Trulioo is extremely proud to be a finalist for the Citi® Tech for Integrity Challenge (T4I), an open innovation challenge to source solutions that promote integrity, accountability and transparency in the public sector. We will be presenting at Singapore Demo Day on June 9.
“We’re overjoyed to be selected as a finalist for Citi’s Tech for Integrity Challenge,” said Stephen Ufford, Trulioo’s CEO. “Fraud and corruption are immense problems that damage economies, and the concepts of fairness and democracy. Technology provides tools for institutions to appropriately gather, share and analyze data to strengthen protections for citizens and economic opportunities.”
We are competing in the Analytics, Reporting & Transparency Pillar: To leverage big data solutions and advanced analytics to bolster the detection, deterrence, and remediation of fraud and inappropriate financial transactions. To improve tools and auditing techniques to enhance the identification and reporting of behavior, actions, and trends associated with fraud and corruption.
“Trulioo provides financial institutions with an automated and scalable global solution that helps reduce fraud and meet due diligence requirements for AML and KYC to streamline processes more efficiently while reducing operating and acquisition costs,” continued Ufford.
Fraud and Corruption
Fraud and corruption are often categorized as “white collar” crime, making it sound somewhat benign. However, the costs are significant, seizing billions of dollars of funds from the system for private gain.
Fraud costs business 5% of annual revenue, or $3.7 trillion annually worldwide.
These are funds that don’t go to other economic development, citizens or worthwhile projects but, rather, line the pockets of greedy, unscrupulous criminals.
The costs aren’t just economic. Widespread fraud and corruption lead to doubt in the institutions that are designed to protect citizens. After all, if government and financial institutions are corrupt, how can they be trusted? If left unchecked, such widespread corruption can erode public confidence in governments and disrupt businesses and markets.
Innovation for the Public Sector
While the sophistication of fraud and corruption techniques have advanced, so have the tools to prevent and capture them. RegTech, regulation technology, enables financial institutions to better monitor activities to improve compliance with various Anti-Money Laundering (AML) laws. By stopping the flow of illicit funds, by preventing dirty money from entering the economic system, it hits the purveyors of fraud and corruption where it hurts.
Taking away the economic incentive of crime is a major step forward for integrity, accountability and transparency.
We look forward to presenting our GlobalGateway electronic identity verification solution at T4I. It’s an opportunity to showcase effective and efficient ways of gathering and analyzing big data from numerous sources, without compromising data quality or individual privacy. GlobalGateway demonstrates that it is possible to quickly gain insight into complex data sets to drive good decision making, while still being able to optimize and control variables. It also offers a way forward in the standardization of data inputs from numerous different country and data-handling procedures.
You can follow developments of T4I on Twitter with the hashtag #CitiT4IChallenge.
For more information about GlobalGateway, download our product brochure today!