Keep up-to-date with the VerifiMe blog

Stay in the know about the latest in shareable digital identity and global trends. We will be adding articles and opinions regularly and welcome comments as well.

Zoe McKeough Zoe McKeough

Is Shareable Identity the Answer to Australia’s Ballooning KYC Burden? 

Here's a startling fact: Australians on average have over 40 user accounts that require identity verification through Know Your Customer (KYC) processes. That's a lot of repetitive form filling and document uploading! 

As digital services expand and the amendment to the AML/CTF laws increases the number of reporting entities, we're all having to verify our identities over and over again. It's time consuming and frustrating.  

But what if you could verify your identity once, and then securely share it with organisations that need to verify you or a business you control? That's the promise of shareable identity.

 

With shareable identity, you can consent to sharing verified credentials. This eliminates repetitive document upload or submission as a customer and organisations also benefit from streamlined onboarding and reduced fraud risk. 

For Australia, shareable identity can help overcome our ballooning KYC burden. It's time to explore frameworks that give Australians control over their digital identity. The future is shareable. 

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Steven Crow Steven Crow

Biometric Identity Verification: Understanding the difference between Passive vs Active Liveness Checks

In today's digital landscape, biometric identity verification has become a cornerstone for ensuring secure and seamless interactions. A crucial component of biometric authentication is liveness checks. In this blog we explore the difference between active and passive liveness checks and why active liveness check are superior more mitigating risk.

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Zoe McKeough Zoe McKeough

AML/CTF Reform: Recent Update for Small to Medium-Sized Accounting Firms

The AML/CTF Amendment Bill 2024 amending the AML/CTF Act passed Parliament on 29 November 2024. The new laws are designed to detect money laundering, terrorism financing and proliferation financing. AUSTRAC (https://www.austrac.gov.au/) will now regulate tranche 2 businesses which provide certain designated services and will include professional service providers such as accountants, lawyers, conveyancers, and trust and company service providers. 

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Paul Timms Paul Timms

What is a Digital ID Wallet?

A Digital ID Wallet is a secure way to store and manage identification credentials electronically, accessible via smartphones or digital devices. It reduces the need for physical documents by consolidating IDs like driver’s licences or passports in one place.

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Paul Timms Paul Timms

Implications of the AML/CTF Amendment Bill 2024

In September 2024, the Attorney-General introduced the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 into Parliament. This Bill represents a significant advancement in protecting the community from financially enabled crime.

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Danna Paglinawan Danna Paglinawan

An Overview of the Digital ID Act, Accreditation Scheme and Rules: What the Future Holds for Australian Digital Identities

With the Digital ID Act 2024 and its supporting regulatory framework, Australia has taken a significant step forward into a new era of secure, convenient, and private online interactions. Central to this framework is the Digital ID Accreditation Scheme, which sets standards and rules for digital identity providers.

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Danna Paglinawan Danna Paglinawan

Timeline of the Australian Government Digital ID System (AGDIS) Rollout

Australia's Digital ID transformation, particularly through the Australian Government Digital ID System (AGDIS), is set to streamline customer identification across public and private sectors. The rollout will enhance how customers verify their identity by integrating myGovID with state, territory, and eventually private sector digital IDs.

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Danna Paglinawan Danna Paglinawan

Australia's New Digital ID Explained: Here's What You Need To Know

Australia's Digital ID Act 2024 is expected to transform identity verification. With the passage of this ground-breaking law, transactions will be faster and more securely completed online in place of the 100-point ID method. Imagine having a user-friendly app that allows you to link your government-issued IDs to a safe digital credential.

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Danna Paglinawan Danna Paglinawan

Shareable identity for AUSTRAC regulated service providers

Shareable identity systems are revolutionizing compliance for AUSTRAC-regulated service providers. By enabling the secure exchange of verified customer information, these systems streamline the due diligence process, boost efficiency, and cut down on repetitive tasks.

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Katie Travers Katie Travers

The Imperative Shift to Shareable Identity for Accountants.

The handling of customers’ personally identifiable information is undergoing a significant transformation. This is particularly evident in the field of accounting, where traditional methods of sharing and verifying identity information are proving to be increasingly risky and inefficient.

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Katie Travers Katie Travers

The Rise of Reusable Identity: Transforming Transactions and Privacy

Reusable identity is on the rise, shifting from traditional, repetitive identity verification methods to the emerging concept of reusable identity. This new system allows users to verify their identity once and use it across multiple platforms, enhancing efficiency, reducing costs, and improving privacy.

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Katie Travers Katie Travers

A Practical Approach to Proof of Identity for Accountants

VerifiMe helps accountants verify client identities, crucial for ethical and compliant practices. The digital identity wallet integrates into existing workflows, ensuring secure, efficient identity verification and reducing risks associated with data breaches.

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Katie Travers Katie Travers

Insights for Chief Risk Officers

Discover how VerifiMe can transform compliance management for Chief Risk Officers in Australia. This article explores the benefits of VerifiMe’s real-time monitoring, automated alerts, and comprehensive reporting, providing CROs with the tools to enhance operational efficiency, ensure regulatory compliance, and drive strategic growth.

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