Data minimisation and verifiable data play a critical role in combating rising fraud levels
Meeco, a pioneer of data privacy and leader in the provision of enterprise infrastructure for the personal data economy has today launched the Secure Value
Exchange platform SVX.
SVX combines core functionality of permissioned data sharing: secure data storage, verifiable credentials and an idenity wallet. Built on Privacy-by-Design and Security-by-Design principles, SVX caters specifically to the needs of public and private sector organisations grappling with data breaches, the growing demands of data privacy regulation and a customer base that is increasingly cautious about sharing personal information.
The launch of SVX is timely given rising fraud across all sectors in the wake of large-scale data breaches which have impacted government bodies, telecommunications, social media platforms, gaming companies, healthcare providers and retailers globally. These data breaches mean that personal information is more accessible to criminals for identity fraud; a recent study found that people who had been notified of a data breach were 34% more likely to have been a victim of identity crime.
Experts also highlight growing concern about acceleration given the ready availability of A.I tools. The Association of Certified Fraud Examiners recently published a review of how A.I could amplify the rapidly growing problem of fraud and scams2. The review specifically identifies the potential for AI to increase harm by spoofing phone numbers or email addresses and generating fake documents.
“Identity fraud and scams are growing at an alarming rate” warns Meeco Founder and CEO Katryna Dow, “to check this acceleration, all organisations should rethink their data collection strategies. The adoption of data minimisation policies and the insistence on the presentation of digitally signed and verifiable data, where the issuer of the credential can be verified with confidence will go a long way to mitigating the risk of fraud and scams”. Dow also highlights the consumer benefits of moving away from the over collection of data.
“In recent customer trials our platform was used to onboard new employees. We found that 100% of people preferred the new process enabled by verifiable credentials; in place of scanning and uploading documents, employees were able to share a signed credential of their driving license”.
In addition to addressing data minimisation to mitigate fraud and improve convenience, SVX enables enterprises to meet data compliance regulations. Both GDPR and the Data Governance Act (DGA) are reshaping obligations that entities have towards their customers’ data.
As well as establishing the groundwork for the creation of secure and privacy enhancing data spaces, the DGA outlines a new category of service provider – a Data Intermediary – that has a fiduciary duty to act in the interests of data subjects. The Data Intermediary will enable Data Holders (such as financial institutions) and a Data using Service (for example an insurance provider) to engage in the compliant exchange of data, always acting in the best interest of the data subject (customer/citizen). The DGA provides a set of rules for data intermediation which Meeco is implementing, building on its My Data Operator 4awarded status.
SVX is available as an API and a web portal that integrates business workflows for alignment with broader governance and compliance needs. Built on global standards for data and identity, it is designed to enable organisations to get up and running quickly, benefiting from interoperability with other providers, thanks to its standards-based approach. With a sandbox that enables developers to start building applications in minutes, SVX is set up to guide Meeco’s partners from proofs of concepts through to scaled solutions.
For organisations with a strategic focus on developing trusted digital services, Meeco’s SVX provides a significant advantage in reducing the time to market. The SVX tech stack accelerates market participation in an estimated TAM of USD$16.1B5 between 2023 and 2026.
Meeco will be showcasing SVX at Money2020 in Amsterdam at Stand A14 as part of the AusTrade delegation.
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