Technological improvements have brought a plethora of options within reach. We are frequently reminded of the impending technological revolutions, game changers, and paradigm upheavals, from artificial intelligence to Big Data, cryptocurrency to Blockchain.
To realize the benefits of any of these technologies, however, we must first create and cultivate one common value: trust. The prevalence of cybercrime in the region and high-profile global privacy breaches have recently taken a toll on trust levels, which can have ramifications for the regional economy.
The security of the digital world is vital in developing this trust. Brands can regain consumer trust by safeguarding their platforms.
Read: Fintech and digital banking: GCC countries reserve their seats
To achieve this, businesses should focus on four areas:
1- Making a mindset shift on digital identity
A greater level of trust in online services, from social media to mobile banking, will be possible once the significance of a digital identity is acknowledged.
Certain organizations don’t verify online identities when users join their platforms, allowing fake accounts and synthetic identities to be set up for rogue and abusive activity. Other companies simply pay attention to the initial online engagement, such as logging into an online account, which leaves subsequent behavior undetected.
With the digital revolution underway, businesses must modify how they handle online identity verification. Older authentication models rely excessively on one or two weak pathways rather than layering several data sources, which makes them unfit for purpose and open to exploitation.
As our online economies continue to grow, it is essential that we change how we confirm someone’s identity online, and the technology we have today enables us to precisely identify genuine individuals, ensuring they are who they say they are and let them get on with their digital lives.
2- Positively identify
The strategy of positively identifying a genuine user is the only way to ensure accurate authentication in the digital era.
Most authentication techniques nowadays do not demonstrate this. A fraudster utilizing real credentials such as a username, password, or OTP appears to be the genuine user they are impersonating when all they’ve demonstrated is that they have the username, password, or ownership of a stolen device to access a service. Using behavioral biometrics, which are unique muscle memory for everyone, verifies a person’s identification beyond dispute and is an authenticator that fraudsters cannot replicate.
3- Take a multi-layered approach
Companies can now utilize technology to identify real users instead of prospective fraudsters, but they must apply a multi-layered strategy.
Digital identities are made up of hundreds of data points specific to each user, such as their login and password, the location where they are using their device, how quickly they type or swipe their phone, and many other factors. It creates a detailed portrait of “who” a person is, which can be used for verification.
Contextual data, such as device, location, and threat detection, are layered with behavioral biometrics to identify real users, reducing the reliance on a single source or a small amount of evidence which can lead to weaknesses in the process. In a few easy steps, it provides multi-factor authentication.
As organizations gain a better understanding of users’ real-world behaviors to safeguard the system, they can consider these factors to strengthen digital identities over time. This approach surpasses AI-predicted models, which may be biased or inaccurate.
4- Secure data without invading privacy
Data minimization and obfuscation principles must be considered in addition to behavioral identification. To ensure that the person is the right person based on behavioral patterns and not intrusive PII data, sensitive data about users must be hidden, respecting user privacy.
The framework for trust is already in place, and with 67% of Middle Eastern consumers saying they are confident in banks and financial services to behave ethically when it comes to managing, using, and protecting customer data, it is evident that this foundation needs to be built upon.
To assure customers that their data is secure, they must recognize the importance of digital identification; otherwise, digital services will hinder rather than promote growth.
Trust is the foundation of all successful interpersonal, professional, and even political relationships.
However, trust has diminished in today’s quickly evolving, increasingly digital society. Its absence will cause long-term harm to society and business and missed opportunities.
As they increasingly interact with their customers online, businesses must realize that digital trust is basic, if not the most critical component for every organization. Digital identity is the foundation of trust, so to restore digital trust, digital identity must be at the center of all digital transactions.
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