Nothing Personal Anymore About Personal Data
FortifID is the ultimate solution for businesses and financial institutions looking to leverage data to onboard, verify, and authenticate their customers while honoring their personal data protection rights. With the current model of Data-as-a-Service (DaaS) quickly becoming outdated, businesses are struggling to find a way to protect their data while also ensuring compliance with regulatory laws like GDPR and CCPA. FortifID has solved this problem with its cutting-edge technology, combining the power of proprietary algorithms with the MIT Connection Sciences Trust :: Data consortium framework: OPAL.
What’s Wrong With The Current DaaS System?
Data as a Service (DaaS) is a model that has become increasingly popular in recent years, as businesses look to leverage the vast amounts of data being generated by consumers. However, the current DaaS model is facing several challenges that are impacting all stakeholders involved, including data providers, data consumers, and data subjects.
One of the most significant issues with the current DaaS model is the growing concern among individuals about the security of their personal data. With data breaches becoming increasingly common, people are becoming more and more worried about the potential for their data to be stolen and used for identity theft. This lack of trust in data holders and institutions makes it increasingly difficult for businesses to collect and use personal data in a responsible way.
Another major problem with the current DaaS model is the rising cost of data processing. As the cost of verifying data increases and error rates lead to higher costs, many businesses need help keeping up. This is compounded by the fact that verification response rates are also dropping, making it even more difficult for companies to ensure that they are using accurate and reliable data.
Finally, regulatory demands are also increasing, putting additional pressure on businesses to comply with a range of different data management protocols and structures. For example, regulations such as the EU’s General Data Protection Regulation (GDPR) and California’s Consumer Privacy Act (CCPA) are making it more expensive for businesses to manage data, and open banking protocols are also increasing data management costs.
FortifID is a data management platform built on a set of core principles known as the OPAL principles. These principles are designed to address some of the major challenges facing businesses in the data-driven economy, such as data security, data processing costs, and regulatory compliance.
The first OPAL principle is to move the algorithm to the data. Instead of pooling data into a centralized location for processing, FortifID allows the algorithm to be sent to the data repositories for processing there. This approach is designed to share insights rather than raw data, providing a more secure and efficient way of managing data.
The second OPAL principle is that data must never leave its repository. FortifID ensures that data is never exported from (or copied from) its repository, except as required for specific legally required reasons. This approach is designed to protect the privacy and security of data subjects, and to ensure that businesses are compliant with data management regulations.
Finally, FortifID also incorporates the principle of vetted algorithms. Algorithms are studied, reviewed, and vetted by experts to address concerns over safety, fairness, accuracy, and other important factors. This ensures that businesses are using algorithms that are safe, fair, and accurate and that they can be trusted to make important decisions based on the data they process.
How FortifID Can Help Your Business
FortifID offers a wide range of benefits for businesses, including frictionless account opening and onboarding, real-time automated decisioning, and reduced costs for verifying data and its management. This allows businesses to improve their operational efficiency and streamline their onboarding software, ultimately saving time and money.
Moreover, FortifID helps businesses build and safeguard customer trust. With the increasing concern over data privacy and security, it is more important than ever for businesses to ensure that they are handling their customers’ personal data responsibly. FortifID makes this easy by enabling regulatory compliance, protecting against data breaches, and reducing vendor soup footprint.
FortifID Is Built For Banks & Credit Unions
For financial services firms, the risk of cybersecurity attacks is 300X higher than in any other industry. This makes data security a top priority for these businesses, and FortifID offers a one-stop-shop solution for identification, authentication, and fraud detection. By minimizing fraud exposure and loss, businesses can protect their reputation and bottom line.
Data providers also benefit from FortifID’s technology, with increased data security as algorithms travel to data. This ensures sensitive data is protected and kept out of the wrong hands. Additionally, data providers have access to sensitive data sources such as banking and tax information, which can be used to gain valuable insights and improve their business. FortifID’s technology guarantees no “raw data” transfer, providing an added layer of security. Data providers can monetize their data with monetization capabilities.
Individual consumers also benefit from FortifID’s unique identity verification and the ability to opt-in, maintain control over their personal data, and even get rewarded for sharing it. This empowers consumers to take control of their digital footprint and make informed decisions about how their data is used.
FortifID Has The Solution
FortifID is the new “how” for the DaaS ecosystem, changing our perspective on data processing and privacy-preserving computations. Businesses can take advantage of the power of data, minimizing risk and ensuring compliance with regulatory laws. FortifID offers a one-stop-shop solution for businesses, with benefits for data providers, consumers, and financial institutions. Don’t let the outdated model of DaaS hold you back; schedule your personalized demo of FortifID’s privacy-first onboarding and identity verification solution today.