Exploring how we can solve the issue of trust by securely identifying people online, while providing digital convenience and a seamless customer experience.
Just before this one, I read an article that explained how AI sometimes screws identity verification. But yes, AI needs a lot of improvement and rectifications.
Also, adding to what you’ve explained in your article, organizations can rely on blockchain for storing these digital identities for taking security to yet another level, and giving users the authority to control their identity.
Monetary loss due to identity theft increased by almost a billion dollar between 2017 and 2018. It was around $400 million in 2017.
This requires immediate attention of the authorities to create better identity verification solutions. And digital identities can be a great solution, given that they are stored on systems that are not penetrable. Otherwise, it would prove useless nonetheless.
There will be nothing better than rendering users control over their own data. Since the internet came into existence, there have hardly been many policies that strictly govern how companies use their user data. Thankfully, people are now cautious about their data.
And as far as digital identities are concerned, they might considerably reduce fraudulent transactions using fake identities.