BIO Carlos Chavarría is an entrepreneur, inventor, and prominent participant in technological, cultural, and blockchain education committees in Mexico. In 2005, he founded NA-AT Technologies, a Mexican company with an international presence and dedicated to developing technology.
Carlos Chavarría, CEO, NA-AT Technologies
"There is currently a serious problem related to identity theft."
NA-AT Technologies is today a leader in technology solutions for the financial sector with a participation of more than 70% in the market.
How serious of an issue is identity theft in Mexico?
There is currently a serious problem related to identity theft. This has been happening for a while now, especially in the financial services sector, though it is taking place in other sectors as well. Between January and March 2022, 1.385 million files on identity theft were opened. Just as digitalization grew and accelerated because of the pandemic, so did identity theft crimes; however, every crisis provides an opportunity, and Mexico has been prepared to handle these problems with technology for years. Even though we do not have a national ID like other countries, we have our voting credentials. INE has done a great job, with a fingerprint database where people can consult fingerprint biometrics to verify a person’s identity. Recently, INE also incorporated facial biometrics to tackle the identity theft problem, and we are one of the four companies authorized to perform this biometrics variation. Furthermore, the technology in Mexico is the same as the one used in other parts of the world. Globalization allows us to have access to the best technologies. There are challenges here, but we have advanced institutions, access to the best technologies, and laws that help our work us. Companies have to make use of the resources available to handle the problems, though they are not doing so. It is a complicated panorama with many opportunities. I see three main opportunities here: cloud identity or multi-biometrics; all of the processes of remote boardings, such as buying insurance when one is abroad; and digital signatures. Right now, we have three funds in Europe—one in the UK and two in Spain—that want to invest in us for a business consolidation process so we can acquire other companies. The alliance will become official this year.
Why is it now the ideal time to invest in identity theft technology?
This is a massive market that will grow. In addition to fingerprint and facial biometrics, there are also other types of biometrics related to behavior or DNA, for example, and this is the perfect moment to invest. In 2021, three or four companies wanted to acquire our company, so we knew we have something good in our hands. We are in the US, Mexico, Panama, Guatemala, Ecuador, Chile, Argentina, Brazil, and soon Venezuela. When we entered those markets, our technology was so incredible that people wanted to acquire it. Our main markets can be split into four: the US, Mexico, Latin America, and Brazil. In the US, the strategy is to target the Hispanic financial sector. There are more Hispanics in the US than Spaniards in Spain. Then, in Mexico, we want to grow beyond the financial services sector...