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Accelerating Digitization Exposes Persisting Weaknesses in Identity Protections

– Global Association of Risk Professionals (GARP)

The rapidly accelerating digital economy and the role of digital identity and verification

Having spoken with experts across the finance and identity spaces, Heires warns of risks in banking and identity fraud that seem to have been magnified through our global economic digitization during the COVID-19 pandemic.

"Digital IDs can also be seen as the electronic equivalent of such common means of verification as drivers' licenses, passports or birth certificates."

Heires notes opportunities are being seized all over the world by tech start-ups, large tech firms, multinational institutions and governments to improve systems and security.

If we don't act now, there could be fraud linked to health care issues and government programs. We need to know that our doctors are certified and verified, and in a world where we increasingly hire people online, you need to know that they are who they say they are... On the flip side of authentication's anti-fraud, risk management, social inclusion and other benefits is potential for misuse or poor execution

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