Information Technology

Introduction

Identity theft, fraud and money laundering are increasing risks to businesses and other financial institutions in the modern digital economy where they change rapidly. In order to protect themselves and adhere to the regulations, companies employ the practice of checking a customer, commonly referred to as KYC verification, or Know Your Customer. KYC verification is an indispensable part of the global financial ecosystem, which is aimed at determining the identity of the customer and providing access to financial products or services.

Picture this: you want to open a bank account, or use a crypto exchange, or start trading stocks. You’re asked to verify your identity, submit documents, wait days. Frustrating, right? That old way of kyc verification is changing fast. Thanks to advances in artificial intelligence and blockchain (plus a dose of big data), identity checks are getting safer, faster, and more respectful of privacy.

In this article we’ll explore how blockchain and AI are working together to reshape KYC, share real data and case studies, and see what it might mean for you or your business.

Any products based business is the life blood of the inventory. Be it a retail store, distribution company, or eCommerce site, the appropriate products could be at the right place at the right time and be of great importance to customer satisfaction as well as profitability. However, the conventional approaches of inventory management, which are the use of manual spreadsheets, unintegrated systems, or the use of old software, can usually result into ineffectiveness, mistakes, and missed opportunities.

The past decade has witnessed an unprecedented growth in the FinTech sector due to the role of innovation, the need to be convenient, and the digital economy first. Digital wallets and peer-to-peer lending platforms, online trading applications and buy-now-pay-later services are all examples of startups in this category that are changing how people and money interact.

The rollout of 5G networks is helping business operations and opening new opportunities for innovation and a better customer experience. However, these advancements also bring cybersecurity considerations.

More organizations are prioritizing the adoption of 5G, and they face several challenges and evolving threats. Without the right security policies in place, several risks can compromise sensitive data and disrupt operations. Fortunately, knowing about the potential downsides and benefits of 5G can help businesses invest with safety in mind.

One corrupt table or misconfigured bucket can stall an entire supply chain run. Fortunately, a clear-headed backup strategy turns that existential threat into a five-minute inconvenience.

Data Loss Reality Check

The numbers behind data loss read like a cautionary thriller. IBM’s 2024 Cost of a Data Breach report pegs the average incident at $4.88 million, including everything from emergency forensics to months of churned customers. Yet budgets alone can’t capture the scale of disruption.

Surveillance cameras are supposed to protect assets and deter criminals, but they can easily become a liability if a hacker hijacks them. Luckily, if the organization has a robust security posture, this fate is relatively easy to avoid. What can information technology (IT) teams and business leaders do to secure these systems?

How Secure Is Your Surveillance System?

Many modern surveillance systems are constantly online to streamline data transmission and enable remote, real-time monitoring. This connection makes them vulnerable to cyberattacks. Cybercriminals can use the Shodan search engine to browse internet-connected devices until they find an open network port. 

Small-business owners have likely read about using a firewall for their websites, installing antivirus software on computers and insisting on strong passwords. However, the most serious security threats may not come from where you think they will. Sometimes, everyday risks pose the biggest danger. 

In addition to the massive technological changes with artificial intelligence (AI), criminals look for any slight advantage to gain access to data or your physical location. Here are some hidden areas you might not have considered before and how to secure them today.

Implementing a new customer relationship management (CRM) system can be an excellent way to increase conversions and retain customers. It offers a platform for improving sales pipeline visibility and enhancing customer engagement.

However, the road to a successful CRM rollout can be difficult. Many organizations encounter obstacles that delay adoption or prevent them from fully extracting the value from their investment. These challenges can be due to various factors, but fortunately, many solutions exist to overcome them.