New VPN Norms – Government’s Take On Privacy

VPN has always been a subject of debate in India. 

As per AtlasVPN’s report, India had over 348 million VPN downloads in 2021. Despite having such popularity in 2021, the government recommended a VPN ban in India for privacy concerns. Although the ban didn’t occur, the Indian government has introduced some new VPN norms or regulations for users, mainly for VPN companies. 

In April 2022, India’s Computer Emergency Response Team (CERT) announced a new regulation that VPN companies in India will have to collect and store customers’ data for at least five or more years. 

Unsurprisingly, these new VPN Norms are creating a lot of buzzes. How will this new law affect VPNs? How will it impact users? Are VPNs illegal in India? There are lots of questions arising. 

To answer all your questions, we’ve compiled everything you need to know about the new VPN norms in India. But before digging deeper, let’s start with the basics: What is a VPN? 

What Is A VPN?

A virtual private network (VPN) is a technology that allows you to connect securely to private networks over public networks. It creates an encrypted connection between your computer and a server so that your internet traffic is encrypted and can’t be intercepted by anyone else.

With a VPN, you can access websites in countries where they might not be available, or you can use it to get around censorship (a lot of countries have strict firewalls that block specific sites), secure remote work, and browse the internet anonymously.

What Are The New VPN Norms?

The key takeaways from the new VPN rules are:

  • According to the new law, all VPNs must gather and store user data (user names, physical address, email address, and phone numbers) for five or more years. 
  • VPN companies also have to keep a log of the reason behind using the service. 
  • VPNs should record all the IP addresses used by users to register. 
  • Along with VPN services, virtual service network providers, data centers, and cloud service providers have also been requested to keep track and store similar user data. 
  • VPN services must report cybersecurity incidents to CERT within six hours of becoming aware of them. 

What Is the Government’s Take On These New VPN Norms?

The main purpose of the government behind imposing these new VPN rules is to improve the “cyber security posture” and ensure people have access to a “safe and trusted internet”.

The CERT also informed that they had identified gaps in safeguarding against online threats. That’s why they’ve published the new norms to prevent cyber attacks. 

“If you are a VPN provider, if you are a data centre operator, if you are a cloud provider, and if you’re an enterprise, you have an obligation to know who’s using your VPN infrastructure… If there is a detected cyber incident or cyber breach — from one of the people using your VPN or your cloud or your data centre, it is your obligation to produce the data,”Rajeev Chandrasekhar,  Union Minister of State for Electronics and Information Technology

How The New VPN Norms Impact Users & Companies 

The new rules received a lot of backlashes from the VPN companies. After all, the primary goal of VPN services is not to collect users’ personal information. 

The new norms will force these companies to store customer data which will increase costs and affect user privacy. 

India is among the top 10 VPN users around the globe. Various companies and individuals use VPN services to safely access private WiFi networks, remain anonymous, and many more. 

Several techies, students, and companies use VPNs to protect their data from third-party apps.

But with the new norms, they must go through a KYC process while registering a VPN. So, all VPN users will have their private data exposed to the government. 

It is also unclear how the government may use this data in the future. This raises a concern about the right to privacy for every individual. 

The Internet Freedom Foundation said the new norms lead to more concerns, such as the private enterprises and government “having more data than necessary”.

Several VPN companies like NordVPN, ProtonVPN, SurfShark, and ExpressVPN, have said that they are planning not to follow the newly imposed rules of India. After all, privacy is the main reason behind users investing in their premium plans. 

As per several VPN companies, they’ll continue to offer their no-logs policy to the users and threaten to pull back their service from India. 

The Bottom Line 

Despite all the backlashes from cybersecurity experts, stakeholder companies, and business advisory groups, the Indian government is pretty much firm on their new VPN norms. 

“If you don’t want to go by these rules, and if you want to pull out, then frankly … you have to pull out.” – Rajeev Chandrasekhar,  Union Minister of State for Electronics and Information Technology

The privacy experts have sought public consultation on this matter, asking for more tech industry involvement to find a solution that suits every individual. Lastly, it’s needless to say that it will be interesting to see if the VPN companies manage to implement the new norms before the deadline of September 25, 2022.   

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs, easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

What’s All The Fuss About The Digital Personal Data Protection Bill 2022?

The Ministry of Electronics and IT(MeitY) has released the Digital Personal Data Protection Bill 2022, and the government is currently seeking public feedback and consultations. The measure is intended to lay out the procedures and guidelines for data collecting for businesses and the rights and obligations of “digital nagriks,” or citizens.

The measure also establishes severe penalties for breaking any law’s rules, and the Data Protection Board of India—which the new law has set up—will make these determinations. However, board orders may be contested in a High Court.

 

The Data Protection Bill Focuses On Seven Fundamental Principles

The Bill’s explanatory note states that it is founded on seven principles. The first is that organizations must use personal data in a way that is legitimate, fair to the individuals involved, and transparent to individuals.  The second principle states that personal data must only be used for the purposes for which it was collected. The third principle discusses data minimization, while the fourth principle emphasizes data accuracy when it comes to collection.

The fifth principle states that personal information cannot be stored perpetually by default and should only be kept for a specific time. According to the sixth principle, there should be enough protections to guarantee that no unauthorized collection or use of personal data occurs.

Seventh principle: The person who determines the nature, scope, and means of personal processing data shall be liable for such processing.

 

Defining Definitions- What Data Principal And Data Fiduciary Implies

The person whose data is being gathered is referred to throughout the Bill as the “Data Principal.”

The purpose and means of processing an individual’s data are determined by the “Data Fiduciary,” which may be a person, business, government agency, or other entity.

The law also acknowledges that parents or legal guardians will be regarded as children’s Data Principals in cases where they are children, defined as all users under 18.

According to the law, all data by or in connection to which an individual can be identified is considered personal data. Processing is the full range of processes that may be applied to personal data. According to the Bill, data processing would include data collection and storage.

The measure also guarantees that people should have access to essential information in the languages included in the Indian Constitution’s eighth schedule. Furthermore, the Bill stipulates that consent must be obtained from the subject before their data is processed and that each individual should be aware of the specific personal data that a Data Fiduciary wishes to collect and the purposes for such collection and further processing.

Additionally, the notification of data collection must be written in language that is both explicit and understandable. Additionally, people can revoke their consent from a data fiduciary.

 

Two Rights Of Action- The Rights To Erase Data And To Nominate

Data principals can request the deletion and updating of data that the data fiduciary has acquired. If the data principal passes away or becomes incapable, they can also designate a person to act on their behalf.

The measure also grants customers the ability to protest to the Data Protection Board about a Data Fiduciary if they do not receive a sufficient response from the business.

 

What Are The Relevant Data Fiduciaries In Data Protection?

Furthermore, the Bill refers to Significant Data Fiduciaries, who handle a sizable amount of personal data. The Central government will decide who falls under this group based on various considerations, including the amount of personal data collected, the risk of harm, and the potential impact on India’s sovereignty and integrity.

The Bill’s explanatory note states that this category must fulfill additional duties to permit wider scrutiny of its actions.

Such organizations will be required to designate a “Data protection officer” to act on their behalf. They will serve as the focal point for grievance redress. They must also choose an impartial data auditor to assess their compliance with the statute.

 

Financial Punishments And Penalties

The draught also suggests that businesses that experience data breaches or fail to notify customers when breaches occur face harsh penalties. Entities that do not implement “reasonable security safeguards” to prevent personal data violations could face fines of Rs 250 crore.

 

Data Protection For Data Transfer Across International Borders

The measure also permits storing and transferring data across international borders to certain notified countries and territories. 

The memo further states that the Central Government would consider essential criteria before such notification.

Bottomline

The government may also exempt specific enterprises from complying with the Bill’s provisions based on the number of users and the volume of personal data collected by the firm. When doing this, the national startups that complained that the prior version of the Bill was compliance intensive have been taken into account.

 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

 

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

 

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

 

Written By:

Mahesh Mohan

Mahesh is a Creative Writer intent on learning and sharing knowledge. He ensures to deliver well-researched and precise information to the reader without squandering their time or tag. He is well versed in financial technology and digital marketing with a passion for stories of all forms.

 

 

 

 

 

 

KYC And Cybersecurity: Protecting Data From Cyber Fraud

Traditionally, cyberthreats have been largely isolated to attacks on computer systems and networks. However, with the advent of digital transformation, cyberattacks are now targeting people and businesses at an unprecedented rate.

According to a report from Accenture’s State of Cybersecurity Resilience 2021, cyber threats have increased by over 30% from 2020 to 2021. Cyber fraud is fast becoming one of the biggest threats to today’s businesses, with the cost of cybercrime predicted to hit $10.5 trillion by 2025.

KYC And Cyber Fraud

KYC fraud occurs when a cybercriminal uses stolen or fake identity documents to open an account or obtain credit in someone else’s name. This type of fraud can have devastating consequences for both the individual and the business involved.

Fraudsters can trap customers easily by offering services that are too good to be true or by using phishing techniques to obtain sensitive information such as login credentials or financial data. Once they have this information, they can use it to commit identity theft, take out loans in the victim’s name, or make unauthorized purchases.

Types Of KYC Frauds

  • Phishing: Phishing is one of the most common types of cyberattacks. It involves fraudsters masquerading as legitimate entities in order to trick victims into divulging sensitive information.
  • Identity Theft: Identity theft occurs when a criminal obtains and uses someone else’s personal information, including their name and address, to take out loans, make purchases, or apply for credit.
  • Smishing: Smishing is a type of social engineering fraud that involves sending phishing text messages to unsuspecting recipients. This technique can be used to trick people into revealing their login credentials, banking details, or other sensitive information.
  • Fake Re-KYC: Fake re-KYC scams are becoming increasingly common as businesses are required to update their customer records on a regular basis. In this type of fraud, fraudsters pose as representatives from a legitimate organization and request that customers provide updated KYC information, such as their passport or driver’s licence details.

KYC Data Breach

Despite the importance of KYC in cybersecurity, data breaches are still a very real threat. Recent instances of KYC data breaches include the CDSL’s KYC arm which reportedly exposed the personal and financial data of more than 40 million investors twice within just 10 days.

Additionally, the Upstox data breach exposed the personal data of about 2.5 million customers, leading to a probe by the RBI’s cybersecurity team. To protect the data from cyber fraud and cyberattacks, it is important to implement robust KYC procedures and invest in state-of-the-art cybersecurity tools and systems.

Following the incident, Ravi Kumar – the co-founder and CEO of Upstox (India’s largest brokerage firm), stated on the company’s website: “We would like to assure you that your funds and securities are protected and remain safe. Funds can only be moved to your linked bank accounts and your securities are held with the relevant depositories. As a matter of abundant caution, we have also initiated a secure password reset via OTP.” 

KYC And Cybersecurity

Know Your Customer (KYC) has become a vital part of any business’ cybersecurity strategy, as it helps to weed out potential cyber fraudsters and protect customer data. Consumers are vital stakeholders in any cybersecurity strategy, and businesses must take steps to help them protect their personal information online.

There are many KYC best practices that businesses can implement to help protect themselves from cyberattacks, including:

  • Implementing multi-factor authentication (MFA)
  • Conducting regular background checks on employees
  • Keeping up-to-date with the latest security threats
  • Educating employees on cybersecurity risks
  • Implementing strong password policies
  • Monitoring employee activity for suspicious behavior
  • Restricting access to sensitive data
  • Encrypting customer data
  • Backing up

Gaining Trust Of All Stakeholders

According to research, 88% of the customers say that their trust in any business is based on how they handle their data and offer security.

Anil Advani, from Pure VPN, believes that cybersecurity is the means to gain the trust of customers and stakeholders alike. By implementing strong KYC policies and best practices, businesses can help protect their customers from the growing threat of cyber fraud and data breaches.

He quotes, “Due diligence is a routine part of any acquisition. Identity verification is very important these days due to an increase in cybercrime. Customers, partners, shareholders, and prospective employees want evidence that the organization can protect its sensitive data. Without a cybersecurity policy, an organization may not be able to provide such evidence.

Pairing Cybersecurity With Regulatory Requirements

Dan Blum, Principal Consultant at Security Architects Partner, believes that businesses must pair their cybersecurity efforts with regulatory requirements to be fully compliant.

“Service providers must protect the value of customer’s information systems or data, as well as customer privacy rights using sound, risk-based cybersecurity practices as a matter of due diligence. KYC requirements must be aligned and balanced with a good understanding of the laws and business requirements,” he stated.

He believes that organizations should also consider conducting independent security audits regularly to identify potential vulnerabilities. These audits can help organizations understand where they need to improve their cybersecurity posture and make the necessary changes to mitigate risk.

The Bottomline

In conclusion, as data breaches continue to plague businesses of all sizes, it is more important than ever for organizations to implement robust KYC procedures and invest in state-of-the-art cybersecurity tools and systems. By following the best practices outlined above, businesses can help protect their customers’ personal information online and gain the trust of all stakeholders.

About Signzy

Signzy is a market-leading platform that is redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering totally customizable workflows. It gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru, and it has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Exploratory Data Analytics To Fight Financial Crime- How To Effectively Prevent Fraud In The Fintech Industry

Combating global financial criminal activity, from money laundering and market misconduct to sanctions, terrorist financing, bribery, and corruption, costs an estimated US$1.3 trillion annually, according to a 2018 Refinitiv Survey. Moreover, with global regulators imposing nearly US$26 billion in fines in the last decade for non-compliance with AML(Anti-Money Laundering), Online KYC(Know Your Customer), and Sanctions regulations, there is a material need for change. Exploratory data analytics can bring this about

Governments and regulators put financial companies on the front line to fight against financial crime with increasingly rigorous compliance requirements. However, trade institutions are finding it challenging to meet these expectations due to legacy technologies and manual processes that no longer keep up with the vast volumes of information produced and the complexity of the global banking ecosystem.

Banks innovating and adopting new technologies and techniques to address regulatory compliance demands will be industry leaders in the years to come. 

Time To Evolve The Fintech Industry With Exploratory Data Analytics

Conventionally financial companies have relied heavily on manual, human intervention in the regulatory reporting process. This remains the common practice today, particularly in the case management workflow. For example, several case investigators review details and write disposition narratives physically before suspicious activities and other compliance issues are reported to them.

However, with the flow of information in and out of banking systems, humans can’t keep pace with demand. As a result, risk alert backlogs are growing faster than operations teams can handle, more often than not. We can use advanced and exploratory data analytics techniques such as AI, machine learning, natural language processing, and cognitive automation to accelerate or automate a significant portion of the labor-intensive work. This reduces operational costs and leaves people free to focus on preventative interventions.

As well as decreasing operational workloads in case management, compliance teams also leverage advanced analytics in many preventative financial crime use cases, including enriching the KYC process, enhancing sanctions screening performance, and monitoring transactional activity, helping to identify risks and opportunities proactively.

Machine learning models accelerate the closure of a risk alert backlog and have a higher degree of accuracy. 

Innovation- Solution to Legacy Issues Using Exploratory Data Analysis

Following are the three examples of opportunities for financial companies and banks to use innovative and exploratory data analytics methods and technologies to improve regulatory compliance, enhance customer experience and lower the cost of operational risk management.

Transaction Monitoring (TM)

In Anti-Money Laundering, ML models enrich transaction monitoring alerts and boost SMR(Suspicious Matter Report) conversion rates – and predict AML scenarios before they occur. In addition, enrichment adds potentially essential details about the customers, beneficiaries, or accounts associated with the respective alert, such as:

  • Using previous cases, SMRs or TTR(Transaction Threshold Reports)
  • Existing scoring processes that assess the potential risk of a transaction, customers, series of transactions, or accounts
  • External information such as subpoenas, law enforcement inquiries, or negative news

Machine learning models detect “true positive” results with improved accuracy than traditional methods and even predict significant events before they occur.

Online KYC– Know Your Customer

Organizations must collect, manage, verify, and validate customer data for KYC checks and compliance to implement the required due diligence and permit apt customer risk assessments or investigations. However, building a comprehensive ‘single view of the customer’ spanning various source systems and multiple digital interactions has been a challenge for financial companies.

KYC checks and verification have traditionally been manual and inefficient processes, often combined with critical data gaps, errors, and quality issues. However, it’s possible to achieve a better perspective of the customer, enhance the data used to implement due diligence, and provide a contextual basis for determining customer risk and detecting suspicious activity by augmenting human activity with machine learning techniques. So now we can use Online KYC.

Analytics also enables customer segmentation and productive profiling for various business purposes, including compliance and marketing. For example, compliance teams could use customer profiles for risk assessments or investigations. Likewise, enterprises or marketing teams could use this data to create personalized banking offers based on customer preferences.

Effective Sanctions Screening

The performance of screening engines is under pressure due to rapidly altering and increasing regulatory demand. Unfortunately, this is accompanied by the fact that the risk detection capacity of existing systems is unable to keep up. As a result, a typical symptom of inefficient screening is an ever-growing backlog of screening alerts and unsustainable levels of false positives, directly impacting operational costs.

At the core of effective screening, the solution is an uplift of the completeness and the screening engine ingesting the data’s accuracy. Therefore, calibrating the matching and filtering performance of this effective screening engine needs the data to be of high quality, complete, and ultimately resulting in a boost in true positives detection rates and operational efficiency.

In addition to ensuring the screening, the engine is fully operating at peak performance; emerging AI and other analytical assistive options can also be used to address operational efficiency issues related to a particular case investigation.

Machine learning techniques can be combined with predictive calculations based on historical investigator decisions to substantially reduce the number of alerts to be safely dispositioned. In addition, the effort and cost involved are reduced by building processes that result in complete and accurate data and properly optimizing the engine to avoid false positives.

An intelligence-led and data-driven Fight In The Fintech Industry

Financial companies are being challenged internally and externally to keep up with the onerous demands of mitigating financial crime risks. Organizations are finding innovative ways to address issues surrounding SMR conversion rates, KYC due diligence, and screening alert management.

Banks have an increased appetite to go beyond simply flagging suspicious and illegal activities for compliance purposes. The aim is to leverage data and effective technology to cost-effectively identify potential criminal behavior and prevent illegal activities from occurring. Complete and accurate data is vital to resolve these issues, and the uplift of data quality will immediately affect the existing monitoring and screening engines’ performance.

Conclusion

Advanced analytics, such as AI, machine learning, and automation, can help filter out false positives and improve inefficiencies in existing investigative processes. As a result, there are many opportunities for data and analytics to drive efficiencies and operational cost reductions and, more importantly, to identify intelligence-led and data-driven ways to tackle financial crime.

For all of this, you need the best resources you can get. We at Signzy identify your needs and help you forge the solutions using our AI-driven API resources, which are completely customizable. Check out our website to learn more.

About Signzy

Signzy is a market-leading platform that is redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering totally customizable workflows. It gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru, and it has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Top Security Trends In FinTech For 2022

There’s an unexpected and rapid evolution in the FinTech industry, which is being driven by technology. This tech-led development has made changes to the way we think about banking and payments. As a result, consumers are slowly transitioning to digital payment methods.

2021, like every year, saw several significant cyberattacks and data leaks that exposed the personal information of millions of consumers online, and 2022 would be no exception. In the first half of 2021, more than 98.2 million people were victims of the top ten data breaches, according to ITRC and the U.S. Department of Health and Human Services.

New research by Skybox Security shows that as much as 73% of CIOs and CISOs underestimate the risk of cyberattacks as they are too confident in their ability to detect and respond.

Under the purview of cyber security, it has become more vital than ever for organizations to continuously monitor their environments for threats, both internal and external.

Security Trends To Look Forward To

The FinTech industry is facing tough challenges regarding security as cybercriminals become increasingly sophisticated and data breaches occur on a large scale. Security is a top priority for banks, credit unions, and financial institutions as cyber-attacks continue to rise and threaten the privacy of millions of consumers.

While the FinTech industry is taking several steps to secure its systems, there are still some challenges that remain to be addressed. Here are a few security trends in the FinTech sector for 2022:

New Regulatory Technology (RegTech)

A cloud-computing technology, RegTech helps financial institutions address complex compliance issues by automating regulatory processes. This will help banks and other FinTech companies to stay ahead of changes in the regulatory environment and adapt quickly to new rules. With the help of big data and machine learning tech, RegTech can automate the compliance process and make it more efficient.

In fact, according to a poll, 68.6% of vendors advised that supervisors should encourage regulated businesses to use RegTech in their supervisory process.

Adoption Of AI For Fraud Detection

As the digital payments industry continues to grow, fraud will become a major challenge. According to a Forbes post, nearly eight in ten mobile banking users are concerned about credit card fraud.

Financial institutions will need to adopt AI-based technologies like deep learning and machine learning for advanced fraud detection. AI tools can help banks and other financial institutions analyze large amounts of data and get insight into customer behavior patterns, allowing them to stay ahead of hackers who are constantly looking for loopholes in payment systems.

Increasing Reliability In Blockchain Systems

The distributed ledger technology (DLT) of blockchain can help reduce the risk of fraud and provide a more secure way of storing data. Blockchain can also help streamline the process of KYC (know-your-customer) and AML (anti-money laundering). Financial institutions will need to increase the reliability of their blockchain systems to ensure the safety of customer data.

Implementation Of Secure Access Service Edge (SASE) Architecture

With a growing number of connected devices, banks and other financial institutions must adopt a security architecture that can protect them from DDoS (distributed denial-of-service) attacks. One such solution is the Secure Access Service Edge (SASE) system, which provides secure connectivity through a combination of software technologies like authentication proxies and encryption techniques.

Taking Up Stronger Data Security Measures

As the use of big data and analytics increases in the financial sector, so does the risk of data breaches. To protect customer data, banks and other financial institutions will need to implement stronger security measures such as data encryption, two-factor authentication, and access control.

The Bottomline

With the pandemic accelerating the shift to digital payments, the FinTech industry is facing new challenges regarding security. To stay ahead of the curve, financial institutions need to adopt new technologies and implement stronger security measures. From RegTech to blockchain, several trends will shape the security landscape of the FinTech industry in 2022 and beyond.

About Signzy

Signzy is a market-leading platform that is redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering totally customizable workflows. It gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru, and it has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

 

 

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