Consumers want frictionless online experiences, which tempts sellers to lower the guard rails. But those lowered defenses provide a target rich environment for financial crimes. Scams run rampant, taking advantage of human shortcomings and poor KYC processes. Platforms with poor KYC are vulnerable as fronts for money-laundering.

From a certain perspective, you aren’t any safer at home than you are in the world.

In today’s economy, businesses need to strike the perfect balance between low friction for legitimate customers and protecting against fraud. Getting this wrong, will devastate the bottom line.