Not unless you provide consent. There are three main ways you can monetize data on our platform, two of which don’t require you to share any information about yourself with a third party. These two modes are Data Sharing and Open To Contact. The third option of monetizing data—which involves explicitly giving your data to companies in an anonymized bundle—has not been launched as of now.
All data you store with Identity Wallet is kept on a tightly secured AWS server on the cloud and backed with a layer of lattice-key cryptography. We use the strongest encryption standards of today’s age to make sure your data stays safe.
We have also been approved under the Monetary Authority of Singapore, MasterCard, and MatchMove’s encryption policies for handling financial information as we use their services on our platform.
Identity Wallet uses a machine-learning based algorithm that computes a valuation for your identity data based on which companies you have previously shared your data with on the Identity Wallet platform (offers that you have been a part of), your financial transactions through the Identity Wallet digital app, and how closely your data align with other users that have been a part of offers for each company on the platform, how much other users similar to you made off of offers, how authentic your data is as well as many more company-specific factors.
This algorithm only begins to function after a significant number of users and companies have been interacting with our platform. As such, initially, your data is valued by companies who choose to use it for open-to-contact and data-sharing purposes.
We generate a data consistency score that cross-validates answers users given to questions in our database as they populate more data about themselves in our Question Store. Furthermore, answers to questions are evaluated based on how close they are to an expected set of answers, ensuring no “dummy” data forms part of datasets companies use for analytics.