Increasing Levels of Cyber Security will be vital as Fintech Approaches " Watershed Moment "
In 1993, cartoonist Peter Steiner of The New Yorker coined the phrase: „ On the internet, no-one knows you ‟ re a dog.‟ More than 20 years later, the issue of internet privacy and a user ‟ s ability to send and receive messages anonymously, remains a significant barrier to building online trust.
“ The reality is, as individuals, if we really knew and appreciated the risks we face when dealing with financial services online, we simply wouldn ‟ t do it,” suggests James Varga, chief executive officer of The ID Co.“ 15 years ago nobody knew about banking fraud, now everybody knows somebody who has been affected by fraud, phishing attacks, or identity theft.
“ High profile hacks from TalkTalk, Yahoo and dating sites have exposed our personal data to potential misuse. The fact is, a lot of that risk comes from our online activities and the need to constantly prove we are who we say are.“
With online fraud growing every year, it is now estimated to cost the UK economy more than £ 11bn per year, with bank-funded crime prevention group Financial Fraud Action reporting that a financial scam was carried out every 15 seconds in 2016.
However, in a world where 71 per cent of millennials in the US would rather visit the dentist than open a bank account, it ‟ s clear that not only does the modern world of financial services face an issue with establishing trust, it must also meet market demand for convenience.
As one of a number of disruptive fintech businesses headquartered in Edinburgh, The ID Co aims to meet both needs.