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As fraud continues to grow in sophistication, Identity verification service providers can’t only focus on technology improvements. The simple but often harder-to-implement solution is to educate consumers on how to safeguard their digital identities online.
Identity verification service providers are no longer just point solutions for regulatory compliance but infrastructure providers in the new digital economy. Building robust infrastructure that’s secure is no longer enough. Service providers also need to bring consumers on board through education to fight growing fraud to build a more robust digital economy in which different actors can trust each other online.
Services in the new digital economy need to rebuild broken trust with consumers by proving that their information is secure and handled properly. Companies have a long way to go before dispelling consumer mistrust. Identity verification service providers need to think beyond being a point solution and ask themselves how they can enable consumers to explicitly share their personal information to get access to the services they want. To address public wariness over the collection of personal information, solution providers need to increase security awareness through consumer empathy.
In the internet 2.0 era, when social media was emerging, consumer adoption was driven by opening up platforms and sharing data. Such open platforms created conveniences for consumers, such as being able to use social media platforms to log into various other websites. Such openness also created opportunities for both bad actors and exploitation from the platforms themselves. No matter how accurate ID technology is, solutions are not immune to fraud. As was demonstrated in the many pandemic relief U.S. unemployment fraud cases.
It’s not enough to meet security compliance requirements. Bad actors will always exploit consumer lack of cybersecurity awareness. Identity Solution providers should offer more educational materials that are distributed across platforms (web, social, email, etc.). Consumers who are more informed about how identity verification works and the legitimate points where it will take place are more likely to spot scams.