How Lantern protects sensitive customer data

The recent Revolut news is a reminder of how sensitive financial information can be.

On September 12, CoinDesk reported that Revolut disclosed customer identity documents, selfies, and Bitcoin transaction histories after responding to a fraudulent government request. The report said no funds were lost, but affected customers faced increased phishing risk.

For crypto holders, the concern is personal. Information that connects your name and address to your crypto activity can help someone single you out. The more you hold, the more sensitive that connection can become.

At Lantern, protecting your information starts with a simple decision: collect less of it.

Lantern doesn't collect photo IDs or verification selfies

We verify your identity to meet our legal obligations, and we keep the sensitive information we collect to the minimum needed for that purpose. That matters beyond making signup easier. Every unnecessary document collected is another sensitive record to protect. 

If we don't collect your ID photo or selfie, those images aren't part of your Lantern verification record.

How we protect the information we do need

We use Footprint to help verify your identity and store sensitive identity information in an encrypted digital vault. In plain English, encryption makes the stored information unreadable without the right access. Footprint also provides controls over which details can be retrieved and keeps security activity records.

You can read more here: Footprint's security overview

Lantern can retrieve permitted information when needed to provide account services, as explained in our Financial Privacy Notice. Using a vault doesn't remove our responsibility for how that information is handled.

The Revolut report also makes an important point: protecting information includes being careful about when it is shared. Secure storage is one part of that responsibility. Keeping collection to a minimum is another.

What this means for you

You can complete Lantern's identity verification without uploading a photo ID or taking a selfie. The sensitive identity information required for verification is protected through Footprint's encrypted storage.

You should also be able to understand why a financial platform asks for your information. If a verification request is unclear, contact our team before sending additional personal details. Call or text 415-365-0100, or visit our Privacy Center to read how we handle information.