Why Identiq is the Missing Piece of the Fraud Prevention Puzzle
The Linchpin of Digital Transformation: Cameron D'Ambrosi, Advisory Principal at One World Identity
In 2019, the total number of data breaches increased 17% from 2018 according to the Identity Theft Resource Center. Data breaches are the result of an increasingly competitive and personalized digital economy, where almost any online activity — from buying groceries to searching for a new pair of sneakers — enables the creation of user data.
Identity lies at the core of how people engage online, not only with each other, but increasingly with services and sites as tailored recommendations, and seamless user experiences become the expectation. How we prove and verify identity online is the linchpin of digital transformation, and we’re witnessing the development of the underlying technology that will define the future of the global economy.
While current digital identities remain Balkanized, as technology continues to evolve, it will become more and more valuable for consumers to interact directly with companies, cutting out third parties as an additional place for data to be stored and collected.
All this innovation and technology is continuing to move us along the curve, towards a world where consumers have more control over their identity and their personal data.
In OWI’s 2020 Predictions, we anticipate an emerging wave of credential re-use. Technology like Federated Identity Management (FIM) and Single Sign-On (SSO) is the step bridging the current state of identity to the future of providerless technology.
When identity verification is carried out using only first party data, companies can rely on validating against information that’s always fresh.
Providerless technology means that consumers can gain an increased sense of assurance that their data is no longer routinely shared with numerous third parties. It’s win-win for both enterprises and consumers alike, with demonstrable reductions in risk alongside tangible user experience benefits.
OWI was founded on the notion that identity is an industry in its own right — not just a subset of other industries. We expect to see this trend continue in 2020, as the need to comply with new privacy laws and adapt to user privacy concerns ushers in the next generation of innovative digital identity startups and technologies.
We hope you’ll join us on our journey in the quest to make identity better for everyone. Join us at KNOW Identity events to learn more about digital identity, trust, and the data economy.
Cameron D’Ambrosi is an advisory principal at One World Identity, and hosts OWI’s State of Identity podcast, the premier podcast for the identity industry. Cameron applies a methodical approach to deriving identity industry market insights and intelligence. Prior to OWI, he was an Engagement Manager at Deloitte, combining a focus on streamlining customer experience with emphasis on compliance and efficiency. Cameron holds a B.A. in history from Fordham University.
This article was originally published in “How Providerless Technology is Changing the Way We Validate Identities Online.” You can read further articles by other industry experts in the same eBook, here.
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