With Identity Week America only weeks away, how critical is achieving digital identity and who is discussing it?
Just recently, Acting Deputy Director of the Financial Crimes Enforcement Network, Jimmy Kirby, demonstrated the relevance of continuing to discuss how digital identity can be implemented across industry case studies.
Digital identity remains a critical benchmark to reach in order to secure reliable and secure financial services. In his speech at the Federal Identity Forum & Exposition, Kirby alluded to the challenges and important factors in implementing digital identity, including being aware of emerging threats, ensuring responsible innovation and expanding partnerships and feedback mechanisms to enable to provision of digital ID in Financial services.
FinCEN is a bureau of the U.S. Department of the Treasury with a mission to safeguard financial services and systems from fraudulent use and the threat of money laundering through through the collection, analysis, and circulation of financial intelligence and alliance with key financial authorities.
FinCEN is directly involved in helping financial institutions to identity their customers and combating fraud. Embodying the principles of the network in promoting innovation around digital identity, he emphasised important features of a digital identity framework to accelerate secure financial services.
Kirby noted that “evidence of digital identities must be dynamic and able to be updated frequently”, shared in forums to report on progress of use cases. Identity Week America, which will take place for U.S. identity stakeholders on the 4 and 5 October, will deliver just this – providing a fruitful forum to reassess digital identity solutions and their deployment.
“We also need to consider features related to source verification and interoperability” he added. Eventually, consumer data collected from identity verification will also be available to be stored cryptographically and accessed via token exchange.
In harmony with the topics discussed at identity Week America, he emphasised that developments in digital identity rely on protecting user privacy concerns while ensuring financial inclusion and the integrity of financial services built on a foundation of trust.
Secure your ticket for identity Week America, on 4-5 October: https://secure.terrapinn.com/V5/step1.aspx?E=10580