Sedicii
Eliminating Financial Frauds with Identity Verification Solutions

The last few decades have witnessed rapidly evolving law enforcement practices across the globe. New crimes, emerging technologies and intense relationships within communities are shifting the nature of work for the police, lawmakers and policymakers today. Additionally, with the increased hyper activeness of media, incidents go from local to national in the blink of an eye, and the ramifications can be long lasting. Law professionals and police are required to carry out challenging tasks beyond the core law enforcement, such as being on the front line in fighting deaths caused by drug overdose, managing offenders or lawbreakers with mental disorders, and so on. Additionally, advanced technologies and changes in demographics are transforming the dynamics of how law enforcement work. To address these challenges, law enforcement must consider new tools and policing strategies, and Sedicii is simplifying this for organisations.

This Ireland-based company is establishing a federated, global identity verification network, which enables real-time identity verification by certified, trusted identity providers (governments, telco’s, banks, utilities). Their solutions ensure that businesses are able to respond quickly to the new government, regulatory and industry demands for real-time identity verification, authentication, and trust services. Primarily, Sedicii develops software as a KYC, AML service for the identification and authentication of people, vehicles, products and other physical and virtual goods and services.

Sedicii brings to the table an extensive catalogue of solutions to assist clients in hassle-free law enforcement. The company has developed Prexa, an anti-money laundering solution to prevent financial crime. This allows financial institutions to share the knowledge about the clients or transactions securely, without disclosing the underlying data or information (PII). Such capabilities of Prexa enable financial institutions to identify potentially suspicious transactions and clients more accurately by integrating the risk information, thereby enabling better and more effective detection of criminal activities. The core advantages that Prexa bring out are the preservation of privacy and data minimisation principle and elimination of customer information disclosure to other banks. Moreover, the solution offers auditing capabilities for regulators and can operate with two or more banks as well as within a global bank, expanding across several jurisdictions. What gives Prexa an edge is its capability to comply with regulations including GDPR and AML while reducing costs and fines for FIs.

Sedicii’s potential in preventing money laundering is highlighted by its project to help reduce the possibilities of mobile phone SIM swap fraud. Generally, a fraudster obtains a customer’s bank account details and registers his mobile phone number through phishing or malware. Thereafter, the fraudster approaches the victim’s mobile service provider with his fake identity proof and claims a loss of phone or SIM damages, and receives a duplicate SIM card. Eventually, as the original SIM is deactivated, the real customer remains unaware of the fraudulent transactions being carried out. To address this, Sedicii has developed an out of band smartphone solution that notifies customers through push notifications when a SIM swap is requested. Only when the customer authorises the SIM swap via the mobile operator’s app, the new SIM is enabled. Sedicii employs multi-factor, strong authentication solutions to improve security and focuses heavily on authentication.

Besides, Sedicii has developed a solution called KYCexpert that allows organisations to onboard corporate and individual clients through a much simpler, easy-to-use cloud-based solution. This world-class service for KYV and KYB customer onboarding include features like beneficial ownership identification, document capture, identity verification and proofing and state-of-the-art background checking.

Over the years, Sedicii has provided identity and security solutions to efficiently prevent financial crime and enable commerce. Its team has been a vital support in assisting its clients in leveraging law enforcement solutions and thereby ensuring digital certainty.