Stay informed with the Identity Insider.
Receive relevant compliance updates, industry best practices, and top trends in identity verification straight to your inbox.Sign up
Direct government air to businesses might be relatively new in North America, said Zac Cohen, chief operating officer at Trulioo, but it is more common in Europe, he said, citing a Deloitte publication on what other countries have done.
Amidst the chaos following a natural disaster, the potential for fraud is substantial. In such climates, trust is vital to ensure that fraudsters don’t disrupt the flow of funds.
A new report published by Trulioo has revealed that 73% of consumers claim that the account opening process can ‘make or break’ their relationship with digital services experiences and 77% indicate they will switch to other sites if met with a less than optimal experience.
People are sceptical of poor online account creation experiences and will switch to other sites if they encounter a relatively slow, confusing or invasive process. All the time and effort to build and grow a great service can be negated during that critical make-or-break onboarding experience.
When opening an account online, what do consumers care about? What do they look for, what do they expect and what do they want to avoid?
The COVID-19 pandemic stopped much of the world in its tracks. Facing a global health crisis and an economic recession, many businesses closed up shop until social distancing requirements were loosened. Once that happened, non-essential businesses started to open back up, and equipped with masks, society attempted to return to some sense of normalcy. Unfortunately, this resulted in various resurgences in transmission rates in several states across the U.S.
If this pandemic has taught us anything, it’s that the world must be better prepared to handle future global crises – but there isn’t a universal and seemingly effective process in place. That’s why many businesses are investing in technologies to ameliorate future global challenges.
Trulioo, the leading global identity verification company, today announced that its GlobalGateway EmbedID low code identity verification solution was awarded best B2B Solution during the 2020 RemTECH Awards.
“We are honored that our low code hosted solution, EmbedID, is being recognized for providing the right tools to help businesses mitigate risk and prevent fraud,” said Rutherford Wilson, VP of Emerging Technology at Trulioo. “It goes without saying that fraudsters are always looking for new targets and the current pandemic has only spiked more sophisticated attacks. EmbedID offers a holistic approach that takes into consideration the user and the level of risk presented based on AI, behavior, data and most importantly fraud signals, all through a snippet of code.”
Global ID verification company Trulioo on Friday named Leigh Ramsden its new CFO, effective November 16.
Ramsden brings more than 20 years of finance leadership experience to the Vancouver-based company and succeeds Anne Lawlor, CFO since 2012, who will retire. “Leigh’s expertise in building out financial technology infrastructure and optimizing financial performance will help guide us on a continual growth trajectory,” Steve Munford, Trulioo president and CEO, said in a statement. In his new role, Ramsden will report to Munford and lead all aspects of Trulioo’s finance function, including accounting, FP&A, financial operations, capital planning, tax, treasury, and investor relations.
The COVID-19 pandemic has moved even the most resolutely analogue activities online. At the beginning of 2020, no one considered that elementary schools would go virtual or that offices around the globe would institute a fully remote workforce.
What a difference a year makes! COVID ground economies to a halt, drove thousands of businesses out of operation, and turned major cities into ghost towns. But the shutdown of the business-as-usual accelerated our digital lives.
For e-commerce, 2020 is not business as usual. The emergence of Covid-19 resulted in a seemingly overnight shift to digital environments. While at first glance this seemed like a major opportunity — as evidenced by a recent Salesforce report that found a 71% global increase in online sales in the second quarter of 2020 — it also introduced significant challenges.
“It is not hard to see why the crisis might provide fertile ground for fraud. The combination of financial and health threats makes people more vulnerable and creates opportunities for fraudsters,” stated a recent Deloitte article.
As retailers faced a spike in digital fraud with the onset of the pandemic, Trulioo recognized the challenges that small businesses were facing and took action by offering free access to its identity network. “This helped them to mitigate their risk, build trust with their customers and, ultimately, to protect and grow their revenues in the most testing circumstances imaginable,” says COO Zac Cohen.
The following is an excerpt from What Did You Change?, contributed by Zac Cohen, chief operating officer of Trulioo. The COVID-19 pandemic has tested the resolve and financial stability of small businesses like nothing before. Across all sectors, small businesses have had to adapt almost overnight to severe restrictions on movement and commerce that have in many cases threatened their very survival.
For all their talk of become digital, banks still have a ways to go on such a basic task as opening a new account without a branch visit. Only 49% of North American banks let new customers use digital methods to establish their identity and open a bank account, according to a recent survey by FICO. Its Customer Identity Management Survey said that 23% of customers would abandon opening an account if the bank required them to provide their identity through another channel.
Innovative companies that work in energy efficiency, virtual healthcare, autonomous vehicles and more looking for skilled people to join their teams. Canadian tech companies set themselves apart from Silicon Valley’s startups with one differentiating factor: they aim to build tech that improves — not just disrupts — society.
That meaningful innovation will be on display this November, as MaRS hosts the inaugural MaRS Impact Week, where thousands of innovators from across the globe will gather virtually for deep discussions on the most pressing technology challenges of our time.