Name: Prove CEO on how to stay one step ahead of fraudsters
Uploaded: 2022-08-17
Duration: 5 min 8 s
Description: This cybersecurity company and digital identity company has modernized the way businesses and consumers can protect their personal data

This cybersecurity company and digital identity company has modernized the way businesses and consumers can protect their personal data

Prove CEO on how to stay one step ahead of fraudsters

Leadership

roger, thank you so much for joining us to talk about proof your company is in the cybersecurity business. Tell us exactly what does prove. Do yes, we help large companies make sure people are they claim to be when they enter a bank account. So we authenticate identities as they try to enter bank accounts. Healthcare accounts to make it safer. Well, you know, whenever fortune surveys, ceo is about the biggest concerns that they have these days. Cybersecurity is usually right at the top of their worry list. How do you help companies protect their businesses and their clients? So historically the way that security and cybersecurity works is that we often involve the consumer in the process. So consumers have to, you know pick the bridges and pictures of you know, figure out captures um answering questions about about which car they had years ago. That's one of the biggest problems with security. All that friction is very tedious for consumers to be involved with. And one of the biggest things we help businesses with is remove all those tedious steps and really move the security behind the scenes. So one of the biggest reasons why services are hard to use on your phone when you're trying to buy something or pay a bill or check your balance is that the security itself is cumbersome. So it proved itself. That is we remove all that friction that cumbersome nous and move the security behind the scenes. That allows people to have very convenient, easy experiences that at the same time protect themselves, protect the bank uh and protect their personal data what industries are most at risk. I think today, the obvious ones are banks and uh brokerages, but now we're seeing attacks on health care, um pretty much everything that people access on their phones is something that's vulnerable these days. Many of your customers are big banks and financial institutions, what are the products or the services that you're offering them so that they can protect their business? The way to think about it is um let's say I try to enter jane smith's bank account on my phone. What proof does is kind of assess well, who owns this phone? If the owner of the phone doesn't match the owner of the account and that's something the bank can investigate more, but that can happen to any, any kind of channel on your mobile phone, you could be calling the bank directly in the call center. So we essentially do this behind the scenes identity check to make sure people are, who they claim to be in any kind of way they access a bank. It seems that no matter how much businesses invest in cyber protection back actors find another way to infiltrate the system. How can businesses stay ahead of all these threats. It's really trying to use folks like prove that have modern solutions that are purpose built for mobile world. Most of the solutions in the market were designed for PC world, which is very different. Our phones are always with us, everyone has their own phones, it's a personal device and extend to ourselves. So we purposely built things for the mobile world because the PC solutions don't really quite work as well, you know, not long ago when people talked about a cyber attack, they usually meant that their credit card was hacked, it seems that things are so much more dangerous. As you mentioned, everybody's got a cell phone and it has so much personal information on it. What's changed? How are you dealing with that? You know that that's probably the biggest challenge is how do you secure people's experiences? People expect everything to be easy, you know, amazon's taught us to our expectations are, you know, everything is one click away, but how do you do so in a way that people protect their privacy, protect their data um and you can kind of keep the bad guys out. So balancing convenience, security and privacy I think is even more of a challenge on mobile phones because you know, it is so personal. So we prove uniquely kind of makes that balance work without tradeoffs. Tell us how you do that. I mean how does prove protect a person's personal information? The main thing is we don't think you need personal information to get to protect things. So you know an example would be if you took your phone to another country. Um it just works when you get to the country and the other country that the phone companies don't necessarily who you are, where you live. And yet they get paid, you know, in the currency of their choice. So there's ways to do things where you don't have to reveal people's identity at all. You can use things like identity tokens that are anonymous but helps us understand if it's the right person accessing the account looking ahead. What do you think are going to be the new cyber trends and things that we are going to have to take more seriously today. You'll see more and more reliance on biometrics like your face, your fingerprint, your iris. Um those types of technologies while really helpful to assess identity. Um It's easy to, you know, do fakes. We've heard about Deepfakes. Deepfakes that our video voice um it's fairly easy to fake almost anything these days. So I think, you know, as fraudsters get more sophisticated, uh you have to be always one step ahead of them.