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Fintech lender says cheese for cybersecurity

Fintech lender says cheese for cybersecurity

(4 May 2017 – Australia) A new addition to Australia’s online lending space, Sail Business Loans, has unveiled a biometric security solution that uses a simple “selfie” to confirm user’s identities against official forms of ID, such as a passport or driver’s license.

According to the fintech lender, it solution verifies that the documents have not been tampered with or forged – at a level of accuracy on par with that of airport-grade security. The facial recognition technology then confirms that the identity and location matches that of the uploaded documents in less than 60 seconds.

Sail founder and CEO, Yanir Yakutiel says: “Too many small businesses think they’re too small to catch the attention of cybercriminals, but unfortunately, that just isn’t true.

“Implementing these security solutions gives business owners peace of mind that we take their security seriously. It also positions us to offer a quicker, more reliable and more competitive rate because we also have the assurance that everything checks out as soon as the application is submitted.

“From day one, we’ve focused on filling the gap in the market for SMBs who are still severely underserviced when it comes to securing loans from traditional banks. The growth we’ve experienced so far is proof that business owners around the country recognise there are agile and reliable options that also offer top-notch security and innovation.”

The technology features ‘natural face capture’ technology, which means that users do not need to align their face within a specific frame. Incorporating it into the application process will bring an unrivalled level of cybersecurity to online lending, which recent reports show is needed within Australia’s small business community.

A recent study from cybersecurity software provider, Symantec’s found that small businesses in Australia were reporting breaches at nearly twice the rate of their US counterparts in the US. According to Cyber Security Survey, nearly 20 percent of Australian business had experienced some sort of cyber attack.

The online lender launched last year. It offers loans ranging between $5,000 and $100,000 and is currently working with customers across a variety of industries including hospitality, tourism, retail and manufacturing.

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