The finance industry is faced with huge pressure to meet industry compliance, ensure confidentiality of financial transactions, maintain customer trust and loyalty, and control and reduce operating expenses.
Some of the most important and confidential financial documents are transmitted via fax including credit applications, fund transfers, loan and mortgage documents, purchase orders, titles, and transfer of funds. Financial crime and identity theft is out of control and on the rise. Financial institutions are historically targeted to obtain account information and funds. Financial services regulations including Sarbanes-Oxley, Gramm-Leach-Bliley, and Basell II impose privacy, security, and accountability rules. Violations may result in severe civil and criminal penalties.
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