Digital trust
We’re thrilled to be part of this year’s AusTrade delegation at Money2020 Europe which true to form appears bigger and better than previous years. We’re especially pleased because one of the dominant themes - digital trust - is very close to our heart.
In its Money2020 Europe special edition - The Future of Digital Banking in Europe 2023 - Finextra highlights the importance of “digital trust” to the banking and payments sector’s future success. The paper quotes Mehret Habteab, Visa’s Head of Product for Europe pinpointing that “building digital trust amid global uncertainty is one of the biggest challenges our sector faces today. Transparency in data handling and privacy practices will be key to this, alongside strong cybersecurity measures to help protect customer data.”
Data breaches exacerbate fraud
We couldn’t agree more given the rise in large scale data breaches which have impacted all sectors globally, from government bodies and healthcare providers to social media platforms, gaming companies and retailers. These data breaches mean that personal information is more accessible to criminals for identity fraud. A recent study found that people who had been notified of a data breach were 34% more likely to have been a victim of identity crime. Experts also highlight growing concern about acceleration given the ready availability of A.I. tools. The Association of Certified Fraud Examiners recently published a review of how A.I. could amplify the rapidly growing problem of fraud and scams. The review specifically identifies the potential for A.I. to increase harm by spoofing phone numbers or email addresses and generating fake documents.
Privacy-by-Design & Security-by-Design
It's in this context that we are showcasing our platform SVX at Money2020. SVX combines core functionality of permissioned data sharing: secure data storage, verifiable credentials and an identity wallet. Built on Privacy-by-Design and Security-by-Design principles, SVX caters specifically to the needs of public and private sector organisations grappling with data breaches, the growing demands of data privacy regulation and a customer base that is increasingly cautious about sharing personal information.
In addition to addressing data minimisation to mitigate fraud and improve convenience, SVX enables enterprises to meet data compliance regulations. Both GDPR and the Data Governance Act (DGA) are reshaping obligations that entities have towards their customers’ data. As well as establishing the groundwork for the creation of secure and privacy enhancing data spaces, the DGA outlines a new category of service provider – a Data Intermediary – that has a fiduciary duty to act in the interests of data subjects. The Data Intermediary will enable Data Holders (such as financial institutions) and a Data using Service (for example an insurance provider) to engage in the compliant exchange of data, always acting in the best interest of the data subject (customer/citizen). The DGA provides a set of rules for data intermediation which Meeco is implementing, building on our My DataOperator awarded status.
Build trusted customer journeys
SVX is available as an API and a web portal that integrates business workflows for alignment with broader governance and compliance needs. Built on global standards for data and identity, it is designed to enable organisations to get up and running quickly, benefitting from interoperability with other providers, thanks to its standards-based approach. With a sandbox that enables developers to start building applications in minutes, SVX is set up to guide partners from proofs of concepts through to scaled solutions.
We’ll be showcasing SVX at Money2020 in Amsterdam on Stand A14 as part of the AusTrade delegation. Drop by for a demonstration or get in touch if you’re not in Amsterdam. We'd love to talk to you about building trusted customer journeys.
