THANK YOU FOR SUBSCRIBING
Enterprise Security Magazine | Monday, November 20, 2023
New digital trends can be attributed to the emergence of digital solution providers who have enabled businesses to maintain an expanding number of identities in the digital era through the application of smart technologies.
FREMONT, CA: An individual now has multiple identities across applications and devices instead of just one physical identity owing to the advancement of digital technologies. Digital identity is just as important as a physical identity because it helps organisations achieve goals like social inclusion, digital transformation, higher service quality, and other objectives while protecting the unspoken characteristics that make identity such a defining factor.
As technology advanced and the world became more connected, entities changed. The physical and digital worlds are becoming more intertwined through technology, enabling previously unattainable levels of efficiency. Although digital ID has a lot of potentials, some risks should be taken into account. Digital ID technologies, like other dual-use technologies, are susceptible to abuse, which can be decreased by putting in place clever digital mechanisms.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
Digital Identity Trends
e-KYC
In the customer due diligence process for digital financial services, consumer identification and verification are critical. New e-KYC solutions are becoming possible as technology, biometric data, distributed ledgers, and artificial intelligence advance. It develops novel techniques that are more affordable and successful by utilising these technologies. The use of Aadhar has played a significant role in establishing digital identity and digital inclusion in India. Moreover, the inclusion of face-powered authentication, which is currently awaiting regulatory approval, will play a significant role in the establishment of digital identities in 2023, as it is capable of capturing the live face of individuals in addition to demographic and photographic information, which are typically used in the e-KYC process.
Anti Money Laundering (AML)
It enables banks and governments to track, examine, and report information and transactions about individuals to detect, stop, and report suspicious money-laundering operations and improve AML compliance. Furthermore, by implementing AML solutions that use advanced analytics, artificial intelligence, and machine learning to predict potentially illegal transactions, the organisation's AML compliance planning will keep growing.
Digital KYC
Digital KYC verification is one of the most important tools for organisations and a major trend that is growing. The assisted mode of digital verification, also known as video-based verification, for digital onboarding will become more widely accepted in 2023.
Forensic checks
Identity documents are the most important source of information for verifying users, and all organisations have developed various techniques for online consumer verification. In 2023, AI will continue to aid in data verification. The AI algorithm is constantly evolving, and fintech solution providers will play a critical role in assisting organisations in validating the authenticity of uploaded documents during the digital onboarding process with their technologies.
More in News