As today’s consumers require greater online protection against identity theft and other cybercrime, which has increased exponentially, organizations of all kinds have accelerated identity verification programs aimed at increasing trust online.
In this context, this year will see progress in digital identity verification and biometrics at a faster pace, driven by innovation and regulation in finance, government, travel and many other sectors.
In this sense, according to Andrew Padd, founder of iProov, In 2023, synthetic identity fraud, where criminals create fake identities using disparate data to defraud governments and companies out of money, is expected to continue in 2023, with an estimated $2.42 billion in fraudulent money they will receive just in the states the United States next year.
Almost every organization runs the risk of including a fake persona and the implications: financial loss, data theft, regulatory penalties, and more. Organizations will need to increase their online security to identify synthetic identity crime attacks.
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So, as Europe tightens its security and sees a decrease in new account fraud, theft and money laundering, organizations and regulators in other markets will have to adapt similarly.
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Likewise, according to the expert, the “border of the future” should become the “border of today” within 2023. Border agencies will move so that travelers complete document controls in advance from their couches through smartphones, tablets or computers, with kiosks available at travel centers.
Moreover, without advance checks, a crisis of high entry requirements in some regions combined with cuts in public sector spending will lead to longer processing times for passengers, with inevitable delays and frustration for citizens.
digital identity
As demand for secure identity services grows, more state and federal governments will begin implementing interoperable digital identity programs that use verifiable credentials to allow citizens to cryptographically confirm details about themselves.
On the other hand, the technology to create convincing fakes is now so widely available that even the least resourced cyber attacker can cause serious damage. Any organization that does not protect its systems from deepfakes will urgently need to do so.
More sophisticated bad actors have already moved on to advanced methods, and 2023 will see the proliferation of face swaps and deep 3D circumvention that are used to find security vulnerabilities and circumvent the protocols of organizations around the world.
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On the other hand, the Metaverse, if misused, could become a distribution channel for crime and would target a younger demographic and organizations without adequate cybersecurity measures. Identity verification will be essential to prevent this, and biometrics will play an important role in protecting real users and holding bad guys accountable for their actions online.
Likewise, verified identity will become a defensive tool for online platforms. In 2023, it will be very important the way internet platforms, especially social media, are regulated in the European Union, the United Kingdom and the United States.
The provider can be more accountable for shared content and algorithm-driven recommendations, and if the provider is responsible, it should have stronger control over who creates the content, so identity verification provides the required safeguards.
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