Providing seamless, secure experiences requires a balancing act of security versus friction.
Getting this balance right is difficult and requires leveraging the correct verification tools and strategies. Even without the specific risks inherent to prepaid cards, there is still the general risk of fraud, with users open to many different ways fraudsters may seek to exploit them.
This installment to our Sector Spotlight series highlights the prepaid industry's unique challenges around digital identity verification and outlines our anticipated outlook for the future.
Key learnings from this spotlight include:
- What prepaid service providers can do to ensure that their cards are being used correctly while providing a positive user experience.
- Verification strategies to secure against synthetic identity fraud.
- The challenge a digital-only environment presents for (KYC) and Anti-Money Laundering (AML).
- Why data diversity is a critical component to a successful digital identity verification strategy.