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Mar 11 2024
The Customer Master Data Management Top 10 for 2024

There is a logical progression of concepts that build upon each other to articulate the comprehensive benefits of Customer Master Data Management (CMDM).

This starts with the foundational importance of data quality in a solution like the Pretectum CMDM. Data quality serves as the bedrock upon which all subsequent benefits rely. Without accurate and reliable customer data, organizations cannot effectively streamline operations, make informed decisions, or enhance the customer experience. Therefore, it’s crucial to establish data quality as a primary focus of any CMDM program.

CMDM streamlines customer data management operations. By centralizing and unifying customer data, organizations can eliminate inefficiencies associated with managing disparate data sources. This streamlined approach not only reduces operational costs but also lays the groundwork for more effective decision-making and customer engagement.

With operations streamlined, the question then, is how CMDM empowers organizations to make better decisions. By providing comprehensive insights into customer behavior and preferences, CMDM enables decision-makers to formulate more targeted strategies and initiatives. This, in turn, leads to more impactful customer interactions and ultimately drives business success.

Building upon the theme of decision-making, CMDM enhances the customer experience. Organizations can deliver personalized interactions and seamless experiences across all touchpoints by leveraging deep insights into customer data. This not only fosters customer satisfaction but also strengthens brand loyalty and advocacy.

Everything is done in pursuit of driving revenue growth. By optimizing operations, decision-making, and customer experience, CMDM enables organizations to capitalize on revenue opportunities and maximize customer lifetime value. This solidifies the value proposition of CMDM as a strategic imperative for organizations looking to achieve sustainable growth and success in today’s competitive business landscape.

Enhanced Data Quality

Ensuring superior data quality is fundamental for any organization leveraging a Customer Master Data Management (CMDM) solution. It is the cornerstone of all customer-related initiatives, ensuring that every interaction, analysis, and decision is based on accurate and consistent customer information. By meticulously identifying and rectifying discrepancies, purging redundancies, and maintaining data integrity across customer datasets, CMDM guarantees that businesses have a reliable foundation for their customer-centric strategies. This commitment to data quality not only instills trust in customer data but also minimizes the risk of errors, misinformation, and misguided decisions, ultimately leading to more effective customer engagement and sustained business success.

Streamlined Operations

Streamlining operations through Customer Master Data Management (CMDM) is essential for organizations aiming to enhance efficiency and agility in customer-facing activities. By establishing a unified and centralized repository of customer information, CMDM eliminates the complexities and inefficiencies associated with managing disparate customer data sources. This unified approach not only accelerates customer-related processes but also reduces operational costs stemming from data redundancy, manual reconciliation efforts, and inconsistent workflows. With streamlined operations enabled by CMDM, organizations can respond more swiftly to customer needs, deliver personalized experiences, and seize market opportunities, thereby maintaining a competitive edge and driving business growth.

Improved Decision-Making

Enhanced decision-making facilitated by Customer Master Data Management (CMDM) is critical for organizations seeking to optimize customer interactions and drive sustainable growth. By providing decision-makers with comprehensive and accurate insights into customer behavior, preferences, and interactions across various channels, CMDM empowers them to make informed decisions with confidence. This holistic view of customer data enables executives to identify trends, forecast demand, and anticipate customer needs more accurately. As a result, organizations can develop targeted marketing strategies, optimize resource allocation, and deliver personalized experiences that resonate with their customers, ultimately driving customer satisfaction, loyalty, and profitability.

An Ability to Drive New Customer Experiences

Elevating the customer experience through Customer Master Data Management (CMDM) is paramount for businesses aiming to build enduring relationships and foster brand loyalty. Only by consolidating and centralizing customer data from disparate sources, CMDM systems enable organizations to gain a holistic understanding of their customer’s preferences, behaviors, and interactions. Armed with this comprehensive insight, businesses can personalize interactions, tailor products and services, and deliver seamless experiences across touchpoints, thereby enhancing customer satisfaction and fostering long-term loyalty. Moreover, by leveraging CMDM to anticipate and address customer needs proactively, organizations can differentiate themselves in the market and position themselves as trusted advisors, driving customer advocacy and revenue growth.

Increased Revenue

Driving revenue growth through Customer Master Data Management (CMDM) is a strategic imperative for businesses seeking to capitalize on customer insights and market opportunities. By leveraging CMDM to analyze customer data, segment audiences, and target the right customers with personalized offerings, organizations can enhance conversion rates, increase sales performance, and maximize customer lifetime value. Additionally, by delivering consistent and compelling experiences across channels, CMDM helps organizations cultivate customer loyalty and advocacy, driving repeat business and revenue growth.

Customer Benefits

Based on their significance in directly impacting the customer experience and fostering long-term relationships with customers, consider these important customer benefits when you focus on your customer master data management.

Personalization is a key driver of customer satisfaction and loyalty. When businesses understand their customers’ preferences and tailor interactions accordingly, it creates a more engaging and meaningful experience for the customer, ultimately leading to higher satisfaction and repeat business.

Customers expect businesses to have accurate information about them. By ensuring data accuracy, businesses can make informed decisions that directly impact the customer experience. For example, offering relevant products or services based on accurate customer data leads to more positive interactions and increased trust.

Quick and effective customer support is crucial for resolving issues and building trust with customers. By providing support representatives with a holistic view of the customer and any journeys with the customer, an organization can address relationship needs more efficiently, leading to higher satisfaction and loyalty.

Customers appreciate relevant and appropriate suggestions and recommendations at the right and best time to cater to their interests preferences and situations. Leveraging customer data, an organization’s teams and applications can make more precise, targeted, and accurate recommendations, businesses can enhance the shopping experience, increase sales, and build stronger relationships with customers.

I f your organization is in the business of selling goods, or services, or simply having a relationship with consumers; targeted marketing campaigns are more effective in engaging than generic messaging. By segmenting customers based on their characteristics and behaviors, businesses can tailor their marketing efforts to specific audience segments, resulting in higher engagement and conversion rates.

These five benefits directly contribute to a positive customer experience by providing personalized interactions, accurate information, efficient support, relevant recommendations, and targeted marketing efforts. By focusing on these areas, organizations can strengthen their relationships with consumers and audiences and drive long-term loyalty and satisfaction.

The value proposition of a Customer Master Data Management (CMDM) system like the Pretectum CMDM, lies in its ability to holistically enhance the entire customer experience journey.

By ensuring superior data quality, streamlining operations, improving decision-making, enabling new customer experiences, and driving increased revenue, CMDM becomes a strategic imperative for organizations. The system provides personalized interactions, accurate information, efficient support, relevant recommendations, and targeted marketing efforts, ultimately fostering enduring relationships, customer loyalty, and satisfaction in today’s competitive business landscape.

Pretectum CMDM serves as the foundation for businesses seeking sustainable growth and success by leveraging comprehensive customer insights and delivering exceptional experiences across touchpoints; Pretectum CMDM serves up the single customer view, integrates it with your business sources and analytics platforms, and provides your personnel with a unified view of the customer with data that can be as rich and comprehensive as your imagination permits.

Red Button 0 Comments
Sep 24 2023
The Rise and Importance of Identity Verification

Establishing and Verifying Identity in a modern and more connected world

In the expansion of our digital world, the management of identities has become a critical concern. Personally, for individuals, and more holistically for organizations in many sectors, including finance, healthcare, e-commerce, and government.

The proliferation of online services and the constant threat of cyberattacks and identity theft have underscored the importance of robust identity verification systems.

Digital Transformation and Identity Management

A more digital society has brought numerous conveniences, enabling the individual, to access services, conduct transactions, and communicate seamlessly across the globe. This digital evolution has also given rise to new challenges, primarily in the realm of identity management and verification.

The many online services have created a demand for efficient and secure identity verification systems. People now perform a myriad of activities online, from shopping and banking to social networking and e-health consultation.

As more personal information is stored online, bad actors and cybercriminals have increasingly targeted individuals’ identities for malicious purposes. Identity theft and fraud pose significant threats to both the individual and the many organizations that they potentially engage with.

Governments and regulatory bodies have recognized the importance of safeguarding personal information. Regulations like the General Data Protection Regulation (GDPR) and Know Your Customer (KYC) requirements in the financial and health sector emphasize the need for robust identity verification.

Users expect seamless and user-friendly experiences when interacting with online services and the cumbersome identity verification processes and systems of yesteryear can lead to user frustration and disengagement.

The rise of digital identity and IVS

Identity verification systems (IVS) have emerged as a vital component of modern digital ecosystems. They play a pivotal role in confirming the identity of individuals, enabling secure access to online services, and mitigating the risk of identity-related fraud.

IVS plays a crucial role in various sectors, including finance, healthcare, e-commerce, and government, to ensure that users are who they claim to be, enhance security, and comply with regulatory requirements.

For the public, organizations that rely on establishing a strong identity verification process foster increased trust between the user and the service providers. Users are more likely to engage with services they trust, leading to increased customer retention and loyalty.

Efficiency in the identity verification process also streamlines onboarding processes and reduces the need for manual verification, lowering operational costs for organizations.

Verified identities also provide improved opportunities for personalized experiences and recommendations, enhancing user engagement and satisfaction.

E-government (short for electronic government) is the use of technological communications devices, such as computers and the Internet, to provide public services to citizens and other persons in a country or region. E-government offers new opportunities for more direct and convenient citizen access to government and for government provision of services directly to citizens. Effective E-government is more easily achieved through the establishment of IVS.

His Majesty’s Revenue and Customs (HMRC) is the tax authority in the United Kingdom. HMRC uses a digital identity verification system to ensure secure access to its online services. Similarly, the US IRS (Internal Revenue Service) is the tax authority in the United States. It has implemented various digital identity verification systems to protect taxpayers’ information and prevent fraud.

Singpass is Singapore’s national digital identity system. It provides residents with a trusted digital identity for secure transactions with over 2,700 services offered by more than 800 government agencies and businesses. The Singpass National Digital Identity (NDI) scheme allows residents to seamlessly access government services and third-party apps, such as banks, colleges, professional bodies, and insurance companies.

Estonia has built one of the world’s leading e-governments with a robust digital identity verification system. Estonia’s digital public infrastructure delivers automated and reusable government services in a human-centric, secure, and private way. The country has made its building blocks open-source, available as global digital public goods for others to use. Estonia’s digital services have played a crucial role during the COVID-19 pandemic, enabling citizens to access services online without the need for physical presence

ID.me offers a US-based identity proofing and group affiliation verification that also meets the federal standards for consumer authentication. NIST 800-63-3 IAL2 and AAL2 conformant and EPCS standards, amongst others.

ID.me’s digital wallet and identity verification service simplifies how over 112M individuals discover and access benefits and services through a single login and verified identity from over 600 partners. It provides users with a trusted digital ID card to access government services and benefits. or example, you can use your verified digital ID card to manage your IRS online account, access Social Security Administration benefits and services, manage unemployment benefits and services from various state departments of labor. ID.me also offers discounts and cashback from over 5,000 stores. ID.me also provides an Rx Card that can help you save up to $95 per prescription at participating pharmacies.

ID.me’s simplicity is that it reaches out to consumers to promote the simplicity of proving their identity online, as well as helping businesses provide marketing promotions and bonuses to verified eligible users. Under the hood, it checks to see whether the customer belongs to an eligible group and triggers an invitation to the promotion. The ID.me mission statement stresses “No Identity Left Behind” promising to enable this functionality to everyone, regardless of background or banked status.

Identity Verification Approaches

The establishment and verification of identity are multifaceted processes that require careful consideration of various factors. Several approaches and technologies are employed to verify identities effectively.

In some instances the eGovernment services provide a means of identity verification that a business can leverage however these services may not be available or authorized for commercial use.

Biometrics for identity verification uses physiological characteristics to identify individuals. Biometric features may include facial recognition, fingerprints, iris or retina scans, voice recognition, hand geometry, or even behavioral traits such as typing patterns or walking gait. Such features are captured by sensors and compared with pre-existing biometric data stored in a database to confirm or deny the identity of the person. Biometric authentication systems are increasingly popular in areas such as banking, security, and mobile devices since they are considered to be more secure than traditional methods of identification, such as passwords or personal identification numbers (PINs), they are much harder to forge or steal.

Document scanning of ID documents such as passports or driver’s licenses for identity verification is a common practice in various contexts. Organizations and agencies may use ID scanning to take electronic copies of documents that prove your identity, such as driver’s licenses. ID scanning can help verify the authenticity of government-issued identifications and streamline identity verification processes.

Knowledge-Based Authentication (KBA) is an authentication method that verifies user identity by asking specific security questions. When setting up a new account, users are often required to create a password and choose security questions and answers, such as “What is your mother’s maiden name?”. During login or other actions, users are prompted to answer these security questions based on personal information. KBA can be categorized into two types: Static Knowledge-Based Authentication (SKBA) and Dynamic Knowledge-Based Authentication (DKBA).

Static Knowledge-Based Authentication requires users to provide answers to one or more security questions during account creation. The answers can be accurate or made up, as long as the user remembers them when prompted later. Enterprises need to be cautious when selecting the type and number of questions to avoid being intrusive or excessive.

Dynamic Knowledge-Based Authentication (DKBA) provides a higher level of security but is used less frequently. It relies on information collected from different data sources to generate real-time questions. For example, a user may be asked, “Which of the following companies did you not work for?” and presented with a list of former employers and one incorrect answer.

While KBA is still widely used, it has certain limitations. Personal information used for KBA can often be discovered or stolen through research, phishing, social engineering, or data breaches. People also freely share the same information on social media sites, reducing its security value. Passwords can be shared, stolen, or cracked using password-cracking tools. To enhance security, enterprises relying on KBA should reinforce it with more secure methods like MFA (Multi-Factor Authentication).

SMS or Email Codes are increasingly popular for identity verification, wherein users receive a one-time code via SMS or email, which they must enter to complete the verification process. These are extensions to older, but still popular methods like tokens; where physical devices or mobile device software generates time-based or event-based codes for authentication.

Contemporary blockchain technology offers a decentralized and tamper-resistant approach to identity verification, allowing users to control their identity data securely.

Challenges in Identity Verification

Biometric data, such as fingerprints or facial scans, is highly personal and sensitive. If not adequately protected, it can be vulnerable to data breaches or unauthorized access. Further, storing biometric data in centralized databases can create a single point of failure and increase the risk of identity theft or misuse.

Organizations must comply with local, regional, and national data protection regulations when collecting, storing, and processing biometric and other personal data. There needs to be proper consent, secure storage, and appropriate retention periods for identity and other personally identifiable information.

Biometric systems may have false acceptance or false rejection rates, leading to incorrect identification or denial of access. Factors such as changes in physical appearance, injuries, or aging can affect the accuracy of biometric matching. Denial of service or access can prove challenging under such circumstances. Compromised credentials and stolen devices present the same risks. Some of these approaches may also not work equally well for everyone. Factors such as skin color, gender, age, or disabilities can impact the accuracy and inclusivity of biometric identification systems, for example. Biases in training data or algorithms can also result in discriminatory outcomes.

Ultimately, users should have control over their biometric and other data and be able to provide informed consent for its collection and use. Organizations should be transparent about how individuals’ data is used and allow them to opt-out if desired.

IVS Market offerings

Identity verification systems have risen to prominence due to the digital transformation and the growing importance of securing personal information in the digital age. These systems provide enhanced security, regulatory compliance, improved user trust, and operational efficiencies. Various approaches, including biometric authentication, document verification, and blockchain-based solutions, are employed to establish and verify identity.

Customer Master Data Management (CMDM) primarily revolves around managing and maintaining customer data within the organization. Its core purpose is to create a unified and accurate view of customer information, ensuring consistency and reliability across various systems and departments. The Pretectum CMDM achieves this through data integration, quality management, governance practices, and consolidation efforts. Its use cases span a wide spectrum, from improving customer relationship management to enhancing data analytics and supporting marketing campaigns, sales, and customer service. Customer MDM aggregates customer data from diverse sources within your organization, amongst them, CRM, ERP. CDP, marketing and sales systems, and databases.

In contrast, IVS is tailored specifically for the critical task of verifying the identity of individuals accessing online services or systems. Its primary objective is to confirm that the person claiming to be a customer is indeed who they claim to be. IVS accomplishes this through a range of methods. IVS finds applications in online services, financial institutions, government agencies, and any organization that requires secure user authentication. Its role is to prevent fraud, secure access to sensitive data, and adhere to regulatory mandates such as Know Your Customer (KYC) requirements. IVS primarily relies on data provided by users during the verification process, including biometric data, scanned identification documents, or responses to security questions.

When comparing CMDM and IVS, several distinctions and intersections emerge. CMDM is more encompassing in scope, addressing all facets of customer data management, including data quality, integration, and governance. IVS, conversely, maintains a narrower focus on identity verification. Both CMDM and IVS contribute to regulatory compliance, with CMDM ensuring data accuracy and consistency, which is vital for adhering to data protection regulations, while IVS plays a pivotal role in identity verification and KYC compliance.

In essence, CMDM and IVS are complementary elements in the digital ecosystem. CMDM like the Pretectum Customer MDM aids in maintaining data accuracy and providing a holistic view of customer data for internal purposes within an organization, while IVS specializes in the crucial task of verifying the identity of users for the sake of security and controlled access. Both are indispensable for ensuring data accuracy, safeguarding digital interactions, and aligning with regulatory requirements. While their scopes and functions differ, they work in tandem to support trustworthy and efficient digital operations in an increasingly connected world.

Organizations must navigate the many challenges related to privacy, user experience, false positives/negatives, scalability, regulatory compliance, and continuous monitoring by appropriately selecting technologies and practices aligned with their specific operational needs.

By adopting appropriate identity verification and data management approaches, organizations can build trust with their users, enhance security, and deliver seamless digital experiences in an increasingly interconnected world. The adoption of appropriate customer master data management and identity verification systems can shape the way customers interact with organizations for their joint success and confidence in dealing with one another in the years to come.

Red Button 0 Comments
Aug 19 2023
Data Privacy Acts from around the world

Since the introduction of GDPR, there has been a broadening and legislated clarification of data privacy and protection measures across the globe. If you store or manage customer data in your systems you should be familiar with the expectations around how and what you handle.

General Data Protection Regulation (GDPR)
The GDPR is a comprehensive data protection regulation in the European Union (EU) that sets strict standards for the collection, processing, and protection of personal data of EU residents. It applies to businesses operating within the EU and those outside the EU that process the data of EU residents.

California Consumer Privacy Act (CCPA)
The CCPA is a privacy law in California, USA, that grants consumers certain rights over their personal information. It requires businesses that collect and process the personal data of California residents to provide transparency, control, and security for that data.

Personal Information Protection and Electronic Documents Act (PIPEDA)
PIPEDA is Canada’s federal privacy law that governs how private sector organizations handle personal information. It applies to the collection, use, and disclosure of personal data in commercial activities.

Health Insurance Portability and Accountability Act (HIPAA)
HIPAA is a US federal law that focuses on the privacy and security of medical information. It mandates safeguards to protect patients’ medical records and other health-related information.

Personal Data Protection Act (PDPA)
Singapore’s PDPA regulates the collection, use, and disclosure of personal data by organizations. It aims to balance individuals’ right to privacy with the need for organizations to collect and use data for legitimate purposes.

Privacy Act of 1974 (USA)
This US federal law governs the collection, use, and disclosure of personal information by federal agencies. It provides individuals with certain rights regarding access to and correction of their records.

Australian Privacy Principles (APPs)
The APPs are a set of privacy principles under the Privacy Act 1988 in Australia. They regulate the handling of personal information by Australian government agencies and businesses.

Personal Information Protection Law (PIPL)
China’s PIPL is a comprehensive privacy law that focuses on the protection of personal data. It includes provisions for data processing, cross-border transfers, and individual rights.

Data Protection Act 2018 (DPA 2018)
The UK’s DPA 2018 supplements the GDPR and provides specific provisions for how data protection is implemented in the UK after its departure from the EU.

Kenya Data Protection Act (2019)
Kenya’s data protection law governs the processing of personal data in Kenya. It outlines data protection principles, individual rights, and obligations for data controllers and processors.

Personal Data Protection Law (PDPL)
The PDPL is South Korea’s data protection law that aims to protect personal data while enabling its effective use. It regulates data processing by both private and public entities.

Brazilian General Data Protection Law (LGPD)
LGPD is Brazil’s comprehensive data protection law that governs the processing of personal data. It provides guidelines for collecting, using, and transferring data while respecting individuals’ rights.

Find out how Pretectum CMDM can be of assistance in ensuring you keep your consumer data compliant.

Red Button 0 Comments
Jul 18 2023
The Crucial Role of Regular Password Changes in Securing Online Systems

In the digital age, where technology permeates almost every aspect of our lives, the protection of our online systems and sensitive data has become paramount. Passwords are the first line of defense against unauthorized access and cyber threats. Unfortunately, many users still underestimate the significance of regular password changes, often opting for convenience over security.

The threat landscape in the cybersecurity realm is continuously evolving, with hackers employing sophisticated techniques to exploit vulnerabilities in online systems. Cybercriminals often utilize brute force attacks, dictionary attacks, and credential stuffing to gain unauthorized access to accounts. Regular password changes are crucial to staying ahead of these threats and reducing the window of opportunity for attackers to compromise accounts.

Data breaches have become distressingly common, exposing millions of user credentials to cybercriminals. One of the main reasons behind these breaches is the reuse of passwords across multiple accounts. Regularly changing passwords minimizes the impact of a data breach, as even if one account is compromised, the attacker will have limited access and time to exploit other accounts associated with the same password.

For individuals, regular password changes play a pivotal role in safeguarding personal accounts. Online banking, social media profiles, email accounts, and e-commerce platforms contain a wealth of sensitive information. Regularly updating passwords ensures that even if someone gains unauthorized access to an account, their window of opportunity to misuse that information is limited.

In a corporate setting, password security is of utmost importance to protect sensitive business data and maintain employee productivity. Regular password changes are a fundamental aspect of any robust cybersecurity policy. They act as a safety net against insider threats, disgruntled employees, or unauthorized personnel attempting to infiltrate the organization’s systems.

In various industries, businesses are bound by strict compliance regulations and legal requirements related to data protection. Regular password changes are often mandated by these regulations to maintain a certain level of security and reduce the risk of data breaches. Non-compliance can result in severe penalties and reputational damage.

Multifactor authentication (MFA) is an additional layer of security that supplements passwords by requiring users to provide multiple forms of identification. While MFA significantly strengthens security, passwords remain an integral part of the authentication process. Regular password changes complement MFA by ensuring that the primary authentication method remains up-to-date and secure.

By encouraging regular password changes, organizations can foster a culture of cybersecurity awareness among employees. It prompts individuals to think about their password choices, encouraging the use of strong, unique passwords for each account. This heightened awareness can also extend to personal online habits, benefiting users beyond their workplace.

In scenarios where users inadvertently share their passwords or forget to log out of accounts on shared devices, regular password changes act as a safety mechanism. If unauthorized individuals gain access to a password, it becomes obsolete after a short period, reducing the potential damage caused by unauthorized access.

Sometimes, users may not be aware that their accounts have been compromised until it’s too late. Regular password changes can serve as an early warning system, as sudden login attempts or suspicious activities on an account can indicate potential unauthorized access. This prompts users to take immediate action and report any suspicious behavior.

In organizations that prioritize regular password changes, employees are more likely to adopt other security best practices. A security-first culture fosters an environment where individuals actively seek to protect the organization and its data, making the entire system more resilient to cyber threats.

Regular password changes are an indispensable element of a robust cybersecurity strategy for both individuals and organizations.

By staying ahead of the ever-evolving threat landscape, preventing data breaches, enhancing workplace security, and fostering cybersecurity awareness, the simple act of updating passwords plays a significant role in protecting sensitive information and maintaining online safety.

As technology continues to advance, prioritizing the importance of regular password changes remains a fundamental pillar in our ongoing battle against cyber threats.

Uli LOKSHIN 0 Comments
Jul 12 2023
The Significance of Consumer Data Verification, Consent Management, and Privacy Regulations: Safeguarding Consumer Privacy in the Digital Era

Consumer data has become a valuable asset for digitally-minded businesses across the globe. Companies are able to collect and analyze vast amounts of data in the pursuit of a better understanding of consumers and their behavior.

Through consumer insights, businesses are able to better tailor their products and services, and personalize marketing efforts. However, with the increasing concerns surrounding privacy and data protection, consumer data verification and obtaining explicit consent have emerged as crucial elements in maintaining consumer trust and complying with privacy regulations.

Pretectum, feel that managing your customer data with verification and consent is equally important and here they try to explore the concept of consumer data verification, highlight the importance of consumer consent, and examine the significance of consent management in relation to consumer privacy and global privacy acts.

Consumer Data Verification: Ensuring Accuracy and Authenticity

Consumer data verification refers to the process of confirming the accuracy, reliability, and authenticity of consumer information collected by businesses.

With the abundance of data often already in place or available for collection, ensuring its quality and veracity is critical. Data verification involves various techniques such as cross-referencing information with trusted sources, validating identities, and detecting fraudulent or misleading data. By verifying consumer data, businesses can enhance the quality of their databases, improve decision-making processes, and mitigate potential risks associated with incorrect or unreliable information.

Global Privacy Acts and Consent

Privacy acts around the world, such as the GDPR and CCPA, have significantly influenced data protection practices and highlighted the importance of consumer consent.

These acts set a precedent for privacy regulations worldwide, emphasizing the need for businesses to obtain explicit consent and respect consumer rights.

Implementing consent management not only ensures compliance with these regulations but also reflects an organization’s commitment to respecting privacy and building consumer trust.

The Importance of Consumer Consent

While data verification ensures the accuracy of consumer information, obtaining consumer consent is equally vital. Consumer consent refers to the explicit permission granted by individuals for businesses to collect, store, process, and use their personal data for specific purposes.

Consent is the cornerstone of data protection and privacy regulations, as it empowers individuals with control over their personal information. It ensures that businesses operate transparently and responsibly, respecting consumer privacy rights.

Consumer Consent and Privacy Regulations

In recent years, privacy regulations such as the General Data Protection Regulation (GDPR) in the European Union and the California Consumer Privacy Act (CCPA) have been enacted to safeguard consumer privacy and provide individuals with greater control over their data.

These regulations emphasize the importance of obtaining informed consent from consumers before collecting and processing their personal information. Consent must be freely given, specific, and unambiguous, enabling individuals to make informed decisions about their data.

An example of Data Verification within the Pretectum CMDM

The Role of Consent Management

While many data-gathering solutions and systems overlook consent management, its inclusion is an important aspect for businesses to ensure compliance and strengthen consumer trust.

Consent management encompasses the processes and mechanisms through which businesses obtain, document, and manage consumer consent. It involves obtaining consent in a clear and concise manner, providing individuals with meaningful choices, and enabling them to withdraw or modify their consent easily.

By implementing robust consent management practices, like those offered by the Pretectum CMDM, businesses can demonstrate accountability, foster transparency, and build long-term relationships with consumers.

Verification requests can be batched or on demand for specific records

The Impact on Consumer Master Data

Consumer master data refers to the comprehensive and accurate information about individuals that businesses possess. When consent management is incorporated into consumer data gathering, it transforms the value and significance of consumer master data.

With verified and consented data, businesses can confidently engage with consumers, deliver personalized experiences, and create targeted marketing campaigns that resonate with individuals’ preferences and interests.

Moreover, businesses can proactively manage data breaches, comply with privacy regulations, and establish a reputation for responsible data handling.

Consumer data verification and obtaining consent are integral components of ethical data practices in the modern business landscape.

By verifying data for accuracy and authenticity, businesses can enhance the reliability of their databases.

Simultaneously, obtaining consumer consent is crucial for ensuring transparency, respecting privacy rights, and complying with privacy regulations. Consent Management like that offered by the Pretectum CMDM serves as a vital tool for businesses, enabling them to establish trust, foster transparency, and leverage accurate and consented consumer master data.

As privacy regulations continue to evolve globally, organizations must prioritize consumer consent and embrace robust consent management practices to safeguard consumer privacy and maintain a competitive edge.

Uli LOKSHIN 0 Comments
Nov 15 2021
Costco customers complain of fraudulent charges before company confirms card skimming attack

Costco is offering victims 12 months of credit monitoring, a $1 million insurance reimbursement policy, and ID theft recovery services according to ZDNET.

Costco has sent out breach notification letters to an unknown number of victims after multiple people took to social media to complain about fraudulent charges connected to the company.

First reported by Bleeping Computer, the letter says payment card information was compromised through a card skimming device at certain Costco locations.

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Uli LOKSHIN 0 Comments
Nov 10 2021
HOW GEOLOCATION DATA IS BOOSTING INVESTMENT RETURNS

In the dogged pursuit of maximizing investment returns, the procurement of alternative data—that is, data from non-traditional sources—is no longer a niche practice.

On the contrary, something of an arms race has developed over the last few years among investment firms, each keen to get its hands on the most inaccessible yet most insightful data available. Indeed, this type of data is transforming the very nature of investment firms, pushing them to develop more robust quantitative trading capabilities.

Among the types of alternative data now highly sought after is geolocation data.

In a world that’s increasingly connected by social media and online communities, it is not only who we are that is open for all to see, but also where we go and what we do at those locations.

The places people visit on a daily or weekly basis can be incredibly illuminating for investors keen to gain more understanding of consumer habits and, as a result, which businesses are experiencing considerable customer demand and which are not.

Estimates currently place the number of smartphone users worldwide at well over three billion. Each smartphone contains at least two or three apps that use location-tracking technology to record where the smartphone user is at any given time of the day.

Whether it’s Facebook, Instagram, a ride-hailing app such as Uber or even shopping apps, the process of “checking in” to a certain location allows those apps to determine where we are, for how long and even with whom.

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Uli LOKSHIN 0 Comments
Nov 9 2021
UK Labour Party data breach: Supporters’ details affected in cyberattack

The UK Labour Party has confirmed that details of its members and supporters are among information affected by a “cyber incident” at a company that handles the party’s data.

In a statement sent to all party members on Wednesday, Labour said the “significant” attack was on “a third party that handles data on our behalf” and that further inquires are ongoing.

Sources who have been responding to the incident told Sky News the incident was a ransomware attack on the third-party supplier.

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Uli LOKSHIN 0 Comments
Nov 7 2021
In 2021, the data breaches just keep on coming

If you’ve wondered how hackers have found the virtual keys to your Facebook and financial accounts, security experts say one of the answers to that question is found in data breaches.

“I’m a security person. My information has been leaked in nearly 20 data breaches, by my estimate,” says Christopher Budd, director of threat communications for Avast Antivirus.

Budd says hackers can buy login data for next to nothing.

“There’s so many out there that the cyber criminals can go out, pay a few cents per record – literally – and get information that they can use to turn around and log in,” says Budd.

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Uli LOKSHIN 0 Comments
Nov 5 2021
US Consumer Watchdog to Scrutinize Big Tech Use of Payment Data

The biggest names in Big Tech are about to be subject to a new investigation, though not of a criminal nature or as result of a direct complaint. The Consumer Financial Protection Bureau (CFPB) wants to look over their handling of payment data, as a means of providing better protections against things like fraud and data breaches.

The move comes as something of a “reboot” for the consumer watchdog as it was largely kept dormant during the Trump administration and has recently appointed a new director.

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Juwel Tan 0 Comments
Nov 5 2021
Regular review is needed on what personal data is collected and what needs to be purged

The collection, display and retention of data should always be restricted to what is absolutely necessary. Whether done by the authorities or by businesses, this should be strictly limited and openly justified, and outdated data must be regularly purged.

There have been more reports about data breaches and hacks. There have also been comments that companies should assume responsibility and culpability to their clients, instead of merely blaming their data services vendors (Responsibility for data hack lies not only with the vendor, Oct 30).

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Juwel Tan 0 Comments
Nov 5 2021
China central bank to curb unauthorised and excessive data collection by fintech companies

The People’s Bank of China said it will take the lead to curb the unauthorised and excessive collection of personal data by technology companies that provide financial services, as it steps up to the plate as an advocate of data privacy in the world’s largest fintech market.

Advancements in artificial intelligence (AI), cloud computing, big data, blockchain and e-commerce have come at the cost of personal data protection, as financial institutions adopt fintech, said the Chinese central bank’s Governor Yi Gang, in an 8-minute keynote speech devoted to data protection during the 2021 Hong Kong Fintech Week.

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Juwel Tan 0 Comments
Oct 31 2021
Location data collection firm admits privacy breach

A British firm that sells people’s location data has admitted that some of its information was gained without seeking permission from users.

Huq uses location data from apps on people’s phones and sells it to clients, which include dozens of English and Scottish city councils. It told the BBC that in two cases, its app partners had not asked for consent from users.

But it added that the issue had now been rectified. In a statement, the firm said it was aware of two “technical breaches” of data privacy requirements. But it added that it had asked both to “rectify their code and republish their apps”, which they had done.

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Uli LOKSHIN 0 Comments
Oct 15 2021
Is Your Data Safe?

In her new book, Information Security Essentials, Susan McGregor outlines the crucial steps for protecting news writers, sources, organizations—and anyone—in the digital era.

Information Security Essentials: A Guide for Reporters, Editors, and Newsroom Leaders by Susan McGregor, an associate research scholar at Columbia’s Data Science Institute, is an indispensable guide for protecting news writers, sources, and organizations in the digital era. McGregor provides a systematic understanding of the key technical, legal, and conceptual issues that anyone teaching, studying, or practicing journalism should know.

McGregor answered some questions about the book for Columbia News, and also shared some reading recommendations and her party guest wish list.

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Uli LOKSHIN 0 Comments