Emerge & SquareOne introduce Blue tick email verification in NZ

Emerge and SquareOne have introduced email communications featuring the Blue tick for New Zealand's fintech and payments landscape, marking a significant step in combating phishing scams.

This verification comes in response to increasing scam activity following the CrowdStrike outage, which has heightened concerns about fraudulent account activity.

The Blue tick verification indicates that all email communications from Emerge and SquareOne are genuine, providing reassurance to customers.

Co-Founder of Emerge and SquareOne, Jovan Pavlicevic, emphasised the need for this feature to become standard across the industry to protect clients' personal data.

"It's a simple but powerful solution and offers proof that a company has all of the right credentials and controls in place to safeguard their client's personal data," Pavlicevic said.

Verified Mark Certificates (VMCs), known as Blue ticks, function like digital passports.

They verify the sender's identity and display a trusted visual cue, such as the company's logo, alongside the email address. The Federal Trade Commission (FTC) has reported that 347 billion emails are sent daily, with banking scams costing individuals USD $10 billion in 2023. Traditional email security measures are proving insufficient against such high volumes of phishing attempts.

According to issuer Verimarkcert.com, the use of VMCs enhances brand reputation, strengthens customer relationships, and empowers customers to manage their finances confidently.

The integration of the Blue tick into the email protocols of Emerge and SquareOne represents a move to offer a more secure communication channel.

Emerge is a digital-first banking alternative designed for Kiwi businesses. It offers features such as the ability to open an account within minutes, virtual cards for instant use, and strong customer service. On the other hand, SquareOne is a pocket money app that provides an independent money solution aimed at educating children about finance.

Pavlicevic highlighted the challenges that legacy technology poses to larger financial institutions, hampering their ability to innovate around security.

Emerge was built to address what Pavlicevic describes as a "broken landscape" in the business accounts market. Part of this initiative includes the development of comprehensive security offerings, such as a fully digitised anti-money laundering process.

SquareOne has also made strides in security by being the first to issue bank cards for children without card number embossing and CVV codes, recognising that children often misplace such items.

"As founders with children, we understood that kids lose things! This was a no-brainer. It's something that's been possible for years, but simply hasn't been activated," Pavlicevic explained.

Both companies see the financial industry's need for change, pointing out that many systems, processes, and procedures have remained unchanged for decades.

"This is just the start and the first of many step-changes in providing a more secure financial product for our customers," Pavlicevic added.

"We're proud to be leading the way in offering customers the protection they deserve."