The digital world has a major problem regarding digital identity. Despite the best authentication efforts by businesses, this problem leads to increased cyber threats and a lack of digital trust. Bill Sytsma, SVP, North America, Callsign, discusses the actual problem with digital identity and the possible ways companies can fix them.
Rampant online fraud and scams are a daily occurrence, the cause? Broken digital identity.
When we moved online, we just transferred our identity know-how from the physical world, believing it would work the same way. But it does not. In the physical world, our eyes and brains take in thousands of signals to identify people, whether it is the likeness on our photo ID or just perhaps their voice and other physical characteristics. However, these do not work online; pins and passwords do not prove that you are the person you claim to be, just that you know a pin or passcode. Facial biometrics can be biased and exclude people. They can also be compromised.
Additionally, fraudsters can easily gain access to others’ personal information and passwords through social engineering scams, where they trick people into sharing information that can be used to access bank accounts. Bad actors can also gain access to accounts by purchasing passwords on the dark web for various prices depending on account balances and the likelihood of a password working. Some dark web vendors also offer return policies if passwords do not work.
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