Intro
In this episode of “The Prof G Pod with Scott Galloway,” Scott Galloway interviews Ed Elson, the co-founder of Footprint, a digital identity and security tool. They discuss the challenges of identity verification, the importance of trust in online transactions, and the potential of biometric scanning technology in healthcare.
Main Takeaways
American Express Business and Rewards
- American Express Business offers rewards points, big business purchase payment, and 24/7 business specialist support.
Prophetic Markets and First Time Founders
- First Time Founders is a new concept on Prophetic Markets that focuses on early stage business and investment.
Footprint: Secure Identity Verification
- Footprint is a digital identity and security tool that allows companies to onboard and verify customers with just one click, offloading the cost and risk of storing data.
- Footprint offers one-click KYC verification using FIDO2 standards, making online identity verification more secure and convenient.
- Footprint’s services offer more than just a checkmark and can provide more options for businesses.
- Footprint’s identity verification process only requires users to enter their information once, and then bypasses collecting that information again for future transactions.
- Footprint provides a fidelity badge that allows users to grant access to necessary information for transactions, providing a secure and efficient process.
- Footprint verifies the number of identities on a device and flags any attempts to sign up with a second identity.
- Footprint gets paid each time they verify someone for KYC and for storing data as a security company.
- Footprint aims to boost conversion by increasing trust, removing friction, and increasing security.
- Footprint wants to be a type firm for onboarding and a segment for data, providing the best in class for both.
- Footprint aims to be a data-operability and onboarding platform with different incentives to serve people and build trust.
The Challenges of Identity Verification
- KYC (Know Your Customer) is a way to ensure people who have access to banking rules and the ability to move money are trustworthy.
- KYC has become a checkbox for many companies, only confirming that the identity entered matches identity in a database.
- Companies that verify people should also be fraud detection companies, which is disjointed in the current system.
- The problem with KYC is that it’s like a never-ending Sherlock Holmes mystery to find bad actors, with an infinite amount of fake identities to be made.
- Establishing a source of truth for identity is crucial for online activities, just as it is in the real world.
- The internet lacks a strong centralized arbiter for identity verification, making it easier for fraudsters to operate.
- The technology for secure identity verification has not been available until recently, with the adoption of standards like FIDO2.
- A strong centralized arbiter is necessary for secure identity verification, and blockchain may not be the best solution for this.
Trust and Security in Online Transactions
- Online transactions require trust, which can be difficult to establish.
- Fraud in businesses is often done through fake three-person businesses that create a fake entrance into a product.
- Footprint’s services link accounts back to identity, which helps to prevent fraud.
- Footprint works with a variety of companies, from car rental to investment companies and marketplaces.
- Footprint operates with transparency to build trust with customers and businesses.
- Footprint offers portable personal information, not just one-time KYC verification.
- By being open and transparent, Footprint can solve the numbers game of verification and identify who should be allowed to open accounts.
The Potential of Biometric Scanning Technology
- Biometric scanning technology used by TSA could be applied to healthcare.
- Healthcare is the place to get the most value from this technology.
- Capital play needed to create liquidity for consumers and enterprises.
- Big prizes if Apple, Amazon, or hospital networks sign up.
- Privacy concerns exist, but consumers already give away sensitive information to big companies like Google.
Summary
Footprint: Revolutionizing Identity Verification
Footprint is a digital identity and security tool that aims to revolutionize the process of identity verification. By offering one-click KYC verification using FIDO2 standards, Footprint makes online identity verification more secure and convenient. Unlike traditional KYC processes that only confirm the identity entered matches a database, Footprint provides a fidelity badge that allows users to grant access to necessary information for transactions, providing a secure and efficient process. Footprint’s services go beyond just a checkmark, offering portable personal information and helping to prevent fraud by linking accounts back to identity. By being open and transparent, Footprint aims to solve the numbers game of verification and build trust with customers and businesses.
The Challenges of Identity Verification and the Need for Trust
Identity verification has become a crucial aspect of online activities, but the current system lacks a strong centralized arbiter for secure identity verification. KYC, which is meant to ensure the trustworthiness of individuals accessing banking rules and moving money, has become a checkbox process that fails to effectively detect fraud. Footprint aims to address these challenges by establishing a source of truth for identity and offering a more robust and secure verification process. Trust is essential in online transactions, and Footprint’s services provide businesses with the tools to prevent fraud and build trust with their customers.
The Potential of Biometric Scanning Technology in Healthcare
Biometric scanning technology, such as that used by TSA, has the potential to revolutionize healthcare. By applying this technology, healthcare providers can enhance security and streamline processes. Footprint sees healthcare as the industry with the most value to gain from biometric scanning technology. However, there are privacy concerns that need to be addressed. Despite these concerns, consumers already entrust sensitive information to big companies like Google, indicating a willingness to embrace such technologies for improved services.
Conclusion
Footprint is at the forefront of revolutionizing identity verification, offering a secure and convenient solution for businesses and individuals. By addressing the challenges of identity verification, building trust, and exploring the potential of biometric scanning technology, Footprint aims to create a more secure and efficient online ecosystem. As technology continues to evolve, the importance of secure identity verification and trust in online transactions cannot be overstated.
