• Combating global costs of identity theft and online fraud
    • In first half of 2018 £500 million was stolen from customers of British Banks
    • 4.5 M victims of cyber Crime in 2018 (Office National Statistics)
    • 450 identity theft cases reported every day in the UK
    • Cost of data theft in US alone will cost $2.7BN by 2020
    • UK Cyber Crime victims in UK lose £190K a day (BBBC)
  • Disruptive Financial Services & Banking 
    • Changing Landscape with dramatic digital commerce growth
    • Customers driving demand for more flexible, faster services
    • Blurring of boundaries as technology companies and digital giants move into other sectors including online banking
    • Demand for cloud based operations
  • Increasing compliance and regulatory demands
    • Every sector will be impacted by increasing compliance demands as instances of cyber fraud increase
    • Government  driven regulation of sectors, specifically financial and restricted goods and services 
    • Mitigating the risks associated with impersonation fraud in both account registration and authenticating valid holders of existing accounts are critical. Solutions that support sector specific regulatory requirements and guidance such as KYC, AML, CDD, CTF and JMLSG are a minimum requirement.
  • Building Trust in an age of digital transformation
    • In the race to meet customer driven demands for faster, more flexible service, security can be compromised. Trust particularly around the use of personal data will become increasing valued 
    • Privacy and Data Protection impacting verification services
  • Collaboration of Data 
    • Data now accessed by multiple sources of data streams which all need to be KYC and AML, means it is imperative that institutions such as banks, insurance companies can demonstrate that they can be viewed as trusted data sources.

Financial services

The Issue

Identity theft is Britain’s fastest growing crime, increasing at 500% a year (CIFAS); more than £1.6million worth of card fraud occurs every day, with a new victim every eight seconds (APACS). The banking system has to adapt fast to cope with this, as well as with the newly emerging progressive methods of mobile payment. Account registration, access and ID authentication remain critical in the fight against fraud by meeting sector specific KYC, CDD, AML and CTF regulatory risk mitigation requirements.

The Solution

Paycasso’s account registration solution supports a global marketplace, reduces customer friction through a simple and effective on-boarding process, thereby increasing completed customer registrations. Reducing the risks associated with impersonation fraud, improving operational efficiencies through the application of consistent and automated adjudication processes and supporting the organisations compliance with respect to its Regulatory obligations.

  • Simple and effective customer on-boarding
  • Comply with Regulations
  • Reduce costs
  • Improve risk-mitigation
  • Reduce instances of fraud

Healthcare

The Issue

Security and Privacy are the two fundamental principles of healthcare and the provision of healthcare services; however the proliferation of electronic medical records has raised concerns about patient safety and security. As online access for patients and medical staff to personal and sensitive medical information continues, identity and data security are crucial. Healthcare fraud, according to the NHS counter fraud authority (NHSCFA) costs the NHS approx. £1.25 Billion annually in the UK and is a white collar crime that has far greater consequences, often life-threatening, than pure financial fraud.

Paycasso Solution

Paycasso applies biometric authentication of a patient to their stored health record, reducing exposure to the risk of fraud. Verifying a patient’s identity and credentials ensures sensitive health information is accessible only to those who have access rights. Every patient can feel confident that however and wherever their records are being viewed and accessed, their unique data is accurate, up-to-date and secure.

  • Enhanced access control reduces patients safety risks
  • Enhanced medical data management
  • Reduced exposure to medical identify fraud and theft
  • Compliance with regulatory requirements

 

Retail banking

The Issue

Retail banking had represented a staid, conservative and unfashionable corner of the financial world. That dramatically changed almost overnight. With the advent of digital only financial service providers, promptly followed by full service digital banks that have no physical presence, the retail banking landscape has fundamentally and permanently changed. High Street Banks dominated the market, consumers rarely found cause to consider moving basic banking services. With the rapid expansion of new entrants to the market, the consumer is suddenly faced with significant choice. New entrants open accounts for their customers in minutes not days. Technology is driving the consumer choice and ease and simplicity are demanded. The High Street Banks have not historically been party to such market forces. Whilst they are not necessarily being challenged on product, they are certainly battling for a consumers attention and that demands immediacy of service.

The Solution

Consumer facing solutions that support the entire customer lifecycle, from account opening through to secure account authentication.

  • Simple and easy to use on-boarding process
  • Supports your multi-channel engagement: web, mobile and in-person facilities.
  • Comprehensive audit, quality control and regulatory compliance
  • Supports your global marketplace through a single platform

 

Insurance

The Issue

Applying for a new Insurance policy whether car, health, or life can be a lengthy, time consuming process. The application process, which often includes complex underwriting elements as well as a need for large amounts of supporting documentation, can make this seem longer than necessary. The interaction between various departments at the service provider and the applicants themselves adds further complication and potential for error. Provision of streamlined documentation is one of the main challenges of this sector but customer verification to combat insurance fraud is also required.

Paycasso Solution

Paycasso addresses these unique challenges by ensuring the initial application process, including customer identification verification, is simple and transparent. However, the amount and level of documentation that is often required to complete the application is unique to each individual and can vary substantially. This ongoing interaction, while the documentation is being produced, is streamlined by Paycasso, delivering operational and cost efficiencies throughout the entire process.

  • A simple application registration process
  • Delivers organisational efficiency in processing customer ID and secondary documentation
  • Supports the underwriting process
  • Earns support from legal, risk and compliance departments
  • Increases number of successful policy applications
  • Reduces risks associated with impersonation fraud

Restricted goods & services

The Issue

The most common restrictions denoted by goods and services that are identified in this category of commerce are the minimum age requirements set for those consumers who are able to purchase them. The determination that this minimum age requirement is being met (prior to completing a sale) is the responsibility and legal obligation of the retailer. For the retailer, simply ensuring robust operational processes are in place to fulfill these legal obligations is not sufficient, the retailer must demonstrate compliance as and when requested to do so by the relevant jurisdictional authority. A regulator must be able to review the retailers compliance policy and independently assess the efficacy of the operational processes that have been implemented to ensure policy compliance. The dramatic expansion of low cost digital (person-not-present) sales & distribution channels has highlighted the challenge facing retailers and the regulatory authorities. Operational processes that assured regulatory compliance for in-person sales are not delivering the same assurance digital channels. Growing public safety concerns with the ease of access for minors to adult services that have dramatically grown in scope and an active political agenda driving expansion of both regulatory authority and enforcement capabilities requires solutions that not only address digital compliance requirements but do so in a commercially sensitive manner.

The Solution

Delivering simple to use, consumer friendly and commercially effective solutions that support both domestic and multi-national service providers in meeting the required compliance controls relevant to the jurisdictions in which they conduct business. In conjunction with meeting compliance obligations related to the specific restricted goods or services, multi-national operators must ensure compliance with various jurisdictional data privacy obligations. Paycasso ensures its clients’ satisfaction of such obligations through both solution deployment options. Saas/Cloud solutions are facilitated through mirrored deployments in the global network of AWS Data Centre’s. Coverage stretches from Sydney, Australia through to N. American facilities. Paycasso’s deployed software (client on-premise) platform ensures those clients who wish to maintain absolute control can deploy multiple instances within their own in-country data centre facilities.

  • Reducing user account registration effort whilst supporting regulatory compliance
  • Delivering low impact, commercially viable solutions
  • Raising barriers that effectively restrict under-age access
  • Supporting regulated service providers with comprehensive audit capabilities