Data Zoo – Guiding and Supporting Companies to Authenticate Identities, Prevent Fraud, and Mitigate Risks

The rapid technological progress in recent decades significantly improved digital literacy and utilization of multiple digital platforms across various functional and operational areas. Digital connectivity and literacy significantly increased reliance on computers, technology, and the internet while improving operational efficiency and productivity. Computers and smartphones enhanced people’s productivity by offering an array of applications and programs for even the most mundane activities. Individuals and organizations can complete transactions of millions of dollars, purchase or source products, and complete business processes worldwide without leaving their premises due to technology. However, technological progress also created numerous privacy, theft, and fraud issues. The excessive reliance on technology created numerous issues for organizations, especially in financial transactions and people’s privacy.

Increased digital connectivity and performance in recent years came with the cost of increased risks and issues stemming from large datasets of people’s personal information. Companies witnessed increased financial fraud, credit card theft, identity theft, and money laundering incidents, apart from other problems, due to a lack of robust measures for safeguarding people’s data or information. A lack of effective measures for corroborating people’s identities and securing personal information created security gaps in almost all industries. However, some companies stepped up to fill the gap by providing identity verification and fraud detection services, especially for firms relying on digital operations. Data Zoo is a prominent global identity solutions technology company offering clients several identity and documentation verification services worldwide.

Data Zoo is a technology company based in North Sydney, NSW, Australia, established by Tony Fitzgibbon in 2011 after he recognized the gap in identity verification mechanisms in digital and financial services organizations. The firm is an identity solutions provider for financial and digital businesses, and the company’s clients range from startups to Fortune 100 companies. Data Zoo helps companies develop and implement solutions for preventing fraud and mitigating risks stemming from inadequate identity verification systems. The company offers several services to clients under the identity solutions umbrella, including identity verification, document verification, know-you-customer (KYC) remediation, and fraud detection for digital businesses.

Identity verification is essential in the modern digital world to prevent fraud and risks from privacy and identity theft issues. People can exploit vulnerabilities in a platform or digital service if firms lack robust verification and risk prevention mechanisms. Companies like Data Zoo help their clients with identity data verification to mitigate risks while preventing online fraud. The company offers essential services to digital and financial services firms that need to evaluate and verify people’s identities. Banks, financial services, and fintech companies are some prominent organizations requiring identity verification and KYC remedial services to prevent fraud, money laundering, and other issues arising from a lack of identity verification.

Data Zoo has witnessed significant growth since its inception in 2011. Over the years, the company has opened several regional offices in New Zealand, Sri Lanka, China, Singapore, and the Philippines. Data Zoo partnered with a major commodities and foreign exchange trading company, m-Finance, to provide KYC, politically exposed persons (PEPs), anti-money laundering (AML), and sanctions screening services for multiple sectors. Data Zoo partnered with Acuris Risk Intelligence in 2020 to offer KYC and customer due diligence (CDD). The company also launched a secure digital identity ecosystem, IDUX, to develop trust among firms and customers in 2022 while improving privacy and security in all relationship and transaction aspects.

Data Zoo is among Australia’s fastest-growing technology and identity verification companies that received several awards and accolades owing to its rapid and phenomenal growth. The company ranked 31st in Deloitte’s Technology Fast 50 in 2021, which ranks the fastest-growing technology companies annually. Data Zoo exhibited a growth rate of over 495% to achieve the 31st rank on the Fast 50 list. The company was also among the four finalists for the Software Innovation Award by InnovationAus in 2022 due to the innovative services that enable companies to mitigate risks while improving user privacy and experience.

Data Zoo was also recognized for its identity affirmation and proofing services in Gartner’s Market Guide. The company was also among the finalists in the 2022 Finnies. Data Zoo was also shortlisted for the People’s Choice award for the 2022 Innovation Aus Awards for Excellent and the Deloitte Fast 50 list for 2022. The firm’s rapid growth was mainly because of the significant need for identity verification, KYC, CDD, and anti-money laundering services. The company guides and supports its clients to verify and authenticate people’s identities while mitigating risks, preventing fraud, and alleviating money-laundering activities.