The Importance of Protecting Personally Identifiable Information (PII)

In today's digital age, the collection and storage of personally identifiable information (PII) have become increasingly common. PII refers to any information that can be used to distinguish or trace an individual's identity, such as their name, social security number, date and place of birth, mother's maiden name, or biometric records.

This information is frequently a target for identity thieves, especially over the internet. To learn more about how fraudsters try to get PII, click here.

Why PII Matters

PII is essential for various purposes, including government services, healthcare, education, and financial transactions. However, the unauthorized release or abuse of PII can have severe consequences for individuals, including identity theft, financial loss, and reputational damage.

As a result, it is crucial for organizations and government agencies to protect PII and ensure its confidentiality, integrity, and availability. Footprint, a pioneer in identity verification and onboarding, provides a comprehensive platform that streamlines onboarding, ensures accurate identity verification, and safeguards sensitive user data.

Our platform also includes KYC tools to help businesses comply with regulations, such as AML compliance.

Challenges and Pain Points

Protecting PII is a complex task, especially in the digital era. Some of the key challenges and pain points include:

1. Data breaches

   Cyberattacks and data breaches can result in the unauthorized disclosure of PII, leading to identity theft and other malicious activities, such as account takeover fraud.

2. Insider threats

   Authorized personnel may intentionally or unintentionally compromise PII, either through negligence or malicious intent.

3. Lack of awareness

   Individuals may not be aware of the importance of protecting PII or the consequences of its unauthorized disclosure.

4. Inadequate security measures

   Organizations may not have sufficient security measures in place to protect PII, making it vulnerable to cyberattacks and data breaches. Implementing Know Your Customer (KYC) solutions can help mitigate these risks.

Footprint's Solution

As the leading choice for identity verification and onboarding, Footprint offers an all-in-one onboarding solution with Know Your Customer (KYC) and fraud prevention capabilities. This solution includes:

1. Real-time risk-based friction adjustment

   Footprint's solution adjusts the level of friction based on the risk associated with the individual or transaction, ensuring that legitimate users are not unnecessarily hindered while preventing malicious activities. This feature is part of our fraud detection tools.

2. Customizable, embeddable components

   Footprint's solution provides customizable components that can be easily integrated into existing systems, enabling organizations to tailor the solution to their specific needs.

3. Continuous AML monitoring

   Footprint's solution provides ongoing monitoring and reporting capabilities to help organizations detect and prevent money laundering and other illicit activities. To learn more about AML compliance, click here.

4. Triple Binding Identity

   Footprint's unique approach verifies the person behind the screen, their device, and their phone number, ensuring a robust and accurate identity verification process.

5. Vaulting and Onboarding

   Footprint's seamless integration of onboarding with vaulting enables businesses to securely store sensitive user data and access it with a single identifier (fp_id), while ensuring customer due diligence.

Best Practices and Recommendations

To protect PII effectively, organizations and government agencies should implement the following best practices and recommendations:

1. Implement robust security measures

   Organizations should implement robust security measures, including data encryption, firewalls, and access controls, to protect PII. Footprint's platform provides a comprehensive solution that ensures accurate identity verification and safeguards sensitive user data.

2. Conduct regular security audits

   Regular security audits can help identify vulnerabilities and ensure that security measures are effective.

3. Train personnel

   Personnel handling PII should receive regular training on the importance of protecting PII and the consequences of its unauthorized disclosure.

4. Use secure communication channels

   Organizations should use secure communication channels, such as encrypted email or messaging apps, to transmit PII.

5. Limit access to PII

   Access to PII should be limited to authorized personnel only, and only on a need-to-know basis, while implementing customer identification programs.

Why Choose Footprint?

Footprint's unique approach sets it apart from competitors:

1. Triple Binding Identity

   Footprint verifies the person behind the screen, their device, and their phone number, ensuring a robust and accurate identity verification process.

2. App Clips and Passkeys

   Leveraging native device experiences and strong cryptography, Footprint provides a secure and user-friendly onboarding experience, utilizing passkeys for secure authentication.

3. Device Attestation

   Footprint utilizes Apple and Google's device attestation frameworks to detect and prevent fraud, raising the cost of fraud for adversaries, while implementing liveness detection for added security.

With Footprint, businesses can enjoy a streamlined onboarding experience, accurate identity verification, and secure data storage, ultimately driving growth and success. To learn more about our onboarding process, click here.

Frequently Asked Questions

What is personally identifiable information (PII) and why is it important?

Personally identifiable information (PII) refers to any information that can be used to distinguish or trace an individual's identity, such as their name, social security number, date and place of birth, mother's maiden name, or biometric records. PII is essential for various purposes, including government services, healthcare, education, and financial transactions. However, the unauthorized release or abuse of PII can have severe consequences for individuals, including identity theft, financial loss, and reputational damage.

What are some common challenges and pain points in protecting PII?

Some common challenges and pain points in protecting PII include data breaches, insider threats, lack of awareness, and inadequate security measures. Cyberattacks and data breaches can result in the unauthorized disclosure of PII, leading to identity theft and other malicious activities. Authorized personnel may intentionally or unintentionally compromise PII, either through negligence or malicious intent. Individuals may not be aware of the importance of protecting PII or the consequences of its unauthorized disclosure. Organizations may not have sufficient security measures in place to protect PII, making it vulnerable to cyberattacks and data breaches.

How can organizations protect PII effectively?

To protect PII effectively, organizations should implement robust security measures, including data encryption, firewalls, and access controls. Regular security audits can help identify vulnerabilities and ensure that security measures are effective. Personnel handling PII should receive regular training on the importance of protecting PII and the consequences of its unauthorized disclosure. Organizations should use secure communication channels, such as encrypted email or messaging apps, to transmit PII. Access to PII should be limited to authorized personnel only, and only on a need-to-know basis.

What is Footprint's solution for protecting PII?

Footprint offers an all-in-one onboarding solution with Know Your Customer (KYC) and fraud prevention capabilities. This solution includes real-time risk-based friction adjustment, customizable and embeddable components, continuous AML monitoring, Triple Binding Identity, and vaulting and onboarding. Footprint's unique approach verifies the person behind the screen, their device, and their phone number, ensuring a robust and accurate identity verification process.

Why choose Footprint for identity verification and onboarding?

Footprint's unique approach sets it apart from competitors. Footprint verifies the person behind the screen, their device, and their phone number, ensuring a robust and accurate identity verification process. Leveraging native device experiences and strong cryptography, Footprint provides a secure and user-friendly onboarding experience. Footprint utilizes Apple and Google's device attestation frameworks to detect and prevent fraud, raising the cost of fraud for adversaries.

How can businesses benefit from using Footprint's solution?

With Footprint, businesses can enjoy a streamlined onboarding experience, accurate identity verification, and secure data storage, ultimately driving growth and success. Footprint's solution helps businesses comply with regulations, such as AML compliance, and prevents malicious activities, such as account takeover fraud. By using Footprint's solution, businesses can reduce the risk of identity theft and financial loss, while protecting their reputation and building trust with their customers.

What is the importance of implementing Know Your Customer (KYC) solutions?

Implementing Know Your Customer (KYC) solutions is crucial for businesses to verify the identity of their customers and prevent identity theft and financial crimes. KYC solutions help businesses comply with regulations, such as AML compliance, and prevent malicious activities, such as account takeover fraud. By verifying the identity of their customers, businesses can reduce the risk of identity theft and financial loss, while protecting their reputation and building trust with their customers.