Footprint

I'm very excited to share that Footprint has made the Business Insider list of Top 49 Fintechs for the second year in a row! It's been a tremendous year of growth for us, and we're more motivated than ever to keep bringing much needed innovation to digital identity. It's extra special to be on the list with friends like Adam from Thatch, Nikolas from Hypercard, and Mike from Sling Money On Footprint, the article says: "Historically, businesses had a choice — increase conversion and increase fraud, or decrease fraud and decrease conversion. Footprint breaks this dichotomy. They do this by integrating KYC, Auth, and Vaulting, all uniquely complex technologies, allowing them to create magical experiences for users while increasing revenue for their customers" Thanks to Bianca Chan for the wonderful writing as always, and Adams + QED Investors for nominating us!

This is NOT Fraud Advice--Cartel money laundering edition. If you want to learn about AML violations, you're likely learn more studying how the cartels move money than the FDIC resource center on AML violations. At first glance, things seem clean (at second glance, it is legally clean other than the whole cartel drug money thing). But then you'll find anomalies. Such as Minnesota sending more remittances to Mexico than Texas--pretty strange!! This is because the cartels use a series of "money mules" both in the US and then in Mexico to send an astronomical amount of small remittance payments to and from often regular citizens before they get aggregated into cartel bank/crypto accounts. It's tricky to combat this. Simple KYC will not (these are real people not associated with the cartel). Transaction monitoring won't do much better (these are small txns--the $$ likely will not get flagged). How may we combat this? Well for one, we need to stop looking at fraud in the vacuum of individual companies. The cartels take advantage of the fact that these payments only look suspicious if you make a social graph equivalent of outgoing money payments (which is how officials noticed the Minnesota anomaly). Once we can see financial activity across accounts and not just in each individually, we'll begin making progress. Until then, keep studying the cartels to learn about AML law. They are very good at evading it.

What a week for NYC Fintech Fantasy Football! I am 2 for 2 on my predictions, Footprint (Eli, Mike) sadly lost our match up, but we had two Monday Night Games to enjoy. Fintech Phil took down Findigs, Inc. and Ethan’s Energetic Team got the best of Ramp. Current standings below. Stay tuned for match up overviews ahead of next week's games.

It is Week 3 of our NYC Fintech Fantasy Football League. Tensions are high as teams fight to establish dominance in the early part of the season. Let’s take a look at the two biggest games this week. We may be taking side bets, so comment who you think will score the most points this week! 🤑 Matchup 1: Findigs, Inc.(Anuj) vs Fintech Phil Findigs Key Player: Derrick Henry faces a tough Dallas defense, but his ability to break big runs makes him a constant threat to post huge numbers. Look for him to be heavily involved in the offense. Fintech Phil Key Player: Amon-Ra St. Brown is in a favorable position against Arizona, a defense that’s struggled to contain top receivers. St. Brown could easily be the top scorer on Fintech Phil’s squad this week. Prediction 🔮: This matchup looks incredibly close, with Jalen Hurts leading the charge for Fintech Phil and Derrick Henry carrying the hopes of Findigs. The performance of Amon-Ra St. Brown could tip the balance in Fintech Phil’s favor, but Garrett Wilson could also put up big points for Findigs. This one is tough to call, but with Hurts’ all-around ability and St. Brown’s favorable matchup, Fintech Phil looks like they might have the edge this week. Matchup 2: Ethan’s Energetic Team vs Ramp (Akash) Ethan’s Energetic Team's Key Player: Josh Allen and Stefon Diggs have a dream matchup against Minnesota, whose defense has struggled against elite quarterbacks and wide receivers. Look for Allen and Diggs to connect on multiple big plays, making them the key players to watch for Ethan’s team. Ramp's Key Player: Devonta Smith has the talent and matchup against a New Orleans defense that has had some struggles against top-tier receivers. If Hurts and the offense are firing, Smith could see a lot of action and post strong numbers. Prediction 🔮: Josh Allen and Stefon Diggs are a potent combination that could overwhelm Ramp’s defense. Devonta Smith will put up a fight for Ramp, but the uncertainty around Josh Jacobs and a tough matchup for Breece Hall puts them in a challenging position. With Allen likely to put up huge numbers, Ethan’s Energetic Team should win in convincing fashion.

We took it to the streets this week at Finnovate. Nothing like seeing your name up in lights 😍 😍 shout out Adgile Media Group for hooking it up

We are thrilled to welcome Surya and Geronimo to our go-to-market team! Both have already hit the ground running and we are psyched to have them on the team.

August was a very exciting month for us here at Footprint. Wanted to share a couple of updates: 💼 Composer Case Study - See how Composer cut their manual review time from hours to minutes! (https://lnkd.in/dkVy9y_k) 📄 Custom Document Upload Settings - Choose to collect custom documents via mobile upload or from the desktop. 🦋 Flutter Onboarding Components - We launched our onboarding components in yet another popular mobile development framework - Flutter! 🔐 KYB Vault Editing - Our customers can now edit business information directly in the Footprint vault. Huge shout out to Ahsan, Amanda, Claudio, Pedro, Rafael and Rodrigo who led the charge on these updates!

This week in NOT fraud advice, we discuss why startup neobanks are often a top target for fraudtsers. Even if Chase may have more on the balance sheet, fraudtsers think there is a recurring set of reasons within startups that makes it easier to steal money.

The team has been busy since we have gotten "back to school!" This week we launched an update to internal tag and labeling from the dashboard. Prior to this, our customers could only label their users via API. Check out the video below for a quick overview! Would love to chat if you are interested. Huge shout out to Amanda, Claudio, Pedro and Rafael for leading the charge here.

We're back with This is NOT Fraud Advice. This week: Sim Swaps. If you're motivated enough, this is how fraudsters get access to your phone number, and all of the good things that come with it. They are on the rise and one of the biggest threats to security of online identity. This is why we think to solve digital identity, you must solve it at the infrastructure level with strong auth and security. Enjoy, and as a reminder, this is NOT fraud advice.