Turning Mistaken Identity into Customer Delight By James Mirfin (@jamesmirfin) The risks associated with identity (individuals and devices) are changing rapidly, and nowhere more-so than in the payments space. Key drivers are the digitalisation of products, channels and services, compounded by the advent of CrimTech being deployed to systematically identity vulnerabilities, compromise PII and accounts, and exploit silo’d functions, systems and defences within existing payment platers. Traditional thinking about the 3 lines of defence, and functional mandates for fraud, compliance, transaction monitoring and AML will no longer work. The mass adoption of CrimTech is placing unprecedented pressure on payments players to redefine their risks, restructure their defences, and look more holistically at integrated solutions to adapt in real-time to the risks they are facing. Compounding this challenge is the fragmented regulatory landscape and appetite for adoption of new technology (Fintech & RegTech) and how data privacy is being legislated for and creating conflicting tension in the battle against the new financial criminals. What are the models for effective collaboration at an industry level, leveraging data and technology to tackle the challenges together? There are players who are moving quickly in response to the emerging threats, and risks for those who don’t. There is industry level work being done in association with organisations like the EPA, WEF which highlight the opportunity what a well-defined, industry led open Digital Identity solution presents. A well-designed defensive solution in Digital Identity could become the best offensive strategy, enabling frictionless experiences for genuine customers and delighting them whilst keeping them, their money and their institution safe.