According to Equifax, “for authentication purposes, most of the IT professionals do not use advanced ways.” As, the instances of fraud increase, which in turn pushes customers away. Therefore, that is the reason why some of the organizations are interested in digital identity verification technology. Moreover, this technology helps to verify the digital identification of both new and existing users. Above all, digital identity verification is multiplying, and by 2024 it will reach by $12.8 billion.
Elements of Digital Identity
The information used to form your digital identification has classified into two categories: your digital attributes and your digital activities. Thus, this information, either alone or combined, can establish your digital identity.
So, here are some examples of both:
Digital Attribute:- Date of Birth, Medical History, ID Numbers(SSN, driver’s license), Government Issued ID(passport, driver’s license, etc.), Bank Details, Login Credentials(username & passwords), Email Address, Biometrics(fingerprint, eye scan, 3D face map), Badges and Tokens.
And, digital Activities:- Likes, Comments, and Shares on Social Sites, Photos on Facebook, Instagram, etc. Purchase History, Forum Posts, Search Queries, Signed Petitions, Geotagging, Downloading Apps, Cell Phone Usage.
Digital Identity becomes Fraudsters Currency.
Your digital identity act as a medium of currency on the web. And, your digital identity gives access to your accounts, allows you to open new accounts. Moreover, it will help you to engage with people, products, and services online in a reliable way. On the other side, your personal information becomes online. And, it will be readily available to hackers, theft, and breaches, etc. In short, your personal information becomes public. But the question which needs to answer is: How is digital information has exposed? So, here is a list of ways by which digital information becomes public:
- Public Wi-fi
- Unsecured web pages
- Data breaches by the third party
- Phishing attempts
- Weak passwords
- Location sharing setting
- And, Adding unknown people to your social media account
Moreover, there is a very vibrant market for digital information that can be resale and used against you.
Future of Digital Identity Verification
As, modern enterprises are moving more towards biometrics for digital verification and authentication. Thus, companies are using biometrics with traditional ID verification that will become defensive against online fraud and build trust in their online environment.
So, according to Mathias Klenk, CEO and co-founder of Passbase, which builds identity verification tools, “The goal for any business’s digital identity confirmation method should be to protect data and prevent fraudulent actions. Therefore, the perfect digital identification device would leverage biometric technology like facial recognition and liveness detection [and] government-issued IDs and ensure a friction-free process for the user. But to enable digital identity verification, firms shouldn’t concentrate only on streamlining the identity verification process. So, they require to enable identity control and reuse over different services.”
Also, read: Is India Ready for 5G?