Federal Deposit Insurance Technology
The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN)…[hosted] a Tech Sprint to develop solutions for financial institutions and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person. Through the Tech Sprint, FDIC’s tech lab (FDITECH) and FinCEN [sought] to increase efficiency and account security; reduce fraud and other forms of identity-related crime, money laundering, and terrorist financing; and foster customer confidence in the digital banking environment.
The Tech Sprint [encompassed] a review of applications, grouping of individuals into teams that…[worked] together over approximately three weeks to develop solutions to this challenge question, and invitations to participate in a virtual “Demo Day” of short team presentations to a panel of experts for evaluation.
Our Team's Challenge
The Tech Sprint teams [were to propose] solutions that followed one of three distinct approaches: a) tools that would measure the effectiveness of identity proofing systems, b) development of a scoring methodology for remote identity proofing, and c) envisioning an identity provider consortium or platform. Several team solutions also attempted to combine more than one of the three elements, articulated roles for both the public and private sectors, called for partnerships, and identified funding mechanisms.
Team Members
Challenge Outcome
Team DNS proposed establishing a trusted credential network with a shared governance model, overseen by a non-profit or a public-private partnership (PPP), and technical approach for pilot through a regulator-sponsored sandbox. The network participants would include data providers, credential issuers, identity providers, and relying parties operating under an accreditation agreement. The non-profit or PPP, with input from financial firms and regulators, would test and assess governance requirements, economic impact, and technical constraints.
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