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The Hill
23-07-2025
- Business
- The Hill
How zero-knowledge tools can help us verify age and protect privacy online
In June, French President Emmanuel Macron declared that he'll ban social media for children under 15, stating, 'Platforms have the ability to verify age. Let's do it.' We've all seen what that 'verification' actually looks like: 'I'm over 18.' One click, and you're in. This is how the internet currently 'protects' minors. It's laughable, until you realize that this system is failing millions of children and teens every day. In the U.S., Federal Trade Commission Chair Andrew Ferguson also highlighted this profound inadequacy, calling simple date-of-birth entries 'little to no barrier' for underage access. This admission from a top regulator underscores what many have long known: Current systems throughout the world are failing our children. The other extreme can be even worse. Platforms requiring actual age verification often demand personal documents and store them in databases that have become high-value targets for bad actors. In December, Signzy, a major know-your-customer provider, suffered a malware attack exposing customer data, including scans of IDs and selfie biometrics. Similarly, in January, a massive data breach at education technology provider PowerSchool compromised the sensitive information of 60 million students. Such events are clear indicators of systemic vulnerabilities. Exposing personal identifiable data could lead bad actors right to the doorstep of children, youth and family members, the exact opposite of what age verification requirements are supposed to accomplish. Today's age verification tools were not designed for the digital age. Applying financial-focused risk management procedures (like 'know-your-customer') to social platforms or gaming sites is invasive and dangerous. When sensitive documents are uploaded and stored on third-party servers, data breaches aren't a matter of if, only when. For kids and families, this is unacceptable. For developers and platforms, it creates massive legal and regulatory challenges. For society, we're missing an opportunity to implement real protection that respects privacy. We're caught in a false choice: either no protection at all or too much vulnerable surveillance. But we no longer have to choose between these two failures. Zero-knowledge identity protocols remove this mutual exclusivity with enhanced security, privacy and user experience. Zero-knowledge cryptographic technology allows someone to prove something is true without revealing the underlying information. Think of it as showing you're old enough to enter a venue without showing your ID or revealing your name. The mathematical proof confirms that you meet the requirement. This approach enables users to cryptographically prove their age without exposing other sensitive information. For instance, they can confirm they are over 18 without revealing their exact birthdate or other identifiable features beyond what's necessary. The process generally involves a few key stages. Initially, a user interacts with their government-issued ID through a secure application, often on a smartphone. This interaction permits the extraction of necessary data directly from the document's secure elements. Next, a cryptographic proof is generated. This proof is a mathematical assertion that the user meets a specific age criterion (e.g., over 18). Crucially, this proof contains no personally identifiable information itself; it only confirms the truth of the age claim. This privacy-preserving proof can then be shared with an online service or platform. The platform verifies the proof's authenticity and validity using cryptographic techniques, confirming the user's age qualification without ever accessing or storing the underlying personal data from the ID. The platform learns only if the user is old enough. Major tech companies are already recognizing the potential. Google announced that it's integrating zero-knowledge proof technology into Google Wallet for age verification, with partners like Bumble already on board. Developers can integrate zero-knowledge age verification into their applications through open-source libraries and verification contracts. These systems check the cryptographic proof and confirm whether a user meets the defined minimum age threshold, all without storing or even seeing the user's full identity. The programmability of these systems is crucial for global deployment. Zero-knowledge protocols can automatically adjust to local regulations (e.g., age 16, 18 or 21) while maintaining the same privacy guarantees. Consider how this technology transforms real-world platforms. Gaming sites verify users meet age requirements without collecting ID copies. Dating apps confirm users' real ages without accessing other personal information. Content platforms gate mature content based on cryptographic proof rather than self-reported information or vulnerable document storage. This is privacy-first protection, enforceable by code and leveraging proven cryptographic technologies. Users maintain full control over their information, choosing what to disclose in each online interaction. We shouldn't accept that verifying a child's age online requires sacrificing privacy, or that doing nothing is acceptable either. The regulatory landscape is already shifting. New York's SAFE for Kids Act began requiring platforms to use age determination technology and restrict 'addictive' feeds to minors without parental consent. Other legislation, like the federal Take It Down Act and state-level App Store accountability acts, also signals a move towards stricter online safety, though some raise privacy concerns about mass data collection. Current age verification methods are also proving unreliable. The United Kingdom's Office of Communications recently fined OnlyFans operator Fenix International approximately $1.4 million for providing inaccurate information about its age verification, highlighting how even 'advanced' biometric systems can fail. As legislation aimed at protecting minors online continues to evolve, the technology industry should lead by example. We can protect vulnerable users without exposing their most sensitive information to bad actors. We can continue with systems that either don't work or create massive privacy risks, or we can embrace cryptographic solutions that protect both children and privacy. Platforms now have access to privacy-preserving tools that respect both user autonomy and legal responsibility. There's no excuse not to build better. Parents deserve peace of mind, kids deserve safety and we all deserve a more thoughtful internet. With increasing regulatory scrutiny and growing public demand for better protections, the impetus to shift away from ineffective checkboxes and invasive data collection toward genuinely workable solutions is clear: It is time to move on from the checkbox era. Rene Reinsberg is an entrepreneur who has co-founded multiple ventures including Celo, Self and Locu (acquired by GoDaddy). Jane Khodarkovsky is a former trial attorney and human trafficking finance specialist in the Money Laundering and Asset Recovery Section, Criminal Division, in the U.S. Department of Justice. She is currently a partner at Arktouros.
Khaleej Times
11-07-2025
- Business
- Khaleej Times
UAE's banking evolution accelerates with Signzy solutions
Paper-based business verification is killing your conversion rates. Learn how UAE banks use Signzy to approve customers instantly At Signzy, a global RegTech company, we work with banks and financial institutions across the world every day. With over 1400+ clients globally and 340+ financial institutions using our platform, we're processing 10 million+ business onboardings monthly at a 99% success rate. But the UAE presents a unique challenge. It's become a melting pot of global businesses - companies from 190+ nationalities are rushing to establish operations here. While this creates incredible opportunities for the banking sector, it also brings unprecedented onboarding complexity. For banks to work with any business, they must figure out tedious onboarding processes with almost impossible lengths of documentation and underwriting. The more complex the business structure, the more complex the onboarding becomes. And guess what? Delay in onboarding = Delay in business = Loss of revenue. Even data backs this equation. Before we bring up the solution, let's first understand how inefficient onboarding slows down digital banking in the first place. Why business onboarding lags behind digital banking UAE banks have transformed how banking works. Payments happen instantly. Risk gets managed automatically. Credit decisions happen in real-time. But business onboarding operates differently. The complexity factor: When a UAE customer sends money, it's straightforward. When a business applies for an account, you need to understand their entire global structure. The verification factor: Digital payments verify account numbers. Business onboarding verifies ownership chains that span multiple countries and legal systems. The compliance factor: A payment transaction follows clear rules. Business onboarding must navigate different regulatory frameworks for each country involved. The documentation factor: Digital banking processes structured data. Business applications come with documents in different languages, formats, and legal requirements. When businesses from other countries want to establish UAE operations, each brings unique structural complexity that standard digital processes weren't designed to handle. This is where specialised digital onboarding becomes essential, taking the efficiency of digital banking and applying it to the complexity of international business verification. How Signzy bridges the gap Signzy is solving this exact problem. We built our digital onboarding solution specifically for UAE and Middle East banks - not some generic global platform, but something that actually understands how business works here. Think about it: Your digital banking works perfectly for payments and risk management. Why should onboarding be different? With Signzy, you get: Set AI-powered custom rules - Every business is different, so our AI Rule Engine adapts gracefully to handle whatever complexity gets thrown at it 150+ data sources working instantly - We tap into official government databases, international registries, and global watchlists to verify any business structure in real-time Information on all business layers automatically - Our technology digs through complex ownership structures and maps every entity in real-time, no manual work needed Algorithmic risk intelligence to catch what humans miss - Our system analyses social media, news, court cases, and traditional sources to spot hidden connections and red flags automatically Sophisticated forgery detection built-in - Advanced image analysis catches fake documents, altered signatures, and manipulated business certificates before they fool your compliance team Proactive fraud detection, not reactive - Instead of discovering problems after onboarding, we identify suspicious patterns and risky entities before they enter your system A global standard onboarding - UAE and Middle East banks can deliver onboarding experiences that actually match what their international clients expect The difference is simple: instead of your team spending weeks trying to trace a UAE business back through Singapore, US, and European entities, our platform maps the entire structure in minutes. When you can verify any global business structure instantly, you can actually compete for the sophisticated clients flooding into UAE markets. Your compliance stays bulletproof, your customers get onboarded fast, and your team focuses on actual banking instead of playing detective with corporate documents. What this means for UAE banking Look at what's happening here. The UAE brought in $30 billion in foreign investment last year. Dubai business licenses are up 72% just month-over-month. Abu Dhabi's seeing 16% more registrations. That's a massive pile of new businesses that need bank accounts. Each one is potential revenue walking through your door. Each one that gets frustrated with your slow process walks right over to the bank down the street. "Global businesses are entering the UAE at an unprecedented pace. Banks are eager to onboard them, but manual processes create friction and risk. Signzy bridges this gap with a fast, compliant, and fully digital onboarding experience," said Arbaz Uddin, national manager at Signzy. Some banks here already figured this out. Guess who's getting all the good clients? Pretty soon, being able to onboard businesses quickly won't make you special. It'll just be what customers expect. Like having an ATM or a website. If you're ready to bring the same digital efficiency to business onboarding that you have with payments and operations - see how Signzy can help.
Time of India
17-06-2025
- Business
- Time of India
ETtech Explainer: Behind crackdown on unauthorised use of govt databases for user onboarding
The Union government is restricting private firms from using official databases like Aadhaar to offer identity verification services to their clients as part of a crackdown on unauthorised access to sensitive databases. According to two people in the know, officials of the Ministry of Electronics and Information Technology ( MeitY ) have conveyed to the executives of multiple technology-led startups to abstain from offering offline Aadhaar-based KYC services because they have been doing it through unauthorised channels. ET had reported on June 9 that startups like Zoop, Surepass, Digitap and Signzy were impacted by a government order restricting access to their websites through telecom networks. While the government is tightening scrutiny of data platforms, industry insiders are trying to find regulated channels through which Aadhaar verification can be done. ET explains identity verification services provided by these startups and the issues around them. What are the core services being provided? Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories As the customer onboarding journey goes digital, it is critical for financial services companies, consumer technology firms to validate customers. That is where ID verification startups come in, offering verification of documents submitted by consumers. They also help authenticate customers' identity numbers by cross-checking with government databases. Players like IDfy, Signzy, DigiO and others offer services like video KYC, Aadhaar e-Sign and others. What is the problem here? The Centre is trying to find out whether these services are being provided through legal channels and lawful means. Industry sources told ET that while large venture-funded startups stick to the rules and are also regulated in most of the cases, many smaller players in the ecosystem gain unauthorised access to some of the government databases. 'Some of the platforms are also involved in scraping from government websites, getting consumer data through unregulated means,' chief executive at an ID verification startup said on condition of anonymity. Some of the data contained in Aadhaar are personally identifiable information (PII), while some of the GST data might not be classified as PII. Who is looking into the issue? MeitY, which is in charge of all the digital properties of the government, restricted access to some of these websites through certain telecom networks. Once executives of these firms met officials, they were told to follow designated channels for access to the Aadhaar database, so that consumers can be verified by only regulated platforms through their Aadhaar numbers. Similar services are also provided by the GST (goods and services tax) database and through the income tax database. Why do startups need these platforms? Fraud prevention is one of the key areas for which startups are dependent on these platforms. Mostly for fintech services like digital lending, insurance, payments and merchant KYC, backend customer verification is extremely useful. They integrate with these service providers to offer verification on the go. 'If there are too many hops, then the customer might drop off. Once these verifications happen via API integrations, the customer experience gets smoother,' founder of a fintech startup said. Other issues As the online verification sector has grown, startups have also been scouting for as many alternate data points as possible for these enrichment services. Going beyond the GST database or PAN database, platforms have been offering enrichment services on top of customers' UPI IDs. The National Payments Corporation of India (NPCI) cracked down on such unauthorised use of the UPI IDs in October last year. Now, the government is also trying to crack down on the use of Aadhaar through unauthorised means.
Economic Times
09-06-2025
- Business
- Economic Times
ID startups face data heat; Nykaa eases into qcomm
Happy Monday! Startups offering identity verification services are under the government's scanner. This and more in today's ETtech Morning Dispatch. Also in the letter: ■ Vibe coding needs more than vibes ■ Lenskart's IPO route■ Byju's in NCLAT ID please? MeitY verifies the verifiers The government is investigating startups offering identity verification services for potential unauthorised access to the Aadhaar, permanent account number (PAN) and goods and services tax (GST) databases. What's happened: The ministry of electronics and information technology (MeitY) is investigating firms, including Surepass, Digitap, Zoop, and Signzy, over concerns they may have bypassed authorised protocols to access confidential databases. In response, MeitY has blocked access to some of these companies' websites via telecom networks. Under the lens: Banks access the Aadhaar database under strict licence agreements to authenticate customers. The government is now probing how these services are offering verification services, and whether the routes they use are compliant. These platforms typically partner with financial institutions, consumer-facing startups and other entities to help them verify customers or businesses. Their services are used to detect fraud and assess clients for underwriting. Expert take: Some verification startups collect customer application forms from clients and then scrape databases to confirm identity. According to an industry insider, this data is often available through open websites, unsecured APIs or even the dark flagged a growing number of startups relying on such scraping techniques, potentially without proper authorisation. Yes, but: Companies such as Idfy, DigiO, Signzy and Datasutram are among the widely used in this space. However, only a few platforms have faced regulatory action so far, ET has learnt. Also Read: NPCI curbs unauthorised use of UPI IDs by fintech companies 'Quick commerce ops not hurting beauty biz, its aiding personal care' Adwaita Nayar, CEO, Nykaa Fashion As Blinkit, Zepto, and Instamart expand aggressively into beauty and personal care, Nykaa is taking a more slower, curated approach. Its pilot, Nykaa Now, is live in select areas of Mumbai, New Delhi, and Bengaluru, with a deliberate focus on personal care rather than its core beauty range. Driving the news: 'Nearly 80% of what we sell is beauty and 20% is personal care. Personal care is what's really picking up on quick commerce,' Adwaita Nayar, cofounder and CEO of Nykaa Fashion, told us in an interview. Why it matters: Beauty is among the most competitive ecommerce categories, and quick commerce platforms are seeing strong growth from impulse-driven beauty buys. Nykaa, however, is staying the course, pointing to its core category's reliance on depth, shade options, and browsing behaviour. 'People browse a lot of shades and products before they buy. The nature of quick commerce doesn't typically support that kind of assortment,' Nayar added. By the numbers: 30% year-on-year growth in Nykaa's beauty GMV over the past four quarters. Delivery time cut from four days to two. Same-day or next-day delivery is active in 100 cities. Nykaa Now orders are currently fulfilled via dark stores, with other models under trial. Also Read: Rapid fashion delivery gathers pace, but long-term viability in question Go deeper: Nykaa Now is designed as a separate merchandising layer, curated using demand signals and quick commerce-specific use cases. 'It's not about what Nykaa already sells, but what the customer really wants quickly. That's more likely to be personal care or gifting,' Nayar said. While Nykaa is actively improving fulfilment speeds platform-wide, Nayar remains sceptical of the 10-minute delivery rush. 'It's not about 10 minutes. But people's expectations for delivery speed globally are going up.' Also Read: Nykaa Q4 profit doubles to Rs 19 crore; revenue up 24% Why vibe coding needs more than vibes for enterprise-scale solutions In the age of artificial intelligence (AI), vibe coding is all the rage, with companies and tech celebrities touting it as a simple way to build websites and apps using just a prompt. But the founders ET spoke to are highlighting the flip side. What happened: Executives said the growing trend of vibe coding, where developers rely on AI prompts to generate code, is triggering increased scrutiny, more rigorous code reviews, and a heavier burden on senior engineers to guide younger colleagues. As AI takes over the mechanics of coding, the new wave of engineers entering the workforce often lacks core programming knowledge. This has led to subpar code that requires additional checks and rarely reaches production without significant rework. Also Read: AI 'vibe coding' startups burst onto scene with sky-high valuations Golden use case: Coding remains one of the most visible and impactful applications of AI. Around 30% of new code at Google and Microsoft is now AI-generated, and executives expect that share to grow over time.. 'There is an overdependence on LLMs, and this is leading to critical thinking issues,' said Nida Sahar, founder of bootstrapped cloud infrastructure platform Also Read: Vibe coding: A threat to software engineers? Other Top Stories By Our Reporters Piyush Bansal, CEO, Lenskart Lenskart becomes public limited company in preparation for IPO: Omnichannel eyewear brand Lenskart has become a public company in preparation for its public listing, changing its registered name from Lenskart Solutions Private Limited to Lenskart Solutions Limited through a special resolution passed by its shareholders. NCLAT rejects Byju's resolution professional's petition in Aakash shareholding row: The Chennai bench of the National Company Law Appellate Tribunal (NCLAT) on Friday dismissed an appeal lodged by the resolution professional of Byju's parent, Think & Learn, against an interim order that mandated the maintenance of the status quo on the shareholding of Aakash Institute. Sundar Pichai answers who would be next Google CEO: Google chief executive Sundar Pichai, expects AI to play a critical role in the tech giant's future leadership at the Bloomberg Tech Conference. When asked whether a human or AI will run Google in the future, Pichai stated, 'I do think whoever is running it will have an extraordinary AI companion.' Computational thinking is key as AI reshapes software: Microsoft CEO Satya Nadella | In a recent conversation with tech YouTuber Sajjaad Khade, Nadella encouraged aspiring developers to concentrate on the fundamentals of software engineering, despite the increasing role of AI in coding. 'Just getting real fundamentals of software, if you're a software engineer, I think matters a lot,' Nadella said. 'To me, having the ability to think computationally is important.' Global Picks We Are Reading ■ Apple's struggles to update Siri lead to investor concerns over AI strategy (FT) ■ How Trump and Musk are still linked - despite falling out (BBC) ■ New apps help immigrants navigate Trump's deportation crackdown (Rest of World) Updated On Jun 09, 2025, 07:22 AM IST
Business Standard
27-05-2025
- Business
- Business Standard
Signzy Named Among Top 50 Global FCC Tech Providers by Everest Group
NewsVoir Bengaluru (Karnataka) [India], May 27: Signzy, a leading Global RegTech company, specializing in AI-powered risk and compliance solutions for financial institutions, has been ranked 11th in the Everest Group's Leading 50™ Financial Crime and Compliance (FCC) Technology Providers 2025 list. It is the only Indian company to be featured this year -- a significant recognition of India's growing influence in the global RegTech space. The annual list, curated by global research and advisory firm Everest Group, identifies the top 50 technology providers worldwide that are enabling financial institutions to combat financial crime and meet compliance requirements more effectively. The evaluation covered over 200 global companies across four critical parameters: * Business Growth - Including revenue traction, client expansion, and funding * Solution Range - Coverage across the FCC value chain including KYC, AML, fraud detection, and automation * Innovation - Use of AI/ML, cloud-native infrastructure, and ecosystem partnerships * Global Presence - Reach across key markets and industry segments The report also highlights the key technology areas driving change in the FCC landscape -- including digital identity, transaction monitoring, fraud-AML integration, trade finance compliance, payment screening, and risk intelligence. Signzy was recognized for delivering AI-driven solutions that seamlessly integrate into compliance workflows, helping financial institutions make faster and more informed decisions. The company's technology addresses real-world regulatory challenges through innovation in the following areas: * AML Transaction Monitoring - AI/ML models that enhance detection accuracy while reducing false positives * Real-Time Transaction & Payment Screening - Intelligent screening with minimal impact on operational efficiency * Risk Intelligence - Combining internal models and external datasets to flag complex threats, including sanctions evasion and geopolitical risks Commenting on the recognition, Ankit Ratan, Co-founder & CEO, Signzy said, "Being named among the top FCC technology providers globally and the only one from India is a proud moment for us. This recognition reflects our commitment to building intelligent, scalable solutions that help financial institutions navigate an increasingly complex regulatory environment with confidence." Signzy's inclusion signals a broader trend -- the rise of India as a key hub for next-generation compliance technologies. With regulatory expectations evolving rapidly, Signzy's innovations are helping financial institutions build resilient, future-ready compliance frameworks. Established in 2015, Signzy offers AI powered highly agile comprehensive compliance solutions built for simple and automated customer onboardings. With a skin in the game for understanding India specific banking needs, Signzy focuses on revolutionizing how businesses verify digital identities, ensure regulatory compliance and mitigate fraud. The company onboards over 10 million customers & businesses every month with 99% success rate. Signzy works with more than 600 financial institutions globally, including four largest banks in India. Awarded by the RBI in 2016 and 2018 as the 'Most Innovative Payment System' by IDRBT, Signzy supports 25M+ onboardings and empowers businesses by enhancing customer due diligence while promptly flagging suspicious anomalies.
