Photo via Money 20/20
Is it just us, or has it been a while since we left the house? On 21-23rd September, tru.ID were delighted to make our first official appearance at an in-person event – the annual home of all things FinTech, Money20/20.
Payment providers, banks, and security and authentication specialists came back together in Amsterdam to network, pitch, discuss and debate, and a lot has changed in the wake of the pandemic. And while we had plenty to showcase with the innovation we’ve achieved with our APIs for SIM-based fraud prevention and account security, we also came with open ears.
Between illuminating talks and presentations, promising first meetings, and long-overdue catchups, we left with a fresh insight into the current state of the FinTech industry. Here are a few universal truths we took away:
Whether it's a single digital identifier for the EU, or a form of digital national identity, everything is online and online now means mobile. The inevitable result? Rather than a spread of different credentials and logins, organisations need one form of identity they can trust that’s easily accessible on a mobile device.
While we can never completely remove the need for customers to prove their own identity, the goal should be to make it as easy as possible. One suggestion for a secure way to achieve this? Rather than storing personal data, an identification ‘wallet’ should make a real-time API call to retrieve the data, then sever the connection. We couldn’t agree more – and our APIs already make this possible.
All departments in a business should understand the reasoning behind the fraud prevention measures they’re following and implementing. Some departments, and even developers, are adding security because they’re told to, without really knowing why – which is how vulnerabilities happen. Right now, there’s an education gap throughout teams about the necessity of security.
Fraud prevention is a massive industry – because fraud is even bigger. Fraudsters are always learning from each other and evolving their techniques, so the industry needs to match their efforts. It’s no surprise that SMS security is failing – it was never even designed for human use, let alone to outmatch the tech capability of modern fraudsters.
Rather than a URL or contact details on a business card which people have to manually look up – if they even remember to do so – the QR code is the new black. And we loved getting to see how many people were blown away by our live demo app, showcasing in real-time just how fast and simple authentication with tru.ID is.
Perhaps most keenly, we learned the power of one-on-one chats to explore how SIM-based mobile verification can secure and simplify your user journey. Wherever you’re based, get in touch to book a free demo personalised to your business. Alternatively, developers can sign up to start testing now, and find all they need in our documentation.
tru.ID products easily integrate into any client-server application architecture using restful APIs and iOS, Android, React Native and Mobile Web SDKs.