3 Introduction How well do you really know your customers? If the stats are anything to go by, the answer is probably: not well enough. Fraud and identity the! are soaring, with losses in the US alone increasing by nearly 17% in 2019. Credit card and debit card fraud was up 35% in April 2020 compared to the previous year. Meanwhile, the technology used to keep bad actors out of financial services is falling short. In anti-money laundering (AML) detection 95% of system alerts turn out to be false positives. All of which means millions of dollars wasted on investigating customers who have done nothing wrong, while the real criminals continue to slip through the net. On the one hand, financial service providers lose money on missed transactions by legitimate users. On the other, th

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