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Identity verification and user authentication are hot spaces right now, and only getting hotter as merchants, financial institutions (FIs) and consumers demand more foolproof protection against fraudsters. Today, though, visit any industry trade show and the halls are packed with identity verification products.
The more individuals leave a trail of information across websites, the more tempting the targets are for hackers to make off with everything from SocialSecurity numbers to health care information. Your security question with your dog’s name? The more business is done online, the more fraud makes inroads. They ain’t cutting it.
There’s much to look forward to as the September rollout of Phase 2 of Same Day ACH (Debit Pull) looms, but David Barnhardt, executive vice president of full-service payment and verification solutions provider GIACT , thinks there’s just as much reason for caution. “I Barnhardt said banks should cross-check identities using social platforms.
For example, this process looks to establish there is a person such as Jane Smith and that she has the corresponding attributes such as date of birth and/or socialsecurity number. Identity Verification. Together identity validation and identity verification are often referred to as identity proofing. Enrollment.
This is where medical organizations use online identity verification technologies to capture a patient’s government-issued ID and a corroborating selfie to ensure the person behind the ID is the person creating the account.”.
The fact remains that the very data that is readily available across all conduits of transactions – from phone numbers to SocialSecurity numbers – are there for the taking, across all manner of firms, and can be used as building blocks to create sophisticated ways to defraud the innocent.
Put another way, and to paraphrase a hockey great: When it comes to identity verification and the technology that comes with it, FIs need to skate where the technology is headed, not where it has been. It makes us comfortable with new ways of authentication and new ways of verification.”.
The ‘customer’ in question used all the right real data: real address, right name, right socialsecurity number, right password. The “customer” was really a fraudster who came into a verification process armed with all they knew would be necessary to fool the system.
In Australia, for instance, the government has nailed down an extensive framework around who can participate in the network and is launching a new enrollment process in the fall, in which private companies can take part – this has been piloted with the postal service and transportation industry.
In Australia, for instance, the government has nailed down an extensive framework around who can participate in the network and is launching a new enrollment process in the fall, in which private companies can take part – this has been piloted with the postal service and transportation industry.
Deploying blockchain solutions in education could streamline verification procedures – thus reducing fraudulent claims of un-earned educational credits. Gem is using Ethereum blockchain-enabled technology to create a secure, universal data-sharing infrastructure for the space.) Supply chain management.
Everything’s fair game, it seems, from names and SocialSecurity numbers (SSNs) to account data, and even info gleaned off social profiles (more on this in a minute). All too often, companies rely on limited data for enrollments and payments, Barnhardt told Webster. Relying on limited data points is a dangerous game.
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