A digital identity is an online identity or a set of digital credentials for the digital world. Your digital identity could include attributes such as your social security number, date of birth, biometrics, citizenship, and more.
Organizations globally are going to great lengths to ensure the security of their digital identities. Most organizations are following a hybrid work setup, and many methods used by employees to log in and validate credentials have become cumbersome. Considering the challenges organizations must face in securing digital identities, here are some predictions for this new year.
All customers will go digital
Digital services will continue to be popular in 2022 as well. According to a survey, the number of US customers opening bank accounts online rose from 22% in 2019 to 31% in 2020. In 2021, 41% of all banking customers in the US described themselves as “digital” only. The trend is expected to continue this year as well.
Every customer you have will become a digital customer, which means businesses must have a robust digital identity strategy. Successful companies would be the ones that place digital identity at the core of their customer experience.
Digital identity gets smart
According to Gartner, close coupling of authentication and identity proofing is becoming increasingly important. More and more businesses are learning to use the biometric data gathered during the onboarding process for authentication and account recovery.
AI and ML document recognition and fraud detection techniques are incredibly superior. In 2022, businesses must leverage the power of AI and ML to ensure digital identities remain secure.
Cyberattacks will become more sophisticated
AI and ML tools are becoming more and more prevalent day by day. It also means that cyber attackers also have access to AI/ML tools, and cyberattacks are going to get even more sophisticated. Technologies to commit a financial crime are freely available, such as deep fakes.
The global pandemic forced many businesses to move online, but that also increased the incentive for cybercriminals. Attackers have honed their tactics and are targeting weak spots in AI and ML systems. 2022 will continue to see an evolution of cybercrimes.
Social media will become more responsible
Social networks will become more responsible for protecting the digital identity of their users in 2022. Many networks lacked accountability which allowed malicious players to spread disinformation and perpetrate fraud through social engineering, trolling, and more. Social networks will turn to identity verification to provide greater security and peace of mind to their users. Privacy will also be an area of focus for social networks.
At TrueID, we are all set to take a big leap in the year 2022 by aligning our services to industry expectations. For more information, please visit www.trueid.in
