Identity crime costs Australia upwards of A$1.6 billion a year, of which approximately A$900 million is lost by individuals through identity theft, credit card fraud and scams. A survey conducted by TransUnion shows a similar story in Hong Kong where 40 percent of people have been a victim or know a victim of identity theft, conducted mainly through voice phishing or hacking into a main account on personal computers.
Identity crime is also considered an enabler for serious and organised crime. As a result, the ID verification and screening of customers has become a central component of due diligence for regulated entities like banks. However as legislation tightens and ID verification strengthens, criminals also evolve by using new techniques to move money and penetrate the financial system.
Inevitably, institutions have to spend more money to keep up with the latest security measures. Unfortunately this means it takes longer to process the ID of customers, making it longer for them to open up a bank account; all which invariably takes people away from doing other tasks. In the age of instant results, we don’t want to wait, nor do we want to struggle through multiple steps to get the verification and the end result that we are after.
Rapid ID is an Australian startup that helps verify customer ID more efficiently. They offer a multi-factor authentication solution that helps to physically confirm that the digital user is exactly who they say they are. In this episode we hear from Ashley how this Aussie start up is providing its clients with solutions to prevent identity crimes and conduct due-diligence for global transactions. RapidID offers simple, scaleable, automated solutions that help their clients meet all their global anti money laundering and counter terrorism funding obligations. Ashley also shares Rapid ID’s story, their success in Australia and the opportunities they are pursuing in Hong Kong.
We recommend this podcast to any Aussie startups working in cybersecurity that are looking to enter the Hong Kong market.
Click here to listen to this episode!