Digital identity is vital for cybersecurity in the financial sector

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All companies should have an adequate identity verification system in addition to strong authentication mechanisms to safeguard their digital data; however, the responsibility is even greater for financial entities, since It is vital that these companies ensure that a person is who they say they are when using non-face-to-face channels for their transactions.

As a result of the need to obtain better security tools, initiatives such as SoyYo are born, a Colombian company that offers organizations fast and secure authentication systems, for this reason, the company made a series of recommendations on the characteristics that companies must have. into account when purchasing a system focused on cybersecurity.

Bonding: First of all, it should be sought that the tool allows new clients, collaborators and suppliers to integrate quickly, easily and safely from anywhere they access.

Authentication: Using effective measures for customer authentication, which eliminate manual verification, paperwork, back-office processes and the integration of multiple systems from different vendors that can sometimes end up causing a mess, a company can look to a system that is reliable such as biometric authentication through fingerprints or photos, in the case of SoyYo, is using a selfie to collect verification data.

Queries: In addition to authentication to enter, it is sometimes necessary to validate additional information with new clients, which is why companies must opt ​​for a system that allows quick observation of data such as judicial, disciplinary and fiscal records, compliance lists, legal entity, income estimation, income validator, credit score, commercial information, traffic queries and Social Security queries, among others.

Electronic signature: Sometimes it is necessary to sign the documents digitally, this action must be accompanied by tools that allow verifying that the person is who they say they are.

All the characteristics must be present and complement each other, for this there must be “A robust authentication, with verified identity, which is an essential requirement in most of the procedures that we currently carry out in a financial institution; from an account opening, the initiation of a payment or transfer, to the acquisition of a basic service. Likewise, identity authentication is essential, especially when we immerse ourselves in the network, where impersonation is a phenomenon that occurs more times than we imagine,” the company explained in a statement.

With processes that integrate technology, the authentication process (which is necessary) is done more quickly and efficiently than conventionally, since normally when a transaction is made, the person is asked to go and present their identity document, in addition to of requiring some type of form, which could turn the transaction into an inefficient process, both for the bank and for the client.

According to Santiago Aldana, CEO of SoyYo, solutions such as his system and some on the market “offer very valuable benefits in terms of technology for companies or businesses. This solution allows fraud and cyber attacks to be reduced, improves the customer experience and replaces traditional processes with digital ones, having the security and privacy of each party’s data as fundamental pillars.”

In the digital era, it is necessary for financial entities to open more channels of communication and operation with the client; However, it is even more vital that these channels have the necessary security, because according to a survey by the Telstra Enterprise Global firm on generations X and Y, trust is in fact one of the factors that users are looking for the most. in a bank.


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