Trust Science Successfully Completes SOC2 Type I Audit
September 23, 2022 – Palo Alto, CA – Trust Science ®, a loan applicant sourcing, screening and decisioning platform, today announced that it has successfully completed a Service Organization Control (SOC) 2 Type 1 audit without any exceptions/weaknesses. The audit affirms the strength and robustness of Trust Science’s information security practices, policies, procedures and operations, successfully meeting the SOC2 standards for security, availability, and confidentiality. Trust Science’s controls were also found to be suitably designed based on ISO/IEC 27001 criteria.
“Trust Science has always prioritized the highest standards of security, availability, and confidentiality,” said Evan Chrapko, Founder and CEO. “Trustworthiness is a cornerstone of our organization. Trust Science provides its clients with highly secure and highly effective borrower sourcing and credit decisioning on a turnkey, SaaS basis.”
As lenders across the US and Canada increasingly rely on external vendors for various capabilities across the lending lifecycle, trust and efficacy have become paramount. Especially given the highly sensitive nature of credit information and decisioning, upholding the highest security and privacy standards are critical to prevent data breaches and ensure consumers and lenders are protected.
Trust Science’s SOC2 report verifies the existence of a robust set of internal controls which have been designed and implemented to meet the requirements for the security principles set forth in the Trust Services Principles and Criteria for Security. The SOC2 audit provides a detailed and thorough review of these controls and their effectiveness as it relates to the security, availability, and processing integrity of the systems Trust Science uses to process data, and the confidentiality and privacy of the competitive advantage for lenders that is delivered by these systems. Trust Science’s controls were also found to be suitably designed based on ISO/IEC 27001 criteria. In a tightly regulated environment, this independent validation of security controls is a critical step in lenders’ security assessments of vendors.
Security and privacy is a top priority for Trust Science, whose security team is ably led by its Chief Privacy and Security Officer, Martin Loeffler CISSP, CISM, CISA, CRISC, who has experience leading information security for the Toronto-Pearson International Airport (YYZ, the 9th-busiest airport in North America with over 50M+ passengers/year and billions of dollars of cargo transiting sovereign borders), the University of Toronto (ranked 19th in reputation globally) and consulting to the Government of Ontario (pop. 14 million), improving the security and privacy of millions upon millions of people.
Trust Science continues to enhance its platform’s security and capabilities, and will be undergoing a SOC2 Type 2 audit, which continues to assess the strength of these controls across a period of time.
About Trust Science Inc. (see global I.P. map here)
Trust Science® delivers its Credit Bureau 2.0® SaaS to lenders. This award-winning FinTech uncovers Invisible Prime™ and Hidden Prime™ borrowers for banks, credit unions and consumer finance companies. Its mission is To Allow Deserving People to Get What They Deserve. Superior decisions (which the F.I. industry calls “lift”) go straight to the lender’s bottom line, delivering risk-adjusted ROIs of up to 201x and material increases to ROA, ROC, ROE (Finance), AUC, KS & Gini (Statistics). In addition to de-risking lenders’ ability to give loans to deserving applicants who are wrongly scored by conventional means, Trust Science also brings a risk lens to the Marketing function (sourcing leads, pre-qualifying, pre-screening, and direct mail lists.) Financial Inclusion and economic mobility is delivered to consumers by accurately assessing systemically excluded, thin file, and so-called ‘no hit’ loan applicants. Previously marginalized people now have an onramp into the modern economy, which is a multi-Trillion-dollar global opportunity, if they are approaching a lender that uses Credit Bureau 2.0. Gartner® has cited Trust Science contributions re: Explainable AI (“xAI”) research and Trust Science also prioritizes compliance with consumer protection and privacy laws like FCRA, ECOA, PIPEDA & CCPA. Importantly in these volatile and privacy-challenged times, this platform has productionized Statistical Learning and it also has direct-to-consumer Smart Consent™ technology for gathering consented/permissioned data from loan applicants. The technology and methods harnessed to make this possible are now protected by 50 patents (2 of which have been successfully used in an offensive capacity in the U.S.) and trademarks granted across 19 different countries, with another 32 patents still pending. The company is led by a serial technology commercialization entrepreneur who has delivered over $1/2 Billion of realized gains to shareholders in his career, and who was recently added to a list of the Top 50 CEOs in A.I. The company was recently included in the Global Impact 200 alongside 17 other ESG-forward technology companies like Microsoft and Tesla and was named to the Top 20 of The Globe and Mail’s list of Top Growing Companies in Canada, out of over 4M active companies. Trust Science is preparing to raise funds at the Series B level into one of the business world’s most simple cap tables.
Trust Science, Credit Bureau 2.0 and Troo are registered trademarks and Invisible Prime, Hidden Prime, Smart Consent, Credit Bureau +, Credit Bureau 3.0, Credit Bureau 4.0, Personal Credit Bureau, Six°Score, Auto Six°Score, Auto Bureau and Auto Credit Bureau are trademarks of www.TrustScience.com Inc.