Why Proxies Are a Game-Changer for Fintech Companies
Today’s top fintech companies are providing more efficient and effective services for consumers around the globe, and as they do, they are carrying incredibly sensitive financial data. A single exposure risk could cost even the best fintech companies millions of dollars in losses. That’s why fintech companies need a proxy service.
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Every company must protect itself from data breaches, and within the fintech industry, which is a very big target for would-be thieves, it is even more important than ever to ensure the highest level of security possible. Proxies for fintech companies create an exceptional level of critical protection.
Why the Top Fintech Companies Rely on Proxies
Fintech companies require fast and efficient internet connections that can handle huge amounts of data in a very straightforward manner. At the same time, they are reliant on transferring very sensitive financial data. Whether it is through the processing of credit card information, sharing sensitive customer data across organizations, or analyzing data to develop better products, the ease of transfer and management of data is critical within these industries.
Proxies help fintech companies mitigate that risk. They act as an intermediary between the user’s device and the internet itself, hiring the user’s IP address. Without displaying the accurate IP address of the user, it’s possible to enhance security and privacy within the transaction.
Throughout this process, fintech companies must apply various levels of data protection. There are numerous stages along the way that could create the risk of a data breach or expose sensitive data if not otherwise protected. Some examples include:
- Control over access: Fintech companies must employ the best level of security over vital data, including controlling who has access to it.
- Utilize two-factor authentication: Many fintechs employ two-factor authentication to minimize risk, and it certainly is a valuable solution because it creates a much more elaborate challenge for thieves to navigate.
- Protect actions: This includes limiting the scope of large transactions through multi-step approval.
- Block suspicious activity automatically: This may be necessary in situations where the system detects an action that is outside the normal scope.
- Minimize risk to the server: This must be done to protect any valuable data loss at the source.
Yet, all of these strategies can be improved by utilizing a proxy service for fintech companies. Consider the benefits of incorporating a proxy into your fintech security solution.
How to Use a Proxy Service to Minimize Risk to Fintech Companies
Utilization of a proxy service for fintech processes can provide a number of key benefits to companies. Proxies can:
- Minimize cyber threats, including data breaches
- Reduce the risk of fraud
- Limit the ability of hacking attempts by anonymizing traffic
- Minimizing risk to the entire network from malicious actors
- Safeguard against data breaches
Each one of these areas is critical for fintech companies to protect. As you consider the best fintech companies to work for or those you wish to use if they are not employing every strategy possible to prevent fraud and protect sensitive information, can you really trust them?
Why Fintech Companies Need Proxy
Fintech companies are constantly threatened by those who wish to access sensitive information for ransomware attacks, data breaches to sell personal identifications on the black market, and countless other potential risks. Consider how proxy services minimize these risks for top fintech companies.
Proxies block the real IP address: A proxy hides the authentic IP address of the user. This means the end website – called the target website – does not have any ability to know the real IP address to use later to gain access to that sensitive data. This means hackers cannot get into the system to access valuable data.
Keeps remote teams safe: Many of the best fintech companies work with remote workers, and that creates a risk in itself. By using a proxy service, the remote worker’s IP address is no longer exposed, providing personal protection to them and minimizing risk to the company by protecting access to the system.
Gain access into geo-restricted markets: Another benefit to using proxies in fintech applications is that it opens the door to gain access into areas that may otherwise be geo-restricted. For example, if your organization wants to provide services to those in another area around the globe, but your location is geo-restricted from accessing those customers, a proxy can solve the problem. It enables you to gain access to those markets by making it appear as if your location is in a different location. You can select a proxy service that enables you to appear from a wide range of geo-approved locations.
Gather market intelligence: The best fintech companies are those that are constantly innovating to offer a better product and service to their clients. To do that, they need to consistently complete market research and stay ahead of their competitors. With a proxy service, you can gather market intelligence without exposing your identity. The competitor you are monitoring does not see any details about who you are or the services you offer. You also get a more realistic vantage point of the customers’ experience on their site.
Maintain compliance requirements: Proxies help fintech companies meet their compliance requirements. This includes ensuring that any local or very specific compliance requirements are understood and met without risk to your organization when mistakes happen. You are protecting your company and the identification and financial details of your customers, clients, and other stakeholders.
Optimize network performance: As more consumers move to the best fintech companies, they are consistently adding to the weight of the network. Your organization’s network is the most important resource and asset you have. A failure or a “too slow” connection not only creates risks but also impacts the reputation of your business, especially as consumers expect fintech companies to be robust and always available. By utilizing a proxy service, you reduce and control more of the network traffic. This allows optimization of your network performance.
Secure handling of data: Perhaps the most important resource in every situation is being able to provide confidence to your users that their data is safe. Proxy services do this in the most efficient and effective way possible, mitigating risks and building your fintech company’s reputation as it does.
Within the financial sector, each of these areas is critical. The top fintech companies recognize this and are consistently utilizing the most innovative solutions and strategies to build success. Often, the use of a proxy service for fintechs can offer a streamlined solution.
The Benefits Top Fintech Companies See When Using a Proxy
There are numerous ways fintechs can bolster safety and enhance efficiencies with their products and services. Why invest in a proxy service over other solutions? Consider some of the best reasons fintech companies use proxies as a component of their defense strategy:
- Proxies are more affordable. Instead of developing a new type of technology that could require significant investment, the price of a proxy service is typically much lower, even as low as $0.00045 per scrape. With custom scraping, it’s also doing a lot of work for you for less than other strategies.
- Proxies are an instant protection. Once you set up a proxy service, you can use it right away to begin protecting your key data and internet navigation. There is no delay in this installation or upgrade process. You can get proxy protection within minutes.
- Proxies eliminate blocks. With both residential proxies and data center proxies, some of the most robust options available today, you do not have to worry about ever being blocked again.
- Rotating proxies eliminates future risks. Because IP addresses become known to target websites, the use of rotating proxies keeps that knowledge of who you are at bay. In short, every time a request is sent, a new IP goes with it, eliminating their ability to recognize your device.
- Proxies do not slow you down. Proxies do not require any type of slowdown to provide you with the critical access you need to the target site. Even though the proxy request travels through another server, there’s no noticeable time lapse in that process.
What could your fintech company do with a proxy? Perhaps you want to use a web scraping tool to pull up data on your competitors to find out how well your product competes. You may want to block access to your consumer’s data. A proxy does that instantly by hiding your IP address, making it impossible for others to gain access.
Let Scraping Robot Help You Become One of the Top Fintech Companies
Why do fintech companies need a proxy service? Proxies enhance security, minimize risk to brand reputation, and enable your business to develop more authentic and robust solutions by consistently monitoring the market. Learn more about how Scraping Robot can help you to achieve your goals by contacting us today.
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