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    Digital Identity

    Uploaded by

    Ray dee
    We wanted to make a real difference reducing online fraud without abusing customer privacy. Identity verification touches every industry and is essential for transactions. Digital identity mechanisms offer greater efficiency, security, and trust across industries.

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    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd

    Digital Identity

    Uploaded by

    Ray dee
    81 views2 pages
    We wanted to make a real difference reducing online fraud without abusing customer privacy. Identity verification touches every industry and is essential for transactions. Digital identity mechanisms offer greater efficiency, security, and trust across industries.

    Original Description:

    Digital

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    We wanted to make a real difference reducing online fraud without abusing customer privacy. Identity verification touches every industry and is essential for transactions. Digital identity mechanisms offer greater efficiency, security, and trust across industries.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    81 views2 pages

    Digital Identity

    Uploaded by

    Ray dee
    We wanted to make a real difference reducing online fraud without abusing customer privacy. Identity verification touches every industry and is essential for transactions. Digital identity mechanisms offer greater efficiency, security, and trust across industries.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 2

    “We wanted to make a real difference to reducing online fraud

    and to make the internet a safer place for everyone engaged in


    it, but critically to do this without abusing customer privacy and
    storing personal data.”
    The issues associated with identity proofng – fraud, stolen credentials and social exclusion – have
    challenged individuals throughout history. But, as the spheres in which we live and transact have grown,
    first geographically and now into the digital economy, the ways in which humans, devices and other
    entities interact are quickly evolving – and how we manage identity will have to change accordingly

    this proof of identity is a fundamental prerequisite to access critical services and participate in modern
    economic, social and political systems. the current state of identity management consists of inefficient
    manual processes that could benefit from new technologies and architecture to support digital growth.
    As the number of digital services, transactions and entities grows, it will be increasingly important to
    ensure the transactions take place in a secure and trusted network where each entity can be identifed
    and authenticated.

    Authentication processes (e.g. banking, utilities) are often tedious and repetitive and provide the same
    set of documents for each service, sometimes from the same organization.

    It no longer makes sense to rely upon physical documents as the only mode given their fragility and
    inefficiency in a digital context.

    Digital identity mechanisms offer the promise of greater efficiency, security and trust across industries
    and entities.

    The process of identity verification touches almost every industry, making identity an essential element
    in every transaction and industry from people to supply chain.

    “We believe that every person has the right to participate fully in their society and economy. Without
    proof of identity, people may be denied access to rights and services – they may be unable to open a
    bank account, attend school, collect benefits such as social security, seek legal protection, or otherwise
    engage in modern society. No one should face the indignity of exclusion, nor be denied the opportunity
    to realize their full potential, exercise their rights, or to share in progress. No one should be left behind.”

    KYC is often conducted for the same entity multiple times as financial institutions are not designed to
    “trust” each other and their data. This repetition exists even within the same institution across different
    lines of business. Similarly, identity is not accepted and trusted across borders. Existing customers often
    find it difficult to open a bank account with the same institution in another country.

    Paper-based, manual processing systems are ripe for change. Emerging technologies, such as blockchain
    and robotics, are already transforming operations and transactions between legal entities. Legal entities
    will require digital identities to leverage these technologies to increase efficiency, productivity, cost
    effectiveness and transparency.

    Consumers need to be educated and trained to understand that actions in the digital world have direct
    impact in the physical world, as our digital identity is primarily a representation of ‘who we are’
    physically.

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