Our personal safety is under attack. Here's how embracing 'identity literacy' can help. AU10TIXLimited ad
Imposter scams accounted for one in five of the fraud reports made to the Federal Trade Commission in 2020.
Identity fraud has more than negative economic effects. The American Institute of Certified Public Accountants puts the effects of identity fraud on senior citizens in the category of elder abuse. There have been instances of home-sharing hosts defrauded by guests who steal their things and run criminal operations from their properties. And we've all seen the stories of people being catfished on online dating sites and scammed out of their money — or worse.
These identity elements factor increasingly in scenarios beyond banking or travel. The best companies are embracing contextualized identity intelligence to assess risk and threats without disrupting the way we access our social-media interactions, consult doctors over video calls, book cars via our mobile phones, and use our workplace resources. One example is how your bank can quickly identify possible fraud because of its knowledge of your spending habits.
Since then, banks have grappled with rapidly evolving technologies ranging from mobile banking to e-commerce and cryptocurrency. As these incumbent financial-services companies work increasingly with young, innovative fintech companies, they face an identity-centric future. "Large enterprises struggle with how much identity information they have and how fragmented it is across the organization, knowing it could be better managed to create a great, secure user experience," O'Connor Kolaja said."Other organizations without fraud, risk, or compliance officers don't even know what they are up against or what's possible."
Responsible identity management includes using only the personal data necessary to authenticate and authorize a person or entity, and no more. It's a deceptively difficult problem.
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