Australian fintech, Data Zoo, has confirmed its expansion into the North American market to deliver digital identity solutions for banks in the region.
The growth will focus on offering protection against identity theft, which takes on particular importance at a time of economic strain.
Looking to maximise efforts in the region, the group has announced it will combine government-issued documents with online identity sources and other relevant details like open banking data.
Data Zoo’s Chief Executive Officer Tony Fitzgibbon, said: “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.”
This multi-layered approach seeks to ensure a more ‘rigorous and comprehensive’ verification process, making it harder for malicious actors to bypass.
Dr Memoona Anwar, Data Zoo’s Chief Compliance & Innovation Officer, stated: “It was really important to develop a comprehensive, secure, and efficient solution that caters to the evolving demands of the financial services industry.”
“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 continued: “We’re making it harder for cyber criminals to use stolen identity information to open new financial accounts and also minimising the amount of information they can even get in the first place if there is a data breach.
“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.”