Identity and Payments – ACH, Blockchain, Credit, Debit, P2P
Identity & Payments
Tuesday 5C Convener: John Best
Notes-taker(s): John Best
Tags for the session - technology discussed/ideas considered:
Discussion notes, key understandings, outstanding questions, observations, and, if appropriate to this discussion: action items, next steps:
We discussed the challenges that Banks and Credit Unions face in today’s payment environments , including phishing , smishing, vishing, and other account take over mechanisms. In particular we discussed how sovereign identity could help the Financial institutions reduce this kind of fraud. Scott David discussed several regulations that could prevent banks from taking advantage of sovereign identity. Some ideas that came out of the discussion
- Family watch – the idea that sovereign identity would have a family component and allow the FI to have others in the family watch the accounts besides the account owner. This was particularly interesting as the elderly are frequently taken advantage of , so family relationships via sovereign identity could allow for emails or other messaging to be routed or copied to another individual for review before forwarding on.
- Entity to entity communication- reviewing the remote account before funds are sent. Having sovereign identities for entities such as banks would allow communication between the banks more easily and could result in reduced ach fraud by allowing the sending bank to validate the account at the receiving bank before transacting funds.
The session closed with discussions around identity and social engineering, how to prevent social engineering with sovereign identity.