At Money20/20 2024, the biggest names in financial services came together to tackle the latest challenges and opportunities in digital identity, fraud prevention, and compliance. Among the many insights shared, three trends stood out as key to the future of identity proofing. These takeaways capture how the industry is moving to keep up with evolving threats and rising consumer expectations for fast, secure interactions.
The Shift Toward Layered Capabilities in Orchestration Platforms
A major highlight at Money20/20 was the growing popularity of orchestration platforms, which bring together various tools—like verification, risk scoring, and compliance—into one streamlined solution. Instead of relying on multiple vendors, companies can now simplify their identity and fraud management with these centralized, layered platforms.
This trend matters because it shows a clear shift toward integrated solutions that can be deployed quickly and scaled up as businesses grow. The adaptability of orchestration platforms also helps businesses stay on top of new regulatory requirements and customer demands with minimal disruption. As the digital economy continues to expand globally, these platforms will only gain importance for companies looking to simplify identity verification and deliver better customer experiences.
Growing Demand for Global Risk Verification Beyond KYC
Another key trend was the increased focus on verifying core Personally Identifiable Information (PII), like names and phone numbers, beyond the usual Know Your Customer (KYC) checks. Instead of just checking off boxes for compliance, companies are now using these basic PII checks as a quick way to confirm authenticity and assess risk throughout the customer journey.
This is becoming more important as businesses look for ways to quickly and accurately gauge risk without asking for too much personal data. For sectors like digital banking and e-commerce, where speed and scale are critical, verifying small details like a name and phone match can make a big difference in security without overburdening customers. As more interactions move online, demand for straightforward, cross-border verification will only grow, making it an essential part of identity management globally.
Increased Focus on AI-Driven Fraud Detection, Especially Against Deepfakes
With AI-powered fraud on the rise, the spotlight was on the industry’s push to develop tools that can tackle increasingly sophisticated scams, particularly those involving deepfakes. Deepfake technology uses AI to create lifelike images, videos, or voices that mimic real identities, making traditional document checks less reliable. As a result, companies are investing in advanced AI tools that can detect these fake identities.
This shift is crucial because deepfake technology is becoming more accessible, allowing fraudsters to create convincing fake identities. The emphasis on AI-driven fraud prevention shows the industry’s commitment to staying ahead of these emerging threats. By layering in data-driven verification alongside traditional defenses, companies can better protect themselves while reassuring users. As AI technology keeps advancing, we can expect fraud prevention to evolve to meet regulatory demands for security and transparency.
Conclusion
The major trends from Money20/20—layered orchestration platforms, global risk verification, and AI-powered fraud detection—highlight how quickly the identity landscape is evolving. Organizations that stay on top of these developments will be best positioned to build trust, enhance security, and succeed in a complex, fast-moving global market.
Data Zoo is committed to staying at the forefront of these emerging trends by sourcing critical, non-traditional data assets, partnering closely with leading identity proofing platforms and orchestration layers, and continuously evolving our data sequencing to stay ahead of emerging threats and ensure our clients have the most effective tools in the fight against fraud.