Data verification: not just for fintechs
BLOG POST SEPT 4, 2023 | 7 MIN
SEPT 4, 2023 | 7 MIN
Contents
Digital security is a trending topic these days, one that many companies claim to have, but perhaps this is not entirely true for most of them.
In addition, at the other extreme, another handful of companies say they don’t need it because they are not Fintechs or their information is not valuable to criminals. But, in this increasingly digitized world, security and trust is an issue that concerns us all.
What is digital security?
First, let’s start by defining this term that has been used lately. Digital security is nothing more than computational processes to protect the digital infrastructure of a company for its operation, and of course, its users.
However, when we think of digital security and tools such as biometrics, IP verification, or identity documents, we tend to associate it only with expensive technologies used by large companies and corporations.
As if for users of both digital platforms and physical stores, this security will not affect them at all.
But, the reality is different. In fact, it affects users a lot! Every time we are on the internet we leave a footprint, which is completely traceable and which many companies are willing to buy. So being protected in this digital world has become more than a maybe, it’s a necessity.
Furthermore, in a digital world with more than 20 years of history, the costs of accessing these services have been drastically reduced. Going from the millions or thousands of dollars to the few hundred. Therefore, this aspect should no longer be considered an insurmountable barrier to entry.
The impact of digital security
Honestly, how many times have you read the terms and conditions when subscribing to a new platform? According to the latest data, less than 1% of users do.
In conclusion, very few people take the time to read and understand what they are accepting when they check the “I accept the terms and conditions” section.
According to the study, this is “another step” to be able to access a service as quickly as possible, but without understanding what it really means for our digital security. In addition, we are generally accepting that our data is shared or sold an infinite number of times without our consent and much less getting anything in return for it.
Where is the security?
But what does all this have to do with digital security? And the answer is as simple as: it has everything to do with it!
Because, if by leaving an email we produce a digital footprint, and if that same email is not verified, but is still sold and/or tracked as a valuable item, then how can companies correctly verify the identity of each person who registers on their platform or from every database they buy?
This is the case of the famous Netflix shows “The Tinder Swindler” and “Inventing Anna”, incredible stories that could have been avoided with simple data and identity verification between the parties.
These two people, normal at first glance, managed to defraud friends, acquaintances, hotels, banks, large companies and much more. All this thanks to the fact that no platform used reliable mechanisms to verify their identities and, as we know, the consequence was catastrophic.
It’s at this moment that we understand that, nowadays, tools such as biometrics, email verification, IP address verification, credit verification, facial identification, among others, are of vital importance for any company.
So whatever is your industry, security should be a necessity as we are in a 100% digital age and Tinder scammers or Annas are everywhere.
The value of trust
We live in an ever changing, accelerated world. A world where the Internet is protagonist and, as David Etheredge said in his lecture at TED, “The Trust Economy“:
“An Internet of strangers in which there are few reasons to trust each other.”
That is why businesses from the largest to small understand that, today, if there is no trust there can be no interaction. And it also works for the users.
Imagine that a user registers at a financial institution and it doesn’t request any type of biometric check, date of birth, identification number and more. Isn’t it strange?
Now imagine it the other way around. A trading company receives a registration request, and when requiring data verification, the person behind the screen can not provide it, maybe because they are actually a bot, it’s a false identity or any other reason.
That way, it’s clear that trust and digital security today walk hand in hand. And the responsibility relies on the companies and the users to protect themselves against possible fraud and scams.
The solution is within reach
In MetaMap we understand the security problem, and since 2017 data protection and verification have been our mission.
This is why we offer solutions not only for companies in the financial world, but also to the crypto world, fintechs and even e-commerce. All that so our customers can actually know their clients through KYC’s best practices and build with them long-term relationships.
How can MetaMap help?
MetaMap offers each company the possibility to build its own workflow, which consists of checks such as liveness detection, custom documents, identity verification and more. This way, it is possible to verify in the most effective and agile way that the person filling the data, registering or opening an account on the other side of the screen is, in fact, who they say they are.
If you want to protect your users’ data, protect your company from possible fraud and build trust in your current and potential customers on a single platform, all that at an affordable and scalable cost depending on your business, MetaMap is the right option for you.
Giving and receiving digital security is, in general lines, what we seek. And that’s where MetaMap plays an important role.
Contact us today and one of our experts will reach out to you to build the workflow that will work the best for your business.
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