Stripe is an online payment platform that helps businesses process electronic transactions, allowing them to receive payments over the Internet. Acting as a secure gateway between a customer's payment details and a merchant's website or app, Stripe ensures a safe and efficient payment process, millions of people are using Stripe every day for safe online transactions.
Stripe Identity is built on top of technology that Stripe uses, to verify millions of global users. It's a part of a global Know Your Customer process, risk operations, and more. Stripe Identity allows programmatic confirmation of the identity of global users to prevent attacks from fraudsters while making it easier and safer for legitimate holiday rental owners and guests. With Stripe Identity, Search and Stay can build a verification experience as a part of holiday rental listing for owners and holiday rental bookings for guests. We can safely ask for an ID document while protecting the security of our owners and guests. This lets us keep our whole community safe without adding unnecessary concern.
Firstly, here's how Stripe safeguards personal and financial information:
Secure Transmission of Data:
Stripe uses encryption protocols (SSL/TLS) to secure data transmitted between the user's device and Stripe servers. This prevents unauthorised access and protects sensitive information during transactions.
Tokenization:
When a customer enters credit card information, Stripe replaces it with a unique identifier called a token. This token is used for processing payments without exposing the actual card details, making it useless even in the event of a data breach.
Compliance with Security Standards:
Stripe adheres to Payment Card Industry Data Security Standard (PCI DSS) requirements, ensuring that companies handling credit card information maintain a secure environment.
Regular Security Audits:
Stripe conducts routine security audits to identify and address potential vulnerabilities, staying proactive in maintaining system integrity and addressing emerging security threats.
Two-Factor Authentication (2FA):
Stripe supports two-factor authentication for account access, requiring users to provide two forms of identification for added protection against unauthorized access.
Fraud Prevention Tools:
Using machine learning algorithms and advanced fraud prevention tools, Stripe detects and prevents fraudulent transactions, safeguarding both merchants and customers from unauthorised use of financial information.
Privacy Controls:
Users have control over privacy settings, and managing stored information usage. Stripe is committed to transparent data practices and provides clear information about its privacy policies.
Regular Updates and Security Patches:
Stripe consistently updates systems and applies security patches to address potential vulnerabilities, ensuring resilience against evolving security threats.
By employing encryption, tokenization, compliance with industry standards, and advanced security measures, Stripe creates a robust and secure environment for online payments. This comprehensive approach instils confidence in users and businesses, ensuring the protection of personal and financial information.
Secondly, Stripe Identity helps businesses verify customers' identities online by validating their government-issued ID documents and using biometric information. Stripe retains biometric data for one year and non-biometric data for three years, with options for users to opt-out or request deletion of their data.
Stripe technology is used by millions of companies around the world, such as Amazon, Google and Zoom. They help with everything from accepting payments to managing subscriptions and verifying identities. Stripe handles hundreds of billions of dollars of payments every year.
Stripe Identity, helps businesses verify your identity by validating your government ID document and using biometric information to verify that the ID document belongs to you. Below are resources to help you better understand how you can manage the data captured during this process and how your data is kept safe.
Why am I asked to verify my identity, you might ask? When you interact with a business in person, identity verification happens all the time. For example, when buying alcohol you may be asked to verify your age, when banking you need to prove you are the owner of the account and checking in to a hotel you may need to present your ID. As more businesses move online and no longer interact with customers face-to-face, Stripe Identity helps these businesses confirm that you are who you claim to be.
There are multiple ways businesses can choose to confirm your identity through Stripe, including:
- Verify the authenticity of your ID document: Stripe will typically review images of your government-issued photo ID to ensure that the document is authentic. We've built automated identity verification technology that looks for patterns to help determine if an ID document is real or fake. This process is similar to a bank teller checking your ID document to confirm that it's real.
- Match your ID with photos of your face: Stripe will review photos of your face that you provide to us to confirm that the photo ID belongs to you. We've built automated identity verification technology that uses distinctive physiological characteristics of your face (known as biometric identifiers) to match the photos of your face with the photo on the ID document. This process is similar to a bank teller confirming that the photo on your ID document is you based on your appearance, but it's higher-tech and a more accurate way to identify you as a unique person. Additionally, Stripe will attempt to match new selfies with past selfies to ensure each verification attempt corresponds to a valid identity.
- Validate your ID number against global databases: Stripe collects your name, date of birth and government ID number and checks this information against a global set of databases to confirm that it exists
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