Some insights can be gleaned from Entrust’s report on the ‘Future of Identity’ which reveals that customers are the native decision makers reshaping digital identity trends of the future, corroborating Finextra’s findings into customers spearheading innovation in digital banking.
Consumers of digitalisation and active customers, they drive the demand and upscaling challenge placed on technology providers, banks, government and other private entities to meet convenience, user experience and security standards that earn their trust.
The report comments on the acceleration of digital identities at a much faster pace than awareness in the market of privacy considerations and general lack of knowledge around eIDs.
Is it time to move beyond password authentication? Even multiple-factor passwords improving on a standard method of verification has been criticised as being outdated compared to newer digital identity method and biometrics, promoting a strategy change by social media platforms such as Twitter to implement a pay barrier to bots.
While password authentication is often popular and familiar with users in practice for authenticating, the report suggests passwords have largely fallen out of favour with the population as other methods have overtaken the poll ratings.
Biometrics threaten to dethrone a growing inventory of passwords credentials.
Jenn Markey, Vice President of Payments & Identity at Entrust said: “The pace of commerce and business is moving faster than ever before, and as a result our lives are becoming more digital.
“As organisations and governments bring more digital services online, it’s becoming clear that the road to digital transformation has been bumpy, at times leaving users behind. With this survey, we set out to help leaders understand how users feel about the journey thus far, and how organizations can navigate the future of identity.”
Only 6% of consumers said passwords are the most secure method.
When given the option between biometrics or a password, 58% of respondents choose to use biometrics over half the time.
The Web3 ID Coalition has officially formed as a nonprofit organisation advocating identity ownership for all to inform government policy.
The member-based alliance operates several functions to promote, advocate, program and research Web3 to rally government for changes to federal policy governing blockchain and secured digital identities.
The Web3 ID Coalition shares a similar vision to the Web3 Domain Alliance – launched in 2021 – to ensure users have ownership over the use of their digital identities on an advanced version of the internet, which enables next-gen digital capabilities such as crypto and tokenised transactions.
In a mission statement, Sena Loyd, President of the Web3 ID Coalition, stated:
“We envision a future in which individuals have control over their digital identities, empowering them to choose which personal data they want to share, monetise or keep private, for greater economic opportunity, freedom and security for all.
Adoption of Web3 and other next-generation internet technologies is creating urgency to help government leaders gain a bipartisan understanding of Web3 digital identity. As industry leaders and technology experts, Web3 ID Coalition members are poised to share their knowledge and catalyse a movement toward personal data ownership.”
Key activities of the alliance will focus on developing technical standards around the use of digital Identities and nurturing collaborative partnerships between the public and private sectors to manage the boundless cyberspace that is Web 3.0.
The coalition monitors what frameworks and government-level management is needed to oversee Web 3.0 as it explodes into view as the next-generation unending cyber domain. Members are established identity companies among the ecosystem that currently include Identity.com, Unum ID, Blockchains, Inc., Genubank and Solutions at Work.
Kingdom of Bahrain is to receive HID Global’s end-to-end ePassport solution which will grant them access to join the International Civil Aviation Organisation’s Public Key Directory that enables mutual access and sharing of passport data between 180 member companies.
HID solution will significantly augment the Kingdom’s digital travel journey from transitioning from a machine-readable passport to an e-passport solution supported by HID’s chip operating system SOMA™ and HID Integrale™ that enrols biometric and biographic data of citizens.
Craig Sandness, Senior Vice President and Head of Secure Issuance and Citizen ID Solutions said: “HID is proud to help support Bahrain’s vision for citizens to travel more easily and securely. We have a long-standing relationship with the Kingdom of Bahrain and we look forward to extending it by delivering a full end-to-end ePassport solution”.
The ePassport simplifies many processes in travel such as managing immigration and ensuring free and easy travel, facilitating visa applications and easing congestion at automated border control systems.
The design of the passport is been crafted to reflect the history and heritage of Bahrain but is built with the highest level of security features, including a colour portrait of the passport holder protecting the integrity of the document against counterfeiting and fraud. Transmitted light exposes a watermark feature under the portrait layer of the citizen.
What Is a Digital Nomad Visa? Digital Nomad Visas are a functional ID that aligns with the world’s new norm of remote working from any location which arose during the pandemic and now complements a preferred lifestyle that many aspire to have.
Applicants obtaining a digital Nomad Visa tend to be attracted to the flexibility and freedom that this lifestyle offers and are able to travel extensively to any location and connect to work remotely. However, the Digital Nomad Visa is not a path to gaining citizenship or permanent residency in any country.
It differs event to temporary or long-stay residence visas which allow holders to physically work or live in a foreign country.
Many of these individuals are highly skilled professionals and freelancers that are enabled by having an e-Nomad Visa to stay in a country for a duration of 12 months, which depending on the issuing country can be extended for up to one or more years.
Digital nomads are flourishing due to the growing trends of virtual working and home-schooling making the lifestyle appealing, and appealing to countries that have damaged tourism economies after the pandemic.
Which countries offer Digital Nomad visas?
Several countries arguably obtain the top position for being a great destination to travel and work from remotely as a Digital Nomad visa holder including Georgia which has no visa requirements upon entry where professionals can stay for up to 365 days.
There are conditions on holders to prove occupation and disclose a minimum salary of $2,000 a month or savings of $24,000 on a bank statement. Holders who stay beyond 183 days in Georgia also incur tax duties as a a tax resident paying a medium 20% rate in income tax.
Croatia offers a low-cost option similar but not technically a Digital Nomad Visa to live and remotely work for a period up to 12 months. Non-EU applicants that have steady employment by foreign companies or are freelance meet the eligible criteria. Information on how to apply and what is needed can be found here: https://nomadgirl.co/croatia-digital-nomad-visa-process-requirements/
Other countries enabling an international remote working lifestyle include:
Estonia – 1 year visa
Costa Rica – with a 2-year Rentista visa for digital Nomads
Norway – 2-year Independant Contractor Visa
Mexico
Portugal
Iceland – 6 months, 90 days if applications are made from the Schengen area
Argentina
The Czech Republic – for a short 1 year stay
Germany – 3 year Freelance visa
Portugal – valid for 1 year, renew up to 5 years
Spain – passing legislation (January 2023) for a 1 year visa
With experience leading large organisations, Dan Yerushalmi is a suitable fit to be AU10TIX’s new CEO. We caught up with him since his takeover to take the reins of the business to discuss what a future-forward direction would look like.
The challenge of being AU10TIX’s new CEO appealed to him, he said, because it offered huge “opportunity” amid the rapid advancements of digital transformation which accelerated noticeably at the onset of the pandemic.
AU10TIX’s new leader main focus is on continuing to weather the turbulence caused to businesses by the pandemic and exceed demand that remains sky-rocket high to identify 8.5 million people around the world today and in the future .
The potential for digital identity to verification secure, trusted identities is unlimited and AU10TIX is poised to be the provider providing accurate results to win the market.
HID, a pioneering innovator in trusted identity and physical security solutions, and iPassport, a cloud-based quality management suite to integrate digital identity technologies, have mutually signed a memorandum of understanding to foreground an AI-enabled passenger verification technology for the transportation industry that will optimise travellers’ experiences.
Nowadays there is an intersection of complex security issues that warrant a sequence of touchpoints to track passenger journeys through the airport from when they check-in to boarding their flight.
However a seamlessness has to be upheld in adjacent to security to mitigate the inconvenient and stressful delays, cancellations and baggage mishaps that ruin passengers’ experiences and place continued strain on airport staff.
Vito Fabbrizio, Managing Director of Biometrics, Extended Access Technologies at HID elaborated: “Today, moving through an airport securely requires an ongoing and seamless identity verification system that not only enhances the passenger experience, but also optimizes efficiencies for everyone. HID is excited to collaborate with iPassport to bring this new solution to market”.
HID’s proprietary solutions – components of which include facial recognition camera hardware, fingerprint and ID document readers and ID proofing and biometric servers – bolster existing airport infrastructure with the AI-powered verification capabilities, avoiding migrations to new a platform and replacement integrations.
Leveraging patented multispectral imaging (MSI) technology developed by HID and ethically sensitive artificial intelligence imposed within the HID® U.ARE.U® Camera Identification System, high performance and matching accuracy are garenteed.
As is the case with a fast evolution and integration of facial recognition technology throughout air travel, customers will have to be onboard and compliant with providing their personal biographic and biometric personal information in advance to travel during booking or check-in. Their photographs are collected and stored in the system for matching purposes during the time the passenger is passing through touchpoints in the airport.
The HID solution with foundational cloud supported infrastructure from iPassport is deployable in ports for cruise travel and hospitality which can also benefit from:
Ethically trained and built AI to eliminate matching bias
Industry-leading presentation attack detection (PAD) to thwart spoof attempts
Superior performance amid challenging lighting
Automatic face detection, capture and image quality checks—even when wearing masks
On-device biometric processing with endpoint security for maximum protection
Headquartered in Austin, Texas, HID has over 4,500 employees worldwide and operates international offices that support innovation across more than 100 countries with government, educational and private sector partners. The company delivers trusted identity solutions that give people convenient access to physical and digital places and connect things that can be identified, verified and tracked digitally.
After 30 years of unnoticeable change to Somalia’s digital identity ecosystem, the country is finally breaking a standstill as digitalisation sweeps the rest of the globe. Legislation was endorsed on Saturday for the return of civil registration and the issuance of national ID cards.
The responsibility for innovation to create digital identity and service systems falls upon each country – as shown by the EU’s impending digital wallet and Entry/Exit systems.
Digital identity (eID) systems are a cornerstone in the digital services ecosystem enabling citizen liberties and businesses to operate. This will bring opportunity and innovation to Somalia now legislation has been passed to provide guidelines to reinstating a national ID system.
The country’s national citizen registry crashed in 1991 after a turbulent period of national unrest, instability, disorder and economic trouble leading to the demise of government leadership and subsequently a registration system.
The introduction of national identification cards for every citizen is symbolic of a sense of national order being restored and everyone in society being validated and recognised by being recorded on a national registration database.
Somalia are reinstating civil registration which will allow government and localised authorities to easily identify citizens.
In 2019, an advisory report outlining the proposal of a legal framework to reconcile a digital ID system in Somalia confirmed that the Federal government had received financing from the World Bank through the Somalia Capacity Advancement, Livelihoods and Entrepreneurship scheme through the Digital Uplift Project.
The report stated the digital ID system is “intended to underpin ‘functional’ ID systems and registries (for particular sectoral purposes, e.g. social protection, financial services, etc.) and will strive for interoperability with other existing and future registries”.
The report also reached the conclusion that whilst in the process of procuring and developing a national digital ID system, Somalia lacked the enabling laws and regulations to support “an effective, robust, inclusive and well-governed digital ID system”.
The foundational digital ID system is expected to issue over 1 million unique IDs to the population within the next three years regardless of citizenship status and citizens do not have to produce prior documentation.
Being passed before Parliament members this week is the government’s Data Protection and Digital Information Bill which will include a drafted framework governing consumer-permissioned digital identity verification services used by firms.
Nfcw.com reported the proposals to be brought before Parliament members. The data bill concentrates on provisioning a “strengthened trusted data regime” which is influenced by the EU’s General Data Protection Regulation. The proposal encompasses a register listing accredited DVS providers delivering digital verification services, although companies would be allowed the space and flexibility to consider how to comply with the data rules including around sharing information.
The parliament hearing could also potentially introduce a trust mark to differentiate companies that have implemented validated verification services from the endless pit of non-accredited identity solutions.
The Data Protection and Digital Information Bill was first introduced last summer and paused in September 2022. Guidelines governing how businesses use digital identities do exist in the Trust Framework which uses careful language scrutinising data compliance within the private sector, particularly in relation to collecting identities through the Right to Work and Rent schemes.
Although verification providers do not currently have to be certified for these checks, the Home Office is in the process of making certification a mandatory requirement.
GIACT – a London Stock Exchange Group business – is looking at forming a collaborative partnership with Mastercard to mutually share its digital identity verification solutions with Mastercard’s open banking capabilities.
The partnership will pursue faster and more seamless onboarding for legitimate customers using their self-governed real-time data to enable verification of 95% of U.S. deposit accounts.
The two financial services are exchanging tools which will merge their digital transformation offering to customers, adding additional layers of security to banking services while ensuring they are privacy preserving of consumers’ data.
GIACT will be able to deploy its Nacha-compliant account verification solutions across its expanding Customer and Third-Party Risk businesses. Customers’ have the freedom to share and authorise their permissioned data including to confirm the bank account owner, the income account balance and transactions with a single bank account.
Together GIACT and Mastercard are looking to create a single, smooth onboarding customer journey to ascertain their customers’ verifiable credentials (also called “Knowing Your Customer” KYC) to authenticate them and outcast fraudsters.
All the research suggests that satisfied customer unlock further commercial growth for banks by opening more accounts and increasing their deposits.
Phil Cotter, Head of Customer and Third-Party Risk Solutions, LSEG Group said, “The partnership with Mastercard builds on our continued investment in digital identity fraud solutions for LSEG customers. By providing customers with consumer-permissioned open banking account verification through Mastercard, our customers can more effectively manage fraud and meet their compliance obligations, whilst providing a differentiated digital experience to their customers”.
There are exactly 3 months until the opening of Identity Week Europe 2023 in Amsterdam – the first upscaled edition to reflect the size and magnitude of this industry’s innovation.
Our exciting move to Amsterdam is to primarily upgrade a suitable venue to house the breadth of the ecosystem and reflect the upscaling of Identity Week Europe in recent years, which continues to expand with useful use cases and technologies bringing vendors, organisations and identity leaders together.
It is also a central identity hub, enhancing convenient travel for our stakeholders to attend and take part in attitude pivoting discussions about the next steps to innovate and implement ground-breaking identity technologies and solutions in the ecosystem.
Prepare to be invigorated – join over 4,000 attendees, 200 speakers, 250 exhibitors and start-ups over 2 days at the RAI Amsterdam.
The entire identity ecosystem will be in Amsterdam from 13-14 June, seeking the latest tech and partnerships to solve the biggest issues facing identity today. Book your place today https://lnkd.in/eswUkew6
Finextra’s report summarises the certain future of digital banking for North America which the banking sector is hurtling towards due to growing customer demands.
In the report, young generations and millennials are described as the native consumers of digitalisation and active customers in today’s global market transferring in-store based experiences and consumer purchasing behaviour into the online space.
As such, traditional banks are in a pressured environment to adapt to the pace of innovation and pursue new emerging revenue streams.
The influence of young digital natives has pushed for change in the way we pay for goods and services more efficiently and quickly and expect personalised digital customer experience with chatbots.
Open banking could become such a phenomenon that Finextra’s report predicts that it could transform 8% of U.S. e-commerce. The Financial services are having to evolve to the chime of consumer needs and demands dictating in Central America that they must explore alternative virtual pay options within digital wallet, crypto usage, and QR-based transactions.
Open banking solves banks and customers’ desire to simplify a common method of onboarding which anticipates what users need to be authenticated quickly.
It is very well fuelling the arrival and integration of open banking into the financial sector, however, the regulation environment in the United States requires reform for fraud mitigation and banks on the defensive to engage in industry-led collaboration to make open banking mainstream.
As it stands the U.S landscape lags behind Europe in establishing a regulatory framework that governs how data is collected and protected while bolstering innovation and driving openness.
Innovation will not only be fast-tracked by meeting customers’ satisfaction and encircling the right frameworks around open banking but spiking fraud and vulnerabilities with new technology will naturally spark resistance to huge losses. As the US Federal Trade Commission (FTC) reported, $547 million loses were accumulated as a result of customers grappling with new technologies.
The pandemic stoked customers to migrate to digital payment methods leaving some new the technology vulnerable to sophisticated fraud attacks.
Wells Fargo mentioned, “as the pandemic has proven, we have reached the tipping point for the way customers want to manage their money, with digital adoption growing at an unprecedented rate”.
They added: “The investments we are making build on the digital foundation for the company and reduce risk, while also creating digital-first experiences and embracing technology to evolve ahead of customer expectations…we believe new digital experiences will ultimately improve customer satisfaction, and allow our bankers to focus on more complex needs for customers.”
Lloyds Banking Group has heavily invested £10 million in digital identity to create safer customer experiences onboarding, authenticating and making transactions where fraud remains a top challenge.
Digital identity company Yoti received the tender and this latest funding round which follows key milestones since it was launched back in November 2017, including a variety of partnerships with Heathrow Airport – to expand biometric safe travel for passengers – installing age verification self-service checkouts at NCR and Yubo and Facebook – implementing age assurance to safeguard young people online.
The investment supports the advancement of innovative technology to keep people’s financial assets and livelihoods safe through the online space, tackle increasingly prevalent types of identity fraud, and give more control to account holders over their personal data.
Kirsty Rutter, FinTech Investment Director at Lloyds Banking Group, said:
“We are thrilled to be supporting Yoti and their experienced, passionate team with their work to further protect people online, through developing and growing digital identity solutions.
We know how important fintechs and technology partners are for delivering better outcomes for our customers and this investment represents another step forward in our plans to strengthen the UK’s financial ecosystem and is a crucial part of how we help Britain prosper.”
Yoti offer a range of digital identity solutions but more recently has struck partnerships and deals using its age estimation technology and patent applications around biometric liveness authentication, anti-spoofing to penetrate in particular the retail market – uphold purchase laws on alcohol and age-restricted products – and partnership up with social media platforms,.
Yoti also rapidly climbed in popularity to be selected by the Government of Jersey to be its digital identity provider.
Breaking into the financial services, the investment will launch a reusable digital identity proposition leveraging Yoti’s existing solutions, which includes a free digital ID app to enable mobile customers to privately, securely and seamlessly prove their identity when they authenticate or onboard.
Robin Tombs, CEO at Yoti commented in relation to the partnership:
“The combination of their expertise in financial services and our digital identity solutions will bring security to even more businesses, people and communities. We will make it easier and safer for individuals to prove who they are and enable businesses to have more trust and confidence in the identity of their customers.”
The investment in Yoti is Lloyds Banking Group’s second investment of 2023, following a successful round of investments in 2022. These investments are headed up by the Group’s recently formed Fintech Investment team, which focuses on identifying and exploring opportunities for investment into fintech at Seed to Series B.
The junta Department of Communications have set about deactivating accounts of SIM card holders in Myanmar whose registrations mismatch databases provided by the Ministry of Immigration and Population.
A cut off deadline was set for 31 January 2023, encouraging account users to check if their registration information was correct to prevent fraudulent activities and unsafe financial transactions.
When registering a SIM card users must supply their full name, Citizenship Scrutiny Card or National Registration Card number and clear photographs.
In 2020, Myanmar’s Ministry of Transport and Communications reported closing 34 million SIM card accounts due to poor registrations, retracting physical SIM cards after the June 30 deadline was set.
SIM cards hold identifiable data relating to any individual holder to safeguard physical as well as digital and financial security.
Out of a total circulation of 23 million registered SIMs, 6.3 million cards were deactivated in the same year (2020).
Al Salam Bank in Bahrain is launching a campaign offering a cash incentive if new customers digitally onboard, after acquiring and migrating customer services from AIthmaar Bank.
In November 2022, the bank’s annual financial report was published indicating end of year net profits of around BD 6.8 million for the third quarter of 2022 – a 22% increase attributed to mainstream banking activities.
The campaign aims to encourage customers migration to using Al Salam Bank services since the acquisition, a further sign of business booming.
New customers who digitally onboard and open accounts through the bank between February and December 2023 will be entered into a monthly cash draw to win BHD 250.
Mr. Mohammed Buhijji, Head of Retail Banking at Al Salam Bank, said:
“At Al Salam Bank we proudly implement a digital-first mindset, enabling us to elevate our client’s experiences with innovative, smart, and efficient banking services. As such, we have launched our recent campaign with the aim of encouraging clients to adopt digital services and make use of their range of benefits and 24/7 availability, offering users a guaranteed convenient and seamless banking journey. We encourage everyone to join Al Salam Bank through our various digital services for an exceptional digital journey, the chance to win cash prizes of BHD 250, and benefit from a number of features and exclusive rewards.”
On this International Women’s Day, we want to take the chance to highlight and celebrate female identity thought leaders within the ecosystem that have always driven and continue to drive successful use cases and bring solutions to the forefront in a largely dominant male field.
Gender discussion is so important to unlocking the full power of workforces and sparking innovation, but it is also a basic right for every woman to work in a fair and supportive working environment with equal pay and opportunity. Two sides of the discussion lie in addressing gender bias and poorer representation of women in the identity industry, and eliminating technological bias.
The identity industry is constantly making strides towards stamping out gender imbalances within the identity industry and this includes levels of inherent bias in technologies. A sign of change in the ecosystem, most credible solution providers are now attaining top NIST rankings for accuracy in tech that proves mitigation of bias between the genders and different demographic groups.
The industry’s awareness and attention to bias is a prime example of why identity is one of the most diversifying sectors which not only aims to promote fair representation and treatment in the professional working environment, but also ensures that the need to identify and scrutinise everyone as a potential threat is fair, universal and not discriminatory based on race, gender or other factors.
It is CEOs and founders that are making gender diversity a priority to address within their workforces, changing the landscape of the industry and faces that attend Identity Week. The term ‘quota’ is counterproductive to our objectives for true equality; the natural tide change in the industry supporting female talent in identity is enabling a seamless process of ensuring everyone who is part of the identity ecosystem is in the same room at Identity Week Europe, Asia and America.
Identity Week sessions focus on gender based issues, including barriers to women working and obtaining leadership roles, which has an impact on preventing technical progress of technologies and identity-related use cases.
Identity Week Europe has an impressive lineup of female speakers. They include:
The Open Identity Exchange opposes a government centralised digital ID system for citizens in favour of a decentralised private model, which typically hands back control to users over their personal data and digital credentials.
Chief strategist Nick Mothershaw has been very vocal about his criticisms of the stance taken by Tony Blair Institute, which attracted the media spotlight recently due to comments made by Tony Blair and William Hague calling for a government-issued national digital ID card and national datasets.
In stark contrast, Mothershaw contested that a digital ID card and a centralised system compiling the data of every citizen would be instrumental to making Britain a technological innovative leader and dominant economy.
“Digital IDs are complex”, he said, criticising the comments of two of the most prominent names in British politics.
He proposed a “smart” digital wallet that integrated both private and public produced ID and digital credentials that met all user’s needs and allowed the user’s control over sharing their personal information.
“In our view, government should focus on issuing user managed ID proofs into certified private sector smart digital IDs, or wallets, Mothershaw said. “This will allow the private sector to provide users innovative smart digital ID services that blend trusted ID proofs from government, with public and private sector credentials.”
WithIdentity Week Europe 2023fast approaching we want to highlight some of the inspiring and industry leading panel sessions we have lined up.
Register before midnight on Friday 10th March to reserve your place and save 40% on conference passes before the price goes up!
Staying a step ahead of counterfeiters and fraudsters drives innovative document design.
Representatives from the governments of Moldova, the Netherlands, the United Kingdom, and from Europe’s border protection body come together and discuss their strategies for fighting document fraud.
Cross-sector experts examine applications for identity and blockchain within finance, telcos, and wallets.
As more and more industries explore the blockchain, this panel features experiences and perspectives from blockchain professionals at the forefront of tech adoption.
The Information Commissioner’s Office (ICO) has approved a fourth GDPR certification scheme aimed at training and qualification providers following the success of other schemes looking at areas including children’s data privacy and age assurance technology.
The certification scheme criteria across the board will enable users and candidates to have total freedom over who they share their personal data with and instil confidence that their data privacy rights will be met.
Emily Keaney, Deputy Commissioner, Information Commissioner’s Office commented:
“All four of these certification schemes are hugely positive developments for organisations to be a part of. Not only do they offer certainty to businesses to get things right, but they also provide a binding framework for organisations to sign up to, ensuring they raise the bar when it comes to data protection.
In an era where trust and accountability are paramount, these schemes are a way of reassuring your customers, clients and suppliers that you hold additional expertise in a given area, are committed to building data privacy into your work and adhere to strong standards.
The newest of these four schemes in particular additionally shows that organisations value their candidates’ personal information and have taken additional steps to protect it.”
Previously, Tony Allen from the Age Check Certification Scheme – the guardian body of certification standards whic developed criteria for two schemes relating to age assurance and children’s online privacy – made light of the fact that there are not enough standards governing GDPR compliance.
Many UK authorities have pushed to upgrade legal requirements for companies to verify the age of users accessing pornography sites alongside significantly strengthening the Online Safety Bill.
France’s online safety bill recently voted in favour of extending privacy obligations over users’ data to social media platforms as well as porn websites, allowing users to have “double anonymity” through the exchange of tokens between digital ID providers and end sites.
New research shows that 91% of businesses recognise the value of increasing their expenditure on identity verification in the next 1-3 years to secure their data and alleviate identity fraud, 43% admitted.
Identity verification is already embedded into ensuring seamless user experiences and security in many industries and the public sector with banks, for example, looking to excel beyond traditional trust services and be immersed in the digital identity ecosystem. Almost two-thirds of companies already deploy digital document verification (65%), particularly in the financial sector, and 60% use fingerprint recognition.
The increased effort of these businesses could result in an extra 20% splurge on bigger budgets for identity verification technologies, providing customers centricity and assurance and digitalisation.
94% are likely to come onboard with levelling up identity verification in the coming year as findings also revealed businesses had high expectations on making meaningful returns on their investment from delivering customer satisfaction, faster and simpler onboarding processes.
The report was commissioned by Regula who said: “The IDV market will inevitably grow, and we surely haven’t yet seen its peak. With the number of new users rising non-stop, along with the general trend towards digitalisation, businesses will have to adapt and implement new methods of onboarding and verification of their customers. It may sound like a challenge to embed a wide spectrum of various IDV solutions; however, the whole process can be easily organised with a single solution from one vendor whose comprehensive approach to IDV solution development makes it possible to cover all the steps in identity verification”.
Sapio Research Conducting these findings in December 2022 and January 2023 surveying remotely 1,069 fraud management decision leaders across the financial services, Technology, Telecoms, and Aviation sectors.
The European Commission is inching closer to unveiling the interoperable European Digital Identity (EUDI) Wallet Solution for all Europeans accepted by member states.
The webinar digs deep into the recently published Architecture and Reference Framework (ARF) by the European Commission which has raised some eyebrows and generated many interpretations of the wallet framework within the digital identity community.
Intesi Group (Viky Manaila) and Gen (Andy Tobin) participated in conversation with one of the co-authors of the ARF – Peter Altmann, on “Demystifying the EUDI Wallet Architecture Reference Framework”.
The webinar affirms the standards around the implementation of the EU digital wallet, which should be certified and every provider certified and listed however highlights the lack of public availability and mature standards and technical specifications to implement acts.
Each member state has autonomy over selecting and endorsing a EUDI wallet solution that suits their use case needs and the architecture reference framework, which aims to enable large scale pilots and widespread applications, recognises that no one solution can satisfy specific member states’ needs.
