While, in some cases, consumers are aware of the data collection and its intended use, in most other scenarios, these specifics are hidden from public view or buried in vague and complex terms-of-service agreements. As a result, academic researchers, corporate organizations—and even black hat hackers—can easily access this personal information without any permission.
Nevertheless, since the 2019 Cambridge Analytica-gate, there has been an increased awareness around user data, and as the silver lining of such incidents, more stringent privacy policies have emerged now.
As businesses try to comply with the latest data privacy regulations, the company that cements their name as a trusted partner is Verif-y. Today, leading businesses are leveraging the cutting-edge identity, compliance, and credentialing solutions developed by Verif-y. But, what does Verif-y do differently than its competitors to guarantee the privacy of consumer’s data?
“We not only process user data and enable our clients to stay compliant with privacy protocols, we also ensure that the end-customers have complete control over their own data,” answers Ed Zabar, the founder, and CEO of Verif-y. He further explains, “We create digital identities of the end consumers and give them control over their information on our client’s behalf.”
For the first time, users can control their personal data; a complete game-changer.
To help build mutual trust between clients and their customers with stringent data privacy and security, Verif-y has created the eponymous user-managed digital identity platform. It is designed to integrate the critical features of identity verification on a single platform while maintaining the highest security levels. The Verif-y platform gives the consumers unparalleled control over their identity documents, professional certifications, accreditations, education verifications, and more. The consumers can store their digital documents in the Verif-y credential wallet, available on the web or mobile platform, “where our AI algorithms make the necessary determination regarding the data’s authenticity,” comments Zabar. Once these credentials are verified, consumers can manage and share their data, as well as grant or revoke access to their credentials through the Verif-y platform. Moreover, if the consumers need to validate the legitimacy of academic or other professional records, they can also send a verification request to the concerned authoritative sources through the Verif-y platform.
On the other hand, businesses looking to collect or authenticate consumer data can do so seamlessly without needing to see or store consumer data. This approach to data collection proves to be extremely beneficial for businesses as well, as it helps in establishing new, trusting relationships with consumers in a compliant, auditable, and secure manner. Additionally, businesses can leverage a variety of regulatory compliance screening services available on the Verif-y platform to comply with data privacy regulations, such as CCPA and GDPR, while interacting with their consumers’ personal information.
We not only process user data and enable our clients to stay compliant with privacy protocols, but we also ensure that the end-customers have complete control over their own data
To that end, the success of the Verif-y platform lies in its decentralized data repository that creates a highly protected environment with multiple levels of encryption and secures access to sensitive personally identifiable information (PII). The platform leverages multiple layers of security that adhere to a combination of industry standards and Verif-y’s in-house solutions to shield consumer data and prevent security hacks. And the company supplements these security strata with an additional layer of blockchain encryption that further restricts unauthorized access to the consumer information. What’s more? The Verif-y platform also leverages innovative technologies, such as optical character recognition, machine learning, Artificial Intelligence and facial recognition, to ensure that highest levels of data authenticity as demanded in today’s environment.
While the benefits of such an all-round approach are evident in the current day and age, the CEO drives the point home with the story of two recent success stories. In one instance, a financial services firm needed to ensure that consumers, making financial decisions and investments on their platform, are validated in accordance with the appropriate regulations. The client was required to make sure that they were compliant with financial regulations as well as various privacy laws. After the Verif-y platform implementation, the client was able to reduce their compliance costs as well as their customer service interactions with users to a bare minimum during the identity verification as well as increase their users overall satisfaction. In the other instance, a digital advertising platform was facing the challenges of fraudulent activities, such as fake users, clicks, ads, and so forth. Verif-y helped the client create a validation process to authenticate any participant in their network; be it an affiliate, a publisher, or an advertiser. Zabar shares, “We reduced the amount of fraud pretty quickly by leveraging multiple identity verification methods.”
Propelled by the tailwind of such proven capabilities, Verif-y is now poised to develop more partnerships in the coming months. Verif-y is also interested in taking its solution to additional large organizations. Particularly, as the COVID-19 pandemic is driving many organizations from financial services, healthcare, and other industries to identify the consumers in a quick, reliable and compliant way, it is making Verif-y’s robust digital identity management platform more relevant than ever. While helping these companies address the privacy regulations in the post-COVID-19 world, “We will also grow our team to increase our existing capabilities and deliver our message and branding to more organizations around the world,” concludes Zabar.