FDIC and FinCEN Launch Digital Identity Tech Sprint

On 1/11/2022, the FDIC and FinCEN announced 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. FDIC's tech lab and FinCEN are collaborating to reduce fraud and other forms of identity-related crime, money laundering, and terrorist financing through the Tech Sprint. They also intend to increase customer confidence in digital banking services.

According to their announcement, FDIC and FinCEN will open registration for this Tech Sprint in the coming week. Interested individuals will have to answer the question “What is a scalable, cost-efficient, risk-based solution to measure the effectiveness of digital identity proofing to ensure that individuals who remotely (i.e., not in person) present themselves for financial activities are who they claim to be?” and will have approximately two weeks to submit their applications. The Tech Sprint will review the applications, group individuals into teams to develop solutions to the challenge question, and organize a virtual “Demo Day” of short team presentations to a panel of experts for evaluation.

After the Tech Sprint concludes, the FDIC will publish all team presentations and award prizes based on several criteria detailed in the upcoming prize announcement.

Read the full announcement here.

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