The DIACC, a critical stakeholder involved in Identity Week America, has released a podcast episode exploring the fraud prevention methodologies employed by TD Bank to protect their clients and the financial ecosystem from money muling and human trafficking.
The discussion surrounds TD Bank’s multi-faceted approach to customer identification as the “single most critical aspect” of operating within the banking landscape. With Canada being a highly-banked country, there are many genuine identities to separate from the fraudsters. The speaker being interviewed is Karan Puri, Associate Vice President and Head of Product, Trusted Credentials at TD Bank who lists four main features to KYC checks at TD Bank.
First, deploying two-factor verification, TD biometric fraud alerts, audit deposits and call analysis shows the level of trust vested in their technology. Bridging social engineering fraud with digital fraud, TD Bank also gives advice on types of fraud and raises awareness about good online habits via its communication channels.
Puri talks about maturing verification channels whilst “often there are stringent identification processes introduced (by banks) that increase the friction points for criminals to use the ecosystem for money muling”.
“As you make the process more stringent, this could also penalise genuine customers from getting onboard”, he said.
“For banks to get the right balance, they are heavily investing in technology innovation to balance the competing the interest of tracking criminal actors in the ecosystem whilst reducing the friction for genuine customers”.
