US agencies launch digital identity sprint

Two US agencies- the Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) have launched a tech sprint aimed at understanding the effectiveness of digital identity proofing. In a statement, the agencies seek technology solutions to the challenge of ‘a scalable, cost-efficient, risk-based solution to measure the effectiveness of digital identity proofing to ensure that individuals who remotely (i.e., not in person) present themselves for financial activities are who they claim to be’ . The sprint will be open to individuals and groups. Examples of financial services mentioned in relation to the sprint are casinos, insurance, securities and futures.