Data Zoo expands in North America delivering patented digital identity solution for banks to protect against identity theft
Data Zoo, an Australian-based global fintech with award-winning “know your customer” regulatory compliance solutions, is expanding in the North American market by leveraging its US patent that delivers digital identity solutions for banks and offers protection against identity theft.
The innovative elements of the patented solution include layered verification to create a compound digital identity and a real-time dynamic trust scoring system.
By combining government-issued documents with online identity sources and other relevant details like open banking data, Data Zoo can offer a unique solution to banks – as well as fintech apps and crypto platforms – to build extra security into their customer onboarding processes while improving the customer experience.
This multi-layered approach ensures a more rigorous and comprehensive verification process, making it harder for malicious actors to bypass.
The patent (US2023/0259602A1) was granted last month by the United States Patent and Trademark Office and is titled “Method for Electronic Identity Verification and Management.”
Data Zoo’s Chief Executive Officer Tony Fitzgibbon is a named co-innovator on the patent. “Our patent improves on market solutions that prevent a stolen identity being used to set up a fake bank account,” he said. “It redefines the concept of digital identity by recognizing its broader scope beyond traditional identification documents.”
The other named co-innovator is Dr Memoona Anwar, Data Zoo’s Chief Compliance & Innovation Officer. “It was really important to develop a comprehensive, secure, and efficient solution that caters to the evolving demands of the financial services industry,” said Dr Anwar. “The patent represents a significant stride forward in helping digital banks to onboard customers efficiently and securely, with robust ‘know your customer’ regulatory compliance, and a great customer experience,” she added.
With Data Zoo’s patented technology, a new customer can begin the sign-up process and instead of just providing a government-issued ID, the bank can consider the customer’s digital footprint, like a business website, professional LinkedIn profile or public social media pages, to ensure the customer is precisely who they claim to be, making it even more challenging for any potential fraudster to replicate the customer’s identity.
After identity is verified, the bank can use Data Zoo’s patented system to calculate a trust score which offers a real-time measurement of a customer’s reputation based on multiple identity elements.
The patent prioritizes privacy by destroying personally identifiable information (PII) after the onboarding process is completed. It therefore helps to minimize damage from data breaches.
“We’re making it harder for cyber criminals to use stolen identity information to open new financial accounts and also minimizing the amount of information they can even get in the first place if there is a data breach,” said Dr Anwar.
“We are proud to champion industry transformation with our holistic and multifaceted approach to identity verification and management, combining enhanced security, adaptability, data minimization, and cross-border capabilities to ensure a safer and more efficient digital world,” she concluded.
Working with Data Zoo, banks can choose their integration type based on their unique business needs, architecture and resources. Each element in Data Zoo’s ecosystem is designed to ensure banks have the flexibility, innovation and privacy needed to power modern verification experiences.
Data Zoo will be exhibiting at Money 20/20 in Las Vegas next week at stand 1011.
