#SecureWithBace is an open opportunity for financial institutions, fintechs, and any business that is facing online identity fraud. Through this project, we are giving free access to our identity verification API.
The COVID-19 epidemic is a human tragedy and has an increasing impact on the way businesses operate. Indeed, for a few weeks we have all been put on alert to respect and apply the instructions to avoid the spread of the virus. The majority of countries affected by corona opt for social distancing and closure of public spaces. Likewise, many companies have opted for teleworking and are trying to digitize their solutions to make their services still accessible online.
However, in this process, we tend to forget about the existence of fraudsters. User's personal and financial data are vulnerable to theft and security breaches.
Identity theft has become a major concern as scammers use it to collect personal information about the victims which they then use to perpetrate all kinds of illegal activities from the true owner of that information. One of the largest industries highly exposed to online fraud is financial institutions.
Indeed, each year, online identity fraud causes losses of million of dollars in the financial industry, electronic commerce and telecommunications. It is estimated that by 2020, half of the world's population will be online and the other half will be connected by 2025. This therefore implies the birth of more online services, more online interaction and unfortunately also the growth of the fraud industry.
As a business you will agree with us that it is not only a question of digitizing your services but above all of creating a climate of trust for your customers when using your online services. And this trust is intrinsically linked to the ability to verify the identity of a person.