A proper and secure identity verification enables interoperability, instantaneous identification and swifter methods of transferring important information.
According to Reuters, patients’ medical information is 10 times more likely to be on the black market than their credit card data.
In 2018, the healthcare sector saw 15 million patient records compromised in 503 breaches, three times the amount seen in 2017, according to the Protenus Breach Barometer. But just over halfway through 2019, the numbers have skyrocketed with potentially more than 25 million patient records breached. Healthcare is proven to be very vulnerable and is thought to be the biggest honeypot for data breaches.
A one-stop digital identity solution / know your customer (KYC) system can improve the flow of information and avoid information breaches or loss. Medical providers can ensure patients are who they claim they are, the information provided is accurate without being tampered, hence to ensure that the right person is receiving treatment or advice
In the patient’s perspective, safe digital identity/ KYC solutions are required for the healthcare industry to enable patients and medical professionals to adequately identify themselves and to reduce or eliminate the chance for fraud to take place.
In general, a digital identity enables users to be in control of their own data and decide who to share their information with. This helps regain public trust in the healthcare industry after numerous data breaches in the industry.
Through Blockpass KYC Connect not only is it possible to prove identity instantly and securely, but the user is put in control of their own data. It provides fast, efficient and effective KYC so customers can be identified and onboarded to new services instantly.
Blockpass also has expanded the type of information to medical data and healthcare records to be included in the user’s profile, which will allow them to choose to share it with other medical professionals or with other businesses that require it. Blockpass is working with Edinburgh Napier University through the Blockpass Identity Lab to develop a groundbreaking data privacy model, which will allow people to prove or verify information without exposing it should they wish to keep it private.
Blockpass provides identity verification that covers both KYC and AML regulatory compliance. Users fill out the relevant details and are checked against the required lists and criteria to ensure they are not associated with criminal activity. By having these checks performed through Blockpass, companies using Blockpass’ identity verification solutions do not have to worry about their personal liability in screening applicants, as Blockpass retains professional indemnity insurance.
With the Blockpass technology and approach, verification and onboarding happens almost instantaneously for pre-existing Blockpass users and is usually very rapid for new Blockpass users. In addition, as Blockpass puts users in control of their data and certifications, the solution can be offered at a reduced cost compared to traditional alternatives.
Blockpass offers a multi-product portfolio that allows merchants to choose the scale of solution that applies to each business and jurisdiction. Whether a business wants only Face Match certification, or if they also require KYC, AML or enhanced SLAs, Blockpass is able to offer a full range of identity verification solutions.
Rather than having to fill out the same KYC and AML forms over and over when transacting with other financial companies, users simply have to maintain one up-to-date profile, which is then shareable with anyone in the Blockpass ecosystem for instant onboarding, saving users from repeatedly re-doing and re-submitting the same forms, and saving companies the hassle of checking KYC and waiting on checks.