Raisin takes data protection to the next level

When Ben Franklin proclaimed, “A penny saved is a penny earned,” he couldn’t have anticipated that your saved pennies might be subject to privacy and internet hacks more than 200 years later.

In our digital age, protecting your personal and financial information online can be just as critical as your great savings habits.

According to a recent Raisin survey, having strong safety, security, and fraud protection was the most critical factor for respondents when shopping for an online bank or savings account. “Strong safety protection” was even more important to participants than no fees or an attractive interest rate.

To ensure that we keep our customers’ data secure and their private information private, Raisin has endeavored to meet the requirements for SOC 2 certification, which was created by the American Institute of Certified Public Accountants (AICPA).

So, what is SOC 2, exactly? And how does it protect your data? Let’s dive in.

SOC 2 is a designation that confirms a company’s information security measures are up to snuff and have been properly executed. More precisely, SOC 2 ensures that an online savings bank has detailed, ongoing internal procedures to keep their customers’ information safe and protected.

Financial companies that complete annual SOC 2 compliance can demonstrate an exceptionally high level of assurance and robust “internal corporate governance and risk management processes,” according to AICPA.

For financial services organizations and banks, in particular, SOC 2 compliance means organizations can prove they are operating with secure computer systems and trusted processes.

You can rest assured that your data is safer with a SOC 2 designated provider. This is because in order to meet compliance standards, a company must abide by AICPA’s strict guidelines about keeping information that could identify a client private. This data includes customer names, addresses, or Social Security numbers. A financial firm must also have adequate mechanisms to ensure that personal identifiable information (PII) is secure from uncertified access or criminals.

There are other types of information companies must keep secure, which could also be at risk without this certification. For example, organizations must prove that they will not reveal other vital details about their clients, such as data about “health, race, sexuality, and religion,” according to software company Imperva.

The SOC 2 certification can offer confidence that your financial institution has the necessary controls and systems in place to be a trusted partner and guardian of your funds, as well as your data.

Why Raisin is SOC 2 certified, and why it matters to you

As our Consumers’ Savings & Banking Behaviors survey demonstrated, today’s consumers are concerned about the safety of their online accounts. They want to be confident that their providers have sophisticated and vigorous systems to safeguard their personal information and data.

At Raisin, we want to assure our customers that we take our responsibilities and promises to them seriously. As a tech platform provider whose business is focused on financial products, it is imperative that our customers and partner banks can rely on our operational controls.

This is why we now have independent assurance of our highly effective security controls from a trusted and recognized AICPA-certified auditor, which means you can rest assured that your data is safe with us.