How Prepaid & Fintech firms are striving to get the balance right between compliance & convenience

HooYu working in collaboration with the Prepaid International Forum (PIF) has released a new report sharing industry stats on how the prepaid fintech sector is approaching KYC regulations.

The report addresses the identity fraud challenges faced by the industry how as the industry has grown, so have attempts by criminals and terrorist groups to harness the sector for their own aims.

The report includes:

• The efficiency of the current KYC technologies being used
• The percentage of customer applications that get abandoned
• The number of applications that currently are subject to checks above the basic requirements