Australia-based fintech has Data Zoo expanded to the North American Market by leveraging a US patent to deliver digital identity solutions for banks and prevents identity theft.
The patented solution features innovative components such as layered verification, which forms a comprehensive digital identity, and a real-time dynamic trust scoring system. Data Zoo merges government-issued documents, online identity sources, and pertinent information like Open Banking data, providing an unparalleled solution for banks, fintech applications, and cryptocurrency platforms. This approach enhances security in customer onboarding processes while simultaneously enhancing the overall 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 in September 2023 by the United States Patent and Trademark Office and is titled ‘Method for Electronic Identity Verification and Management.’
Data Zoo's officials said this patent represents a significant advancement in preventing stolen identities from being used for fraudulent bank account setups. Unlike existing solutions, this innovation broadens the scope of digital identity, encompassing more than traditional identification documents. Data Zoo recognised the need to create a comprehensive, secure, and efficient solution to meet the evolving demands of the financial industry. This patent marks a crucial step in enabling digital banks to onboard customers securely, ensuring compliance with 'know your customer' regulations, and delivering an excellent customer experience.
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 newly obtained patent prioritises privacy by destroying personally identifiable information (PII) after the onboarding process is completed. It therefore helps to minimise damage from data breaches.
Data Zoo’s team added that they’re making it harder for cyber criminals to use stolen identity information to open new financial accounts and minimising the amount of information they can even get in the first place if there is a data breach. They strive for industry transformation with their holistic and multifaceted approach to identity verification and management, combining enhanced security, adaptability, data minimisation, and cross-border capabilities to ensure a safer and more efficient digital world.
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.
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