Tradelink shared the insight of adopting a 2nd ID document in eKYC processes at the FMLIT Training Seminar
Tradelink was invited by the Commercial Crime Bureau (CCB) to speak at the Fraud and Money Laundering Intelligence Taskforce (FMLIT) Training Seminar, held at the Police Headquarters on 29 Nov 2024. The seminar was a success, with over 200 banking and financial professionals attending.
Andrew Cheng, Executive Director and Chief Operations Officer of Tradelink, provided valuable insights on "Navigating the Latest Threats and Challenges in Remote Identity Verification." Andrew demonstrated how fraudsters nowadays can bypass the anti-forgery features of the HKID card conducted by some electronic Know-Your-Customer (eKYC) products in the market, and shared some mitigation strategies to intercept at the source and prevent frauds from opening accounts. As part of this effort, Andrew suggested that banks could implement the use of two forms of ID documents for remote identity verification, which would make it practically impossible for fraudsters to use tampering documents for account opening. By adopting these measures, banks and financial intermediaries can significantly enhance their security protocols and mitigate the risks associated with identity theft. Andrew also addressed challenges posed by face manipulation technologies like presentation attacks, video injection, and deepfakes. He noted that while no single detection solution can identify all deepfakes, several tools and methods are effective in identifying manipulated content and proposed existing solutions to help mitigate these challenges.
The seminar provided an invaluable platform for fostering collaboration between the public and private sectors to combat financial crime. Attendees left with valuable insights and strategies to enhance their capabilities in detecting, preventing, and disrupting serious financial crimes. With a long history of delivering RegTech solutions to the banking and financial sector in Hong Kong, Tradelink remains dedicated to strengthening security measures and maintaining industry standards. We assure our ongoing commitment to upholding the highest security standards within Hong Kong's financial sector.
Established by the CCB, FMLIT is a financial intelligence exchange platform formed by public-private partnership to enhance the detection, prevention and disruption of serious financial crime and money laundering threats. As of Apr 2024, FMLIT members include the Hong Kong Police Force, the Independent Commission Against Corruption, the Customs and Excise Department and 34 retail banks and stored value facility licensees.