A digital identity is an online representation of a person, organization, or electronic device adopted or claimed in cyberspace. Users may project many digital identities through multiple communities. However, security and privacy are top priorities for digital identity management. While digital identity may seem complex, it is relatively straightforward. Your digital identity is defined as any personal data linked to the physical you. Like, photographs you have posted on social media, posts you have made or commented on, your online bank account and, search engine history.
Digital identity verification entails ascertaining that a person’s claimed identity matches their actual one. The property of identity is the similarity of one item to another when compared. It is a collection of unique and irreplaceable characteristics and characteristics of a person. It is crucial when interacting with individuals, much more so in the modern era of the internet, when identity theft is far more frequent than we know. Almost every process and operation, both online and offline, requires identity verification in a range of scenarios, from establishing a bank account to electronically completing tax forms. Due to the sophisticated tactics employed by fraudsters to do malicious acts, no sector is safe these days.
Every sector requires checks on online identity verification. Banks, crowdfunding sites, insurance companies, and virtual payment systems are vying to simplify consumer interactions. However, unlawful activity has grown to be a significant concern. By removing some of the hurdles to participation in the digital economy for persons with limited access, digital ID may help address systemic difficulties. In addition, the physical papers may be replaced with a legally recognized, distinct digital identity. You may use technology to help you satisfy regulatory requirements, such as verifying address evidence using GPS. This procedure enables a person to comply with KYC requirements to create a transaction account, which opens up a world of financial possibilities.
To know further about ‘stronger’ strong customer authentication boosts fraud prevention, below is an infographic to help you secure private authentication for the future – LoginID.