SYDNEY, Feb. 24, 2022 /PRNewswire/ — One of Australia’s fastest growing tech companies, Data Zoo (Deloitte Fast 50 2021), has today announced the launch of IDUX, a revolutionary digital identity solution designed to build mutual trust throughout the entire customer journey while guaranteeing end-to-end privacy and security.
In recent years, there have been renewed calls for the adoption of digital identity technology, driven in part by the way COVID-19 has rapidly moved lives online. This change has accelerated the digital transformation of many industries and pushed businesses to improve their online identity-proofing processes.
Driven by digital transformation trends, market needs and an ever-changing risk and global regulatory landscape, the demand for a trusted and secure digital identity solution has risen. As regulatory expectations and enforcements increase, organisations are acutely aware that the bare minimum is no longer acceptable however 42% businesses believe their systems and technology are insufficient to meet the increased demand for compliance.
Head of Compliance & Digital Strategy at Data Zoo, Dr Memoona J. Anwar, explains that businesses can confidently verify customers to meet KYC, AML and CTF compliance needs and prevent fraudulent users taking over legitimate customer accounts through IDUX authentication processes.
She comments, “The power of IDUX starts with the orchestration of smart and modular tools for fraud detection, identity proofing and user authentication. When it comes to increasing trust in an online interaction, businesses can build confidence at every touchpoint with their customers through components like identity verification, document authentication and watchlist screening, as well as advanced biometric capabilities that provide facial and voice matching and passive liveness. By tightly integrating these tools, you have complete control and the flexibility to evolve as the threat landscape changes.”
In today’s digital world where organisations capture and process more personally identifiable information (PII) than ever before, organisations can do everything right and still be at risk of identity theft. By taking a customer-centric approach to digital transformation, fraud leaders have the opportunity to improve the customer experience by building trust throughout the verification process, leading to improved business outcomes like increased customer acquisition, engagement and retention.
“Extending beyond the brand identity, customers need to be able to trust your policies and procedures, ensuring data transparency, protection, privacy and ownership. Instead of making customers feel that identity verification is some kind of a barrier that they must pass, IDUX provides an identity layer that will enable trusted and legitimate customers to speed on by and for businesses to ultimately nurture better customer relationships. The overall intent is to proactively embed trust into our services. Without trust, digital identity no longer benefits the online user, but instead endangers them” added Anwar.
1. Deloitte, 2020. Anti-Money Laundering Preparedness Survey Report 2020. [Online] Available at: <https://www2.deloitte.com/content/dam/Deloitte/in/Documents/finance/Forensic/in-forensic-AML-Survey-report-2020-noexp.pdf >[Accessed 22 February 2022].