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Tuesday, May 12, 2020

Identiq member summit explores online privacy

Leading fintechs attended the recent Identiq Member Summit, an online event aimed at exploring new approaches to identity validation, security and user experience in digital transactions. Attendees included representatives from Blackhawk Network, Eventbrite, Gett, Green Man Gaming, Intuit, PayU, Plastiq, Udemy and Via.

Identiq, a peer-to-peer identification network, was honored by Gartner as a Cool Vendor in the Privacy category, an achievement that founder and CEO Itay Levy called extraordinary.

"In our opinion, other identity verification tools operate by collecting, storing and sharing massive amounts of customer data," Levy said in a statement. "We do the exact opposite, enabling businesses to work together – without accessing or exposing any private data – to protect themselves and their customers from fraud, ID theft and bad actors online."

Levy additionally noted that privacy is a powerful enabler for fighting fraud and validating real customers while protecting their identities. No user is ever really new, he noted, because real users that are known and trusted by other companies can receive an ideal user experience.

New tech collaborations

Additional themes explored in the virtual summit included helping unbanked and underbanked populations build trust and reimagining identity validation by building trust among business peers while reducing data exposure. Participants expect emerging technologies, cryptography and academic mathematics to play a pivotal role in making users' lives smoother and safer, Identiq representatives stated.

At the Summit, award-winning cryptography expert Ran Canetti explained why decades of academic research were finally able to culminate in real life innovation. Canetti is a professor of computer science at Boston University and director of the Center for Reliable Information Systems and Cyber Security. He is also a fellow of the International Association for Cryptologic Research and associate editor of the Journal of Cryptology and Information and Computation.

Vlad Branin, general manager of Global Business Operations at Gett, noted that the conference highlighted innovative approaches to privacy and security. "The combination of network effect and anonymization should provide a very, very high level of confidence for business decision-makers. I can't wait to see the possibilities of Identiq realized," he said.

Simple integrations

Identiq members can confirm trusted users and validate new users without sharing customer data, company representatives pointed out. The solution enhances end-user privacy by leveraging network member data to accurately fight fraud. This approach has helped participating members identify good users, reduce false positives, increase approval rates and create a better user experience, according to recent reports.

"I know this kind of approach can work but have not seen it done in this way where it's encrypted and then sent out anonymously," said Arielle Caron, head of risk product and risk data science at Blackhawk Network. "I'm very excited about this, and we're looking forward to partnering with all of the amazing brands in the Summit."

Michal Yair, product lead for PayU, noted the exceptionally easy process of onboarding Identiq, which enabled him to demonstrate a working integration after only three days. "It was quite amazing," he said. "Creating better solutions for underbanked communities is at the heart of what we do, so joining the Summit made perfect sense." end of article

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