In today’s digital economy, verifying that a user is truly who they claim to be isn’t just a security need. It’s a business imperative.

In this edition of FID chats, Tobin Broadfoot, Product Director at Keyless, highlights a critical challenge faced by banks, fintechs, and crypto exchanges: how to ensure that the person trying to access an account today is the same person who was originally verified through KYC (Know Your Customer) processes.

Traditional authentication methods like passwords and SMS one-time passcodes often fall short, opening the door to account takeovers and fraud. The cost of these breaches, both financially and in customer trust, is pushing financial institutions to seek stronger, more seamless solutions.

Looking ahead, the digital identity space is evolving fast. Initiatives like eIDAS 2 in Europe and mobile driver’s licenses in the U.S. are paving the way for broader adoption of digital wallets. But with multiple identity credentials emerging, the core challenge remains: verifying that the person behind the screen is the same trusted user.

Take a look at the full interview below.

Looking to keep up with the latest and greatest in digital identity, authentication, fraud and financial crime?

Join a community of identity, fraud and fincrime experts for our co-located Future Identity Festival, FID IAM, and FID Fraud & FinCrime in London on 10-11th November.

For more content, follow our Digital Identity Digest newsletter.