How 3 fintech startups are shaking up security

Over the years, the financial industry has invested heavily in staff, processes and technology to improve security. But some startups are taking a more innovative approach.

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Today’s financial technology startups (“fintech” for short) are taking on some of today’s greatest security challenges. Armed with drive and a need for innovation, these companies have created new services and security approaches that are changing the financial industry. Here’s how three such companies are competing based on security.

Know your client

Proving personal identity is a key component of security for the financial industry. Most major financial institutions require customers to open accounts in person, present government-issued identity documents and wait hours or days to open an account. But customers today expect faster services — including the account opening process.

Founded in 2010, Vancouver, British Columbia-based Trulioo, whose customer base includes well-known technology firms such as eBay, Kickstarter, Square and PayPal, has pioneered a new approach to verifying identity.

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