Page 57 - Implementation of Secure Authentication Technologies for Digital Financial Services
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8  CONCLUSION

            This report provides information about two key     munities by ensuring that their DFS implementations
            functions supporting DFS: initial identification of   use open international technology standards.
            customers at enrolment and strong authentication     The Financial Action Task Force (FATF) recom-
            of customers returning to access DFS services. Both   mends a risk based approach for regulated entities
            functions are essential to meet regulatory require-  which includes understanding the digital ID systems
            ments, de-risk service provision and to improve    level/s of assurance for identity proofing and authen-
            customer experiences.                              tication and that these assurance levels are appro-
               The implementation examples describe many       priate for consumer due diligence. Strong consumer
            different system and technology approaches, each   authentication is based on two or more factors of
            dealing with a different set of constraints and envi-  authentication hence a high level of assurance which
            ronments. The examples build on either centralized   is consistent with the FATF recommendation.
            authorities and systems or distributed and decen-    As new technologies and approaches appear,
            tralized systems depending on the capabilities of   standardization becomes critical, both to ensure that
            the constituency, available technologies and socie-  existing threats and risks are addressed, and that the
            tal norms. There is no single optimum solution for all   new technologies are compatible and fit into existing
            environments. However, implementers can benefit    architectures.
            from the experience of the global standards com-






















































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