Yearly Archives: 2019

Smart Cities Need User-Centric Digital ID to be Built on Foundational Principles

Will Sidewalk Labs turn a large portion of Toronto’s lakeshore into a surveillance “smart city” or will the principles of transparency, accountability, and inclusive innovation shape the emerging waterfront?

This is a topic of much debate, heightened by Sidewalk Labs’ recent release of its Digital Innovation Appendix. This addition to the project’s Innovation & Development Plan states that the majority of digitally enabled services and systems will be purchased from third parties – including the user data they have access to. 

This raises significant questions.

There is a BIG difference, between transparent consent driven digital ID systems – where users provide explicit consent for specific data collection and use – and covert digital ID models where  data is captured and shared without users’ knowledge or consent. 

Privacy by Design Principles (led by Anne Cavoukian, Ontario’s former Privacy Commissioner) have helped by shaping digital best practices in Canada and around the world. This approach, along with user consent and transparency, are among DIACC’s main principles. Inclusivity is another key principle – the DIACC believes that secure, privacy-enhancing, and empowering digital ID should be available to all. 

  • DIACC firmly believes in user-centred digital ID – designed to prioritize and require user choice, control and consent regarding access to collect and manage data. As Sidewalk Labs looks to move forward in their work in Waterfront Toronto, we reiterate the importance of these principles as foundational to the empowerment of a digital society that works for all Canadians. 

Joni Brennan
President, Digital ID & Authentication Council of Canada

DIACC Industry Insights: Digital ID in Government Services

This ‘mini white paper’ is the fifth in a series prepared by DIACC, highlighting the potential impact that digital ID could have on key sectors of the Canadian (and global) economy.  

The focus of this paper is on government services. Find out what you need to know about the applications of digital ID in the industry, and how it impacts key stakeholders, including citizens, businesses and policymakers.

Read the full paper: DIACC Industry Insights: Digital ID in Government Services

Industry-Insights-Digital-ID-in-Government-Services_Nov-2019

Request for Comment and IPR Review: PCTF Verified Login Component Overview & Conformance Profile Draft Recommendations V1.0

Le français suit…

Notice of Intent: DIACC is collaborating to develop and publish a Verified Login industry standard as a component of the Pan-Canadian Trust Framework (PCTF) to set a baseline of public and private sector interoperability of identity services and solutions.

Document Status: These review documents have been approved as Draft Recommendations V1.0 by the DIACC’s Trust Framework Expert Committee (TFEC) that operates under the DIACC controlling policies.

Summary:

The PCTF Verified Login Component defines a set of processes that enable access to digital systems. Processes in scope for this component include binding a Credential to a Subject, binding Authenticators to a Credential, session management, and Credential lifecycle management functions (e.g., updates, suspension, recovery, and revocation). It also defines a set of Conformance Criteria for each process that, when a process is shown to be compliant, enable the process to be trusted.

The purpose of the PCTF Verified Login Component is to ensure the on-going integrity of login processes by applying standardized Conformance Criteria for process assessment and certification. The Conformance Criteria for this component may be used to ensure Trusted Processes result in the representation of a unique Subject and a Level of Assurance that it is the same Subject with each successful login to an Authentication Service Provider. Also, the reliability of Trusted Processes needed to maintain the integrity and security of the Authenticators used to gain access to remote systems.

To learn more about the Pan-Canadian vision and benefits-for-all value proposition please review the Pan-Canadian Trust Framework Overview.

Invitation:

  • All interested parties are invited to comment.

Review Documents:

When reviewing these drafts, please consider the following and note that responses to these questions are non-binding and serve to improve the PCTF.

  1. If your organization were to self-assess today, would you comply?
  2. Could your organization comply?
  3. Could your organization identify any barriers to compliance (business, legal, or technical)?
  4. Would you be willing to complete a non-binding self-assessment? If so, would you be willing to share those results with the DIACC Trust Framework Expert Committee.
  5. Is the description of the Trusted Processes clear and accurate?
  6. Are the conformance criteria clear and measurable/accessible?
  7. Do you agree with the terms used to describe Verified Login and the use of the phrase “Verified Login” for this component?
  8. Do you agree with the removal of descriptive information from the conformance profile document and its consolidation in the overview document?
  9. Do you agree with the re-structuring of the overview document to put all terms, definitions, roles, and other key information into a single section?

Supporting Documents:

Period:

  • Opens: November 20, 2019 at 23:59 PST | Closes: January 20, 2020 at 23:59 PST

Intellectual Property Rights:

Comments must be received within 60-day comment period noted above. All comments are subject to the DIACC contributor agreement; by submitting a comment you agree to be bound by the terms and conditions therein. DIACC Members are also subject to the Intellectual Property Rights Policy. Any notice of an intent not to license under either the Contributor Agreement and/or the Intellectual Property Rights Policy with respect to the review documents or any comments must be made at the Contributor’s and/or Member’s earliest opportunity, and in any event, within the 60-day comment period. IPR claims may be sent to review@diacc.ca. Please include “IPR Claim” as the subject.

Process:

  • All comments are subject to the DIACC contributor agreement.
  • Submit comments using the provided DIACC Comment Submission Spreadsheet.
  • Reference the draft and corresponding line number for each comment submitted.
  • Email completed DIACC Comment Submission Spreadsheet to review@diacc.ca.
  • Questions may be sent to review@diacc.ca.

Value to Canadians:

The PCTF Verified Login Component will provide value to all Canadians, businesses, and governments by setting a baseline of business, legal, and technical interoperability. The DIACC’s mandate is to collaboratively develop and deliver resources to help Canadian’s to digitally transact with security, privacy, and convenience. The PCTF is one such resource that represents a collection of industry standards, best practices, and other resources that help to establish interoperability of an ecosystem of identity services and solutions. The DIACC is a not-for-profit coalition of members from the public and private sector who are making a significant and sustained investment in accelerating Canada’s Identity Ecosystem.

Context:

The purpose of this Draft Recommendation review is to ensure transparency in the development and diversity of a truly Pan-Canadian, and international, input. In alignment with our Principles for an Identity Ecosystem, processes to respect and enhance privacy are being prioritized through every step of the PCTF development process.

DIACC expects to modify and improve these Draft Recommendations based upon public comments. Comments made during the review will be considered for incorporation into the next drafts and DIACC will prepare a Disposition of Comments to provide transparency with regard to how each comment was handled.

Guide d’examen des ébauches de recommandations pour l’aperçu de la composante « Connexion vérifiée » et le profil de conformité de la connexion vérifiée du cadre de confiance pancanadien V1.0

Déclaration d’intention : Le DIACC collabore pour développer et publier une norme de l’industrie en matière de connexion vérifiée en tant que composante du cadre de confiance pancanadien afin d’établir une base d’interopérabilité des services et solutions d’identité dans les secteurs public et privé.

État des documents : Ces documents à examiner ont été approuvés en tant qu’ébauches de recommandations par le Comité d’experts du cadre de confiance (TFEC) du DIACC, qui est régi par les politiques qui contrôlent le DIACC.

Résumé

La composante « Composante vérifiée » du cadre de confiance pancanadien définit un ensemble de processus qui donnent accès à des systèmes numériques. Les processus visés par cette composante incluent la liaison d’un justificatif à un sujet, la liaison d’authentifiants à un justificatif, la gestion de session et les fonctions de gestion du cycle de vie des justificatifs (p. ex., mises à jour, suspension, récupération et révocation). Elle définit aussi pour chaque processus un ensemble de critères de conformité qui, lorsqu’un processus est indiqué comme étant conforme, permet de lui faire confiance.

La composante « Composante vérifiée » du cadre de confiance pancanadien a pour objectif d’assurer l’intégrité continue des processus de connexion en appliquant des critères de conformité uniformisés à l’évaluation et à la certification des processus. Les critères de conformité pour cette composante peuvent servir à s’assurer que les processus de confiance donnent la représentation d’un sujet unique et l’assurance qu’il s’agit du même sujet à chaque connexion réussie à un fournisseur de services d’authentification, ainsi que la fiabilité des processus de confiance nécessaires pour maintenir l’intégrité et la sécurité des authentifiants utilisés pour avoir accès à des systèmes à distance.

Pour en savoir davantage sur la vision du cadre de confiance pancanadien et les avantages qu’il procure à tous, veuillez lire le document Aperçu du cadre de confiance pancanadien.

Invitation

  • Toutes les parties intéressées sont invitées à faire des commentaires.

Documents à examiner

En examinant ces ébauches, veuillez tenir compte des questions ci-dessous et prendre note que les réponses ne sont pas contraignantes et servent à améliorer le cadre de confiance pancanadien.

  1. Si votre organisation devait s’auto-évaluer aujourd’hui, serait-elle conforme?
  2. Votre organisation pourrait-elle être conforme?
  3. Votre organisation pourrait-elle identifier des obstacles (commerciaux, juridiques ou techniques) à la conformité?
  4. Seriez-vous disposé à faire une auto-évaluation non contraignante? Dans l’affirmative, seriez-vous disposé à partager ces résultats avec le Comité d’experts du cadre de confiance pancanadien.
  5. La description des processus de confiance est-elle claire et exacte?
  6. Les critères de conformité sont-ils clairs et mesurables/accessibles?
  7. Êtes-vous d’accord avec les termes utilisés pour décrire la connexion vérifiée et l’utilisation de l’expression « connexion vérifiée » pour cette composante?
  8. Êtes-vous d’accord pour supprimer l’information descriptive du document sur le profil de conformité et de l’intégrer dans l’aperçu?
  9. Êtes-vous d’accord avec la restructuration du document sur l’aperçu pour regrouper tous les termes, définitions, rôles et autres renseignements clés dans une seule section?

Documents de référence

Période

  • Début : 20 novembre 2019 à 23 h 59 HP | Fin : 20 janvier 2020 à 23 h 59 HP

Droits de propriété intellectuelle

Les commentaires doivent être reçus pendant la période de 60 jours indiquée ci-dessus. Tous les commentaires sont assujettis à l’entente de contributeur du DIACC; en soumettant un commentaire, vous acceptez d’être lié par les conditions qu’elle renferme. Les membres du DIACC sont également assujettis à la politique sur les droits de propriété intellectuelle. Tout avis d’intention de ne pas octroyer une licence en vertu de l’entente de contributeur et/ou de la politique sur les droits de propriété intellectuelle relativement aux documents à examiner ou à des commentaires doit être donné dès que le contributeur et/ou le membre en ont la possibilité, et en toute circonstance, pendant la période de commentaires de 61 jours. Les revendications au titre des droits de propriété intellectuelle peuvent être adressées à review@diacc.ca. Veuillez indiquer « Revendication en matière de propriété intellectuelle » dans l’objet.

Processus

  • Tous les commentaires sont assujettis à l’entente de contributeur du DIACC.
  • Veuillez utiliser le formulaire prévu à cet effet pour soumettre vos commentaires au DIACC.
  • Assurez-vous d’indiquer le numéro de ligne correspondant à chaque commentaire soumis.
  • Le formulaire de soumission de commentaires au DIACC doit être envoyé par courriel, dûment rempli, à review@diacc.ca.
  • Questions : review@diacc.ca.

Valeur pour les Canadiens

La composante « Connexion vérifiée » du cadre de confiance pancanadien procurera de la valeur à l’ensemble des Canadiens, entreprises et gouvernements en établissant une base d’interopérabilité commerciale, juridique et technique. Le DIACC a pour mandat de collaborer au développement et à la prestation de ressources visant à aider les Canadiens à faire des transactions numériques qui sont sécuritaires et commodes, et qui respectent leur vie privée. Le cadre de confiance pancanadien est une de ces ressources. Il représente un ensemble de normes de l’industrie, de pratiques exemplaires et autres ressources qui aident à établir l’interopérabilité d’un écosystème de services et solutions en matière d’identité. Le DIACC est une coalition sans but lucratif de membres des secteurs public et privé qui effectuent un investissement important et soutenu pour accélérer l’écosystème de l’identité du Canada.

Contexte

L’examen des ébauches de recommandations a pour but d’assurer la transparence de l’élaboration et de la diversité d’un apport véritablement pancanadien et international. Conformément à nos principes pour un écosystème de l’identité, la priorité est accordée aux processus visant à respecter et à renforcer la vie privée à chaque étape du processus de développement du cadre de confiance pancanadien.

Le DIACC s’attend à modifier et à améliorer ces ébauches de recommandations en fonction des commentaires du public. Les commentaires faits pendant l’examen seront pris en compte pour être intégrés dans les prochaines ébauches et le DIACC va préparer un document expliquant d’une façon transparente comment chaque commentaire a été traité.

DIACC Announces the Appointment of New Vice Chair

Board Member Franklin Garrigues takes on new position as Vice-Chair

The DIACC is pleased to appoint Franklin Garrigues (Vice President, Digital Channels, TD Bank) as the new Vice-Chair of the DIACC Board of Directors. “An experienced member of the Board, we believe his leadership and passion for strategic digital programs will be excellent in maintaining the Board’s momentum towards achieving our various goals,” said Joni Brennan, President of the DIACC. TD Bank is a founding member of the DIACC in 2012 and has maintained an active role in Board committees. 

In his new role Franklin will be supporting the Board Chair, Dave Nikolejsin (Deputy Minister, Ministry of Natural Gas Development, Province of BC).

The outgoing Vice-Chair is Eros Spadotto (Executive Vice President, Technology Strategy, TELUS), who has served in this position for the past three years. “The work of the Board would not be possible without the efforts of our officers, for which I and all DIACC members are thankful,” noted Joni Brennan. “Thank you to Eros, whose leadership, both personally and on behalf of TELUS, has been instrumental to the growth of the DIACC enhancing our ability to accelerate Canada’s identity ecosystem.” Eros will continue to provide leadership as a director on the DIACC Board. 

DIACC Directors are elected leaders who set the organizational strategic directions, and ensure good governance is practiced, by ensuring policies and procedures are continually improved and align with the vision and representation of DIACC membership. The DIACC Board members are: 

  • President Joni Brennan (DIACC)
  • Board Chair Dave Nikolejsin (Deputy Minister, Ministry of Natural Gas Development, Province of BC)
  • Board Vice-Chair Franklin Garrigues (Vice President, Digital Channels, TD Bank)
  • Board Treasurer Andre Boysen (Chief Identity Officer, SecureKey)
  • Colleen Boldon (Director, Digital Lab and ID Programs, Public Services and Smart Government, Province of NB)
  • Marc Brouillard (Chief Technology Officer, Government of Canada, Treasury Board Secretariat)
  • Neil Butters (Head, Digital Identity Innovation & New Ventures, Interac Corp.)
  • Susie De Franco (General Manager, Digital Channel & Products, Canada Post)
  • Patrice Dagenais (Vice President, Payment and Business Partnerships, Desjardins Card Services)
  • Robert Devries (Assistant Deputy Minister, Enterprise Digital Services Integration Division, Ministry of Government and Consumer Services, Government of Ontario)
  • Greg Elcich (Vice President, Innovation, CIBC)
  • Allan Foster (Vice President, Global Partner Success, ForgeRock)
  • Franklin Garrigues (Vice President, Digital Channels, TD Bank)
  • Louis Jacob (Vice President, Core Engineering and Transformation, Manulife)
  • Hugh McKee (Head, BMO Partners)
  • CJ Ritchie (Associate Deputy Minister and Government Chief Information Officer, Province of BC)
  • Eros Spadotto (Executive Vice President, Technology Strategy, TELUS)
  • Community Advisor to the Board Adriana Gliga-Belavic (Partner, PCI Practice Lead, PwC Canada)

DIACC Industry Insights: Digital ID in Civic Engagement

This ‘mini white paper’ is the fourth in a series prepared by DIACC, highlighting the potential impact that digital ID could have on key sectors of the Canadian (and global) economy.  

The focus of this paper is on civic engagement. Find out what you need to know about the applications of digital ID in the industry, and how it impacts key stakeholders, including citizens and policymakers.

Read the full paper: DIACC Industry Insights: Digital ID in Civic Engagement

Industry-Insights-Digital-ID-in-Civic-Engagement_October-2019-1

Canadians are Ready to Embrace Digital Identity

CANADIANS ARE READY TO EMBRACE DIGITAL IDENTITY

DIACC survey finds 70 per cent of Canadians want to see Governments work with the Private Sector to implement Digital ID

Read the Report

OTTAWA, October 15, 2019 – a new study from the DIACC (Digital ID and Authentication Council of Canada) has found more than 70 per cent of Canadians want to see governments and the private sector come together to collaborate on a joint digital identity framework in Canada, enabling increased and inclusive access to government benefits, healthcare, e-commerce, and financial services. 

The DIACC survey discovered that Canadians are comfortable using a digital ID to authenticate their online engagement with day-to-day service providers, in industries such as 

  • Government agencies (76 per cent)
  • Financial institutions (75 per cent) 
  • Healthcare providers (74 per cent) 
  • Credit card (66 per cent)
  • Telecomm (63 per cent) 
  • eCommerce (63 per cent) 

“Digital ID has far-reaching impacts for all Canadians, and we are thrilled that Canadians see the value in this and are eager to see governments and the private sector working together to achieve this,” said Joni Brennan, President of DIACC. “A Pan-Canadian Digital Identity strategy – founded in collaboration, openness, and trust – will help to grow the economy, enhance security, simplify transactions, and drive greater inclusion.”

The survey, conducted by Burak Jacobson, also found that Canadians are spending one-third of their time online. While almost 80 per cent of Canadians have taken action to safeguard their personal information online, 68 per cent have admitted to sharing their personal details out of convenience. 

In addition, Canadians are concerned with how social media platforms store their personal information; just one-third (34 per cent) trust social media platforms to keep their information secure, compared to the 83 per cent who are more trusting of government and financial institutions (81 per cent) with their personal information.

While digital ID is currently being introduced in governments and by some financial institutions, a number of current digital financial services transactions are not secure and could be made so through the use of a digital ID.

ADDITIONAL FINDINGS

  • Deleting cookies and unsubscribing are the most common actions that Canadians take to safeguard their personal information.
  • While Canadians need to understand and educate themselves better about Digital ID, almost half of Canadians (46 per cent) claim they are familiar with the concept of Digital ID. 

ABOUT THE DIACC

Created as a result of the federal government’s Task Force for the Payments System Review, the DIACC is a non-profit coalition of public and private sector leaders committed to developing a Canadian digital identification and authentication framework to enable Canada’s full and secure participation in the global economy. DIACC members include representatives from both the federal and provincial levels of government as well as private sector leaders. For more information visit diacc.ca.

ABOUT THE STUDY

Burak Jacobson Research Partners is a full-service market research consulting firm headquartered in Toronto, Ontario.  Founded in 1981, Burak Jacobson has conducted over 4,000 research projects in 39 countries across a variety of industries.

DIACC Industry Insights: Digital ID in Commerce

This ‘mini white paper’ is the third in a series prepared by DIACC, highlighting the potential impact that digital ID could have on key sectors of the Canadian (and global) economy.  

The focus of this paper is the commerce sector. Find out what you need to know about the applications of digital ID in the industry, and how it impacts key stakeholders, including consumers, businesses and e-commerce.

Read the full paper: DIACC Industry Insights: Digital ID in Commerce

Digital ID and the Future of Cities

On August 27 at The Bentway (an urban green space under the Gardiner Expressway in downtown Toronto), FedDev Ontario announced their investment of up to $11.1 million towards Innovate Cities. This not-for profit organization and Canadian-led network of innovators is involved in the development and commercialization of smart city technologies. 

The announcement touted Canada’s role in the global innovation race, and Toronto’s “moment on the world stage.” 

All over the world, the populations of cities are booming. Each week, an estimated 1.3 million people move into cities, and UN data indicates that, by 2050, around 70 per cent of the world’s population will live in cities. 

As populations grow, cities are also becoming more connected. Various connected devices are designed to enhance the daily routines of citizens, such as smart parking meters that help drivers find and pay for parking, and smart trash receptacles that can alert sanitation crews where trash collection services are required. 

“For smart cities to become a reality, they will need smart digital identity tools to connect citizens with their services,” noted an article from PYMNTS. 

In envisioning and building the cities of the future, digital ID has a role to play. 

Digital ID is the thread that connects individuals to such digital services. It will be the driving force in enabling such services and unlocking the full potential of smart cities.

To achieve this vision, digital identity innovation must be designed to protect people’s rights and privacy, while enabling them with tools that enable agency and choices over how and when information is shared and for what purpose. When designing for the cities of the future, it is important that citizens are put at the centre of an inclusive design process. 

“Digital ID is crucial to the development of our digital economy, and cities play a large role in this,” said DIACC President Joni Brennan. “As an organization strongly focused on collaboration, DIACC is excited by the work that Innovate Cities is doing to position Canada as a global leader in smart city innovation.” 

What if there were unattended kiosks through which citizens could access certain healthcare services, such as getting blood drawn or filling prescriptions? Digital ID plays a key role in this, as such a system will first require a secure digital identity solution before trusted by citizens or city officials. 

Digital ID is also applicable in the area of public transportation. Using connected devices as well as digital ID solutions, a smart city’s public transportation system would be able to automatically determine who is using these services and how much each traveler should pay. For example, Digital ID may also enable governments to deliver much needed benefits to low-income residents who ride the bus without subjecting those residents to a visible stigma. 

Digital ID plays an important role in making such solutions a reality, and achieving the optimal overall digital experience. In various cities around the world, we are seeing innovative experimentations in digital identity.

Trusted digital identity must enable people to access services efficiently and securely. Identity systems implemented across banks, government agencies, retailers and other organizations will improve the user experience. 

Investments such as this one from FedDev helps position Canada as a leader in our global digital economy, and ensure that innovation continues to occur.  As an organization that celebrates Canadian innovation and collaboration towards our digital future, DIACC is excited about the work that Innovate Cities is doing, and looks forward to seeing what’s next. 

 

Future Trust Markets Workshop

Seeking innovation funding?

DIACC invites you to join us at the Investing in Verified Information & Future Trust Markets Workshop taking place November 6-7, 2019, in Seattle, Washington. This is an invitation only event and space is limited. 

Attendees will include producers and B2B/G2B consumers of information verification and risk mitigation services alongside industry influencers and super-connectors.

How to Submit a Talk

  • Confirm your interest to participate by Friday, September 27th.
  • Send your outline to the DIACC event team via events@diacc.ca.
  • Using the NABC methodology, demos will be 15 minutes with 5 minutes for Q&A.
  • Demos must include
    • Title and Market: 
      • Need
      • Approach
      • Benefits
      • Competition 

Selection Process

  • An executive team comprising of the event organizers will review and select presentations to ensure a range of agenda diversity.
  • Early submissions will be treated with priority.
  • Submitters will be contacted following the review process.

If you are not interested to make a talk we would welcome you, or your designated representatives, to attend the event. 

If you have questions regarding this invitation, please don’t hesitate to advise the DIACC event team. 

We hope to see you there!

Trust in the Financial Sector: An Age Old Problem, A Modern Solution Needed

By Carrie Forbes, Chief Strategy Officer, League Data

Within the world of financial services, trust is core to the foundation of business and is assumed to be established in an exchange of these services. In modern times, this exchange is now invisible to us through the ether of digital banking. Yet, the problem of why we need trust in the first place has not evolved that much.

The evolution of the banking industry has been centred on this fundamental problem as old as the history of the rise of agriculture. Trust. It’s not just trust in the individual we make the transaction with, it’s also trust in process.

Picture yourself as a farmer at the dawn of agriculture, back in ancient Mesopotamia. You have agreed to exchange your grain for a pig at harvest. When the harvest arrives, your neighbour insists that the agreement was for you to give three bags of grain for the pig, but you understood it to be two. Do you trust that your neighbour is telling the truth? This issue created the need to establish a way to track a transaction, since simply agreeing to the deal was no longer enough. The next spring, we decide to imprint the exchange on a piece of clay, so we can avoid this embarrassing confusion next harvest. We have now just established one of the earliest forms of currency. From clay marks to coins to paper, civilizations established a physical token to ensure that the original value of that exchange held true. Currency became the means by which you could trust the transaction value.

From ancient times to today, trust remains an important component in conducting transactions

Let’s move forward a few centuries. You are now a trader, sailing through Europe trading silk, spices and gold. Unfortunately, you have been attacked by pirates who took half of your goods before you could fight them off. By the time you arrive to your port, you have some explaining to do. The merchant you are doing business with believes you are hoarding some of the goods and gold, and doesn’t believe your story about the pirates. He has seen this all too often from so-called ‘honest-brokers’ like you, and wants his full compensation. How can you prove that you were the unfortunate victim of piracy? This very real need gave rise to the development of double-entry accounting – a method to prove that the value of goods and services exchanged were as promised. By keeping a ledger, the exchange could be effectively tracked from point of departure to destination, mitigating these interceptions. The evolution of the banking industry has been centred on this fundamental problem as old as the history of the rise of agriculture. Trust. It’s not just trust in the individual we make the transaction with, it’s also trust in process.

Fast forward to the 21st century, where the digital revolution is now entrenched in everyday life, including how we bank and conduct transactions. The speed and convenience of making a purchase happens as quickly as we can hit ‘like’ on a social media post. We have all the means to say yes with a swipe or tap, often faster than our brains can actually process the decision. Modern pirates are finding new ways to intercept our transactions, using the very tools that provide the convenience and speed we demand as part of our financial service experience. However, the gold they are most interested in raiding is our personal data, including our personal identity.

The recent buzz at financial technology conferences continues to remind us that “data is the new oil.” Financial data is highly sought after by hackers, as it can facilitate criminal activities like money laundering and terrorist financing, which are much bigger bounties than just cash alone. With legitimate identities, bad actors can also infiltrate communities, create fake identities and disrupt government activities. The overall impacts are more sophisticated, but the problem remains the same as it did in Mesopotamia; we need new ways to build digital trust.

To learn more about digital ID’s role in the financial services sector, read our mini white paper, DIACC Industry Insights: Digital ID in Financial Services

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