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FDIC and FinCEN Launch "Tech Sprint" to Address Digital Identity Challenges

The FDIC and FinCEN will open registration for interested individuals to participate in a "Tech Sprint Program" to focus on developing solutions "for financial institutions and regulators to help measure the effectiveness of digital identity proofing."

Through the "Tech Sprint," FDIC’s tech lab (FDITECH) and FinCEN seek 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 is intended to address the challenges associated with compromised personally identifiable information (or "PII"), false identities, and multiple methods of digitally authenticating identity.

Participants in the Tech Sprint are asked to answer the following 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?"

Interested persons may register online before mid-February 2022. The FDIC and FinCEN will select individuals to work in teams for approximately three weeks before presenting their findings to a panel of expert judges.

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Sub-Activity: 
Cybersecurity, Data Protection, Fraud
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