Meet Tribe Money 

It took months of planning, but you finally made the big group trip happen. The weekend away with friends was a huge success, but now you’re sitting at home on a Sunday trying to figure out who paid for what. Rather than unpacking and preparing for the upcoming work week, your head is buried in a spreadsheet as the dread of sending Venmo requests to friends sets in. 

What if you could skip all that hassle and stress? 

That’s where Tribe Money comes in. It’s a secure, community-driven financial platform to eliminate the seemingly inevitable post-trip stress.

With Tribe Money, groups looking to pool money, track spending, and make decisions together can do so all in one place. In addition to providing a level of flexibility you won’t find elsewhere, Tribe Money is built on a foundation of user safety and trust. 

Below, we’ll outline how Tribe Money’s best-in-class data security and verification practices make pooling funds and tracking expenses easier than ever before. 

Why Security Matters to You 

As financial organizations expand their reach, more and more data is being stored online or in the cloud. (Think home addresses, phone numbers, even social security numbers.) To protect this sensitive information, many organizations put certain security measures in place. 

Most experts agree that the best way to avoid a data breach is to stay one step ahead. Financial platforms stay proactive by performing regular security audits, encrypting sensitive data, and educating employees and customers. Tribe Money implements each of these tactics as essential measures to keep user data secure.

These detailed data security efforts keep bad actors off the platform, ensuring safe interactions among users. To ensure effective implementation, Tribe Money verifies its users with a trusted process. This due diligence on the front end allows for secure usage of its platform. 

The Role of KYC and Why It’s Required 

Know Your Customer, or KYC, refers to the practice of verifying customers in the financial services industry. This compliance measure is one example of increasing due diligence information requirements for financial institutions in recent years. 

KYC prohibits “potential fraudsters from accessing and exploiting the financial system,” according to FinTech Magazine. The rule — an SEC requirement under the Bank Secrecy Act and standard procedure across trusted platforms like SoFi and JPMorgan — exists to ensure organizations and advisors can be certain of a customer’s identity. 

Individuals using KYC-compliant financial service firms are better protected from fraud. The additional friction for safety ensures information is verified and problems are efficiently identified. That’s why the KYC process is key to making Tribe Money a secure, trustworthy platform. 

How Tribe Money Protects Your Information 

Tribe Money utilizes KYC to maintain security within its platform. These procedures create a trustworthy environment for users to access a virtual bank account without affecting their credit.

That’s not the only way the platform protects user information and finances. Any gathered data is used to scan against the governmental Office of Foreign Assets Control (OFAC) list, which highlights sanctioned individuals and countries. This extra measure goes a long way toward keeping known bad actors — and, by extension, fraud — off the platform. 

The leadership at Tribe Money understands users’ hesitancy to share sensitive financial details or personal information like a social security number. But, these additional steps have been put in place to demonstrate the platform’s reliability and data protection. To add an extra layer of trust, Tribe Money doesn’t access or store third-party data, and data is never sold or released. 

“On the technology side, all data sent to Tribe Money servers through our mobile app is encrypted in-transit meaning that hackers cannot intercept the contents of your data even if they are on the same network,” said Tribe Money CTO Preston Lee. “The data is also encrypted at-rest in our database using industry-standard AES-256 encryption.”

Tribe Money’s security measures align with practices used by major banks and fintech platforms nationally. Take JPMorgan, which spends $600 million annually on cybersecurity, and Bank of America, which has invested $1 billion in cybersecurity and hired 3,000 employees tasked with keeping customer data and money secure. 

A Quick and Easy Process for Your Peace of Mind 

The KYC process isn’t mandatory for users to join Tribe Money, but it comes with perks. The KYC process takes less than five minutes, and those who finish the three-part onboarding procedure have full access to Tribe Money’s suite of capabilities, including creating a tribe, adding friends, and completing in-app and external transactions. 

To get started, Tribe users create an account. Next up is the streamlined KYC process requiring relevant personal details like contact information and a social security number. The final step is bank authorization, which can be executed upon completion of the KYC. 

These three simple steps ensure the security of the Tribe Money user community. By checking data with trusted sources, the platform creates an environment where users feel safe and secure. 

Building Trust, Together 

Financial services innovation gives consumers more capabilities than ever before, but at times this has come with a cost. Security, trust, and safety are the three pillars of Tribe Money. And each is essential to keeping fintech operations running smoothly. 

The platform’s processes greatly benefit customers who value privacy and secure financial interactions. Tribe Money’s integration of the KYC process aids the platform in reaching its goal of offering a groundbreaking, secure service that makes pooling funds a breeze.