Trulioo — Case Study
58%
The
Challenge
With clients around the world,
foreign exchange (forex) brokers
must securely onboard customers
in accordance with a patchwork
of strict Anti-Money Laundering
(AML) laws and Know Your
Customer (KYC) processes.
Forex fraud is a constant risk. The U.S. Commodity
Futures Trading Commission has a standing advisory
that offers tips and guidance for spotting forex fraud.
While forex brokers must comply with regulations
safeguarding against fraud, they also know customers
expect streamlined and convenient onboarding
experiences. In the fast-paced world of forex,
cumbersome account creation creates the risk of
trader abandonment.
But security also rates high with consumers, who are
more willing to accept some friction during online
onboarding as a sign that companies value safety.
A 2022 study commissioned by Trulioo found that 58%
of consumers are more tolerant of identity verification
than they were two to three years previously, and 78%
are more comfortable with the process taking longer
or involving more steps.
As the rapidly expanding digital economy brings new
entrants — often those with less-established identities
— into the forex market, brokers will continue to face
the challenge of striking the right balance between
security and the optimal user experience.
58% of consumers are more tolerant
of identity verification than they were
two to three years previously.