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 .