For companies and businesses around the world, data security is one of the most important priorities to focus on. Currently, banks and financial institutions tend to be most affected by compliance and regulatory norms that have become increasingly demanding.
At the same time, these institutions face a serious catch-22 situation. On the one hand, they are bound by regulations and the consequences of fines and legal action for compliance failures. On the other hand, keeping security tight and up-to-date also comes with the challenge of reduced privacy for customers.
How can institutions strike a balance in this arena? Well, AU10TIX, a global identity-verification and fraud-prevention specialist firm, may have the solution. Let’s find out more.
How Does AU10TIX Help With Concerns About Data and Control?
It’s no secret that many Americans are growing wary and concerned about their privacy. The Pew Research Center notes that 67% of U.S. adults had little to no understanding of what companies do with the data they collect. Unsurprisingly, 81% of U.S. adults are concerned about how companies use the data they collect.
Managing this unease from the public depends greatly on how sensitive data is collected and handled from the user’s side. When customers have to manually submit documents with personal information, it invariably feels like they have no control over the situation.
However, with solutions by AU10TIX automated identity verification, aspects like document verification and liveness detection are all automated. In just 8 seconds, the system is able to detect fraud and verify identities. This is a stark contrast to clunky, manual handling and submission of documents, which also reduces the risk of privacy breaches during processing.
Leading Expertise to Cover Gaps
Given that many users are worried about their privacy, it’s a natural progression that these people start taking personal steps to maintain a sense of security. For instance, Deloitte notes that nearly 40% of consumers are turning off location-based services on their devices. Likewise, 38% implemented 2-step authentication, and over 20% stopped using apps if they had security or privacy concerns with them.
While this kind of awareness and action is great to see, it would be naive to think it solves the problem. As time passes, bad actors get better at countering these individual steps from users. Thus, when businesses and institutions deal with consumers, they simply cannot take on unnecessary risk.
It just takes one weak link to create an entryway for breaches. It’s also unrealistic to expect users to take responsibility and be updated on every changing risk factor. This is why AU10TIX has become the go-to solution for many companies. It reduces the load on consumers as it’s managed by experts who are at the forefront of changing security and verification needs.
Bringing Back Trust Into The Picture
Every business and institution is keenly aware of how critical being trustworthy is. This is a factor that goes beyond many other fundamentals. History has countless examples of great companies with otherwise perfect products that still fail due to a breach of trust.
We also live in a time when the average person has gotten a lot more paranoid and wary of intrusive security requirements. Look at the recent VPN situation in the U.K. After the age verification law was passed earlier this year in July, there was a 1,400% surge in sign-ups to VPN services like Proton. This is a clear example of consumers resenting a strong breach of trust, in this case, from the government, in the name of security.
People are tired of the “It’s for children’s safety” excuse being used to justify intrusive violations of privacy. AU10TIX helps businesses avoid venturing into that territory that drives consumers into finding alternative solutions.
Essentially, people understand the need for data security and verification, and by and large, they’re okay with it. However, if institutions only focus on the security side at the cost of an individual’s right to privacy, that’s when the resentment begins to build.
Ultimately, many businesses are going to have to learn this lesson via trial by fire. Some will go overboard, burn trust, and fail, while others will adapt early on. In this context, AU10TIX brings much-needed balance and acts as a diplomat between the privacy expectations of consumers vs. the verification and security requirements of institutions.
This is why major players like Microsoft, Reuters, and more have partnered with them. Hopefully, in the coming years, more institutions will realize the need to strike the right balance.
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