Authenticating and validating a consumer’s identity accurately is crucial for businesses of all shapes and sizes. However, doing so securely, without sacrificing speed, is often easier said than done.
In the latest Digital Identity Tracker™, PYMNTS explores the latest efforts from both the public and private sectors to quickly and safely authenticate consumer identities.
In the public sector, a growing group of governments around the world are turning to new digital identity tools and credentials to help validate citizens’ identities.
In the United Arab Emirates (UAE), for example, the country’s Telecommunications Regulatory Authority (TRA) recently released UAE PASS, in partnership with digital identity technology provider Smart Dubai. The platform is designed to offer residents access to local and federal government services and information, as well as other products and services from private and public partners.
Meanwhile, in Europe, the European Union’s (EU’s) electronic identification, authentication and trust services (eIDAS) regulation went into full effect last month, forcing the EU’s 28 member states to recognize official national eID systems. According to Andrus Ansip, European commissioner for the Digital Single Market, the new regulation will help save consumers time and save businesses more than €11 billion ($12.5 billion USD) each year.
At the same time, some international non-profit organizations are working to give verifiable identities to more than 2 billion people who are currently lacking official identification resources.
The World Bank recently launched the latest edition of its annual Mission Billion innovation challenge, calling on stakeholders in a variety of industries and environments to establish legal digital identities for all consumers. Similarly, the World Economic Forum announced the creation of a new digital identity platform that will use blockchain-based offerings that are “fit for purpose,” inclusive, useful, secure and provide a range of choices for consumers.
To read more on these headlines, check out the Tracker’s News and Trends section.
Corporates are working to develop and implement new tools that can be used to validate consumer identities and prevent digital fraud attacks.
For Canadian financial services firm Goldmoney, which facilitates the buying, selling and trading of gold and other precious metals, this means relying on tools like automation to speed up the customer onboarding process without sacrificing security. In the Digital Identity Tracker™ feature story, PYMNTS caught up with Paul Mennega, COO of Goldmoney, on how the company uses new and emerging technologies to secure new customer accounts.
“One of our biggest challenges is establishing an appropriate balance between client security, regulatory compliance, and an improved onboarding and verification experience,” he said. “Everyone wants things to happen quickly; everyone wants instant gratification.”
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About The Tracker
The Digital Identity Tracker™, produced in collaboration with Jumio, is a forum for framing and addressing the key issues and trends faced by the entities charged with efficiently and securely identifying individuals and granting them permission to access, purchase, transact or otherwise confirm their identities.