FDIC, FinCEN Launch Tech Sprint for Digital Identity Proofing Solutions

Source: S&P Global Market Intelligence

The Federal Deposit Insurance Corp. and the Financial Crimes Enforcement Network launched a tech sprint with the goal of developing solutions to measure the effectiveness of digital identity proofing at financial institutions and regulatory agencies.

The FDIC's tech lab and FinCEN are seeking to increase efficiency and account security; reduce fraud and other forms of identity-related crime, money laundering and terrorist financing; and foster confidence in the digital banking environment, according to a news release.

The agencies will open a two-week registration period for the tech sprint in the coming weeks. Participants will then be grouped into teams that will work together over about three weeks to find solutions to the challenge of finding a scalable, cost-efficient and risk-based solution to measure the effectiveness of digital identity proofing for individuals seeking to perform financial activities remotely.