announced a “tech sprint” to develop solutions for financial institutions and regulators to help measure the effectiveness of digital identity proofing — the process used to collect, validate and verify information about a person.

Through the tech sprint, “Measuring the Effectiveness of Digital Identity Proofing for Digital Financial Services,” interested participants from financial institutions, along with FinCEN and the FDIC’s tech lab, will seek to:

  • increase efficiency and account security;
  • reduce fraud and other forms of identity-related crime, money laundering, and terrorist financing; and
  • foster customer confidence in the digital banking environment.

A tech sprint program brings a diverse set of stakeholders (for example, nonprofits, private sector individuals/companies and academics) together in collaborative settings for a short period of time to intensely focus on creating solutions to challenges of importance.

The agencies say that registration for interested participants from financial institutions will open in the coming weeks. The tech sprint will encompass a review of applications and grouping of individuals into teams that will work together over approximately three weeks to develop solutions to the challenge question, and invitations to participate in a virtual “Demo Day” including short team presentations to a panel of experts for evaluation.

Questions about the tech sprint can be sent to Innovation@FDIC.gov.

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