London, United Kingdom Mar 23, 2024 (Issuewire.com) - In today's digital age, the landscape of financial crime has evolved into an arena where cybercriminals exploit vulnerabilities within Know Your Customer (KYC) processes, necessitating a novel approach to combating fraud. At a time when financial crimes continue to evolve, banks and financial institutions face greater difficulty protecting their customers against fraud and money laundering. Deepfake technology, in particular, has proven an invaluable weapon for fraudsters by creating synthetic identities with alarming precision. Traditional methods like biometrics and digital checks no longer suffice as the sophistication of fraudulent activities has outshone these conventional tools. As a result, there is an urgent need for innovative solutions that can keep pace with the evolving nature of KYC (Know Your Customer) and AML (Anti Money Laundering) Compliance.
Eastnets, an internationally acclaimed provider of financial crime prevention solutions, stands as a stalwart advocate for its clients in the face of these threats, unveiling its latest innovation, "Eastnets SafeWatch KYC," as a provider of KYC compliance technology.
A spokesperson for Eastnets stated, "Deepfake KYC poses a grave threat that feeds financial crime." The spokesperson further added, "To effectively counter this novel fraud, a multifaceted strategy that integrates intelligence technologies across various layers of human interactions and payment systems must be employed."
At the core of this innovative approach to financial crime lies Eastnets SafeWatch KYC. By employing dynamic scoring methodologies and real-time risk assessment capabilities, this software effectively transforms customer due diligence processes while significantly reducing onboarding times for new and existing customers. Banks and financial institutions alike can utilize its comprehensive capabilities to capture, organize, store, and secure customer information efficiently for regulatory compliance while strengthening due diligence efforts.
"Integrated customer screening is key to mitigating risks associated with deepfake KYC fraud," notes the spokesperson for Eastnets. "Eastnets SafeWatch KYC conducts all required checks against national and international watchlists simultaneously, offering unparalleled protection from fraudulent activities."
Eastnets remains steadfastly committed to equipping banks and financial institutions with the tools needed to combat financial crime effectively. Eastnets SafeWatch KYC provides organizations with an efficient means of staying abreast of evolving threats while safeguarding operations against deepfake KYC fraud. As a leading custom KYC compliance provider, Eastnets ensures tailored solutions to meet the specific needs of its clients.
As digital platforms continue to evolve, Eastnets stands ready to lead the fight against financial crime, ensuring banks and financial institutions worldwide enjoy a safer and more secure future.
About Eastnеts: Eastnеts is a lеading global providеr of compliancе and paymеnt solutions for thе financial sеctor. With yеars of еxpеriеncе, Eastnеts is trustеd by banks and financial institutions across the world, dеlivеring cutting-edge solutions that еnsurе compliancе with financial rеgulations and facilitatе safе and sеcurе financial transactions.
Eastnets
Phone Number: +32 2 656 00 60
Email: Global Customer Servicecs@eastnets.com
Visit us on social media:
Other
Media Contact
Eastnets info@eastnets.com 1st Floor Reception, 3 More London Riverside, London, Greater London, SE1 2RE, United Kingdom https://www.eastnets.com/
