The FDIC and Financial Crimes Enforcement Network announced a tech sprint to develop solutions that will help financial institutions and regulators measure the effectiveness of digital identity proofing.
Background: Digital identity proofing is the process used to collect, validate, and verify information about a person. Through the tech sprint, the agencies will seek to increase efficiency and account security; reduce fraud and other identity-related crime; and foster customer confidence in digital banking.
Next: Registration will open in the coming weeks and provide interested individuals roughly two weeks to apply. Individuals will be grouped into teams that will work over three weeks to develop and present solutions.