South Africa's Ideco plans to soon introduce a new Identity-as-a-Service (IDaaS) and nuID mobile app ecosystem next week for identity verification.Ideco CEO Marius Coetzee told Fin24 that the ecosystem and new, soon-to-be-released mobile application will enable users to have more control over protecting their identities. “The app enables the general public to take control of identity. When your identity is needed for an application like a cellphone contract, so many copies of a person's identity is floating around. This app aims to provide more security and curb identity theft,” he said. According to Ideco, identity fraud currently costs South African organisations billions annually. With losses of up to R15bn each year in the medical sector alone, identity fraud is possibly the single biggest governance, risk and compliance challenge facing South African organisations today.The IDaaS ecosystem is dubbed the “next-generation identity verification as a service to organisations requiring FICA or RICA compliance”.The system works by capturing the credentials and biometric data of the consumer at the point of contact, then validating the data in real time using the Ideco IDaaS ecosystem. When full trust is established, it generates a seal of authenticity which both verifies the customer identity and digitally signs the vendor documents in compliance with the Electronic Communications and Transactions Act.