As we look to 2020, we will see the protection of consumer data become a legitimate business, with the power finally in the hands of consumers evaluating what businesses they trust. Facial recognition authentication will go mainstream as businesses evaluate the best way to ensure each customer’s digital identity matches their real identity. And investments in emerging technology (like blockchain/cryptography) will finally pay off as technologists continue to displace the outdated password with more effective methods of verifying user identity.
A look at what to expect in the coming year:
The protection of consumer data becomes a legitimate business: In 2019 consumers loudly voiced their concerns over companies’ repeated data breaches and the repeated mishandling of their personal data and we saw more legislation than being enacted (GDPR, CCPA, PSD2). Next year there will be serious consequences for organizations that do not secure customer, employee or partner data. Consumers will continue to demand power over their PII and will fight for the right to control and share their information, how and where they chose to. The ‘billionaire boys club’ will continue to bring this reality to light. But who will ‘win?’ The company that figures out how to protect sovereign identity.
The rise of synthetic ID fraud pushes increased adoption of biometrics and identity corroboration/orchestration hubs: Reports of synthetic identity fraud, one of the most challenging fraud types to spot, will continue to grow. Companies – especially those in financial services – will increasingly seek robust biometric screening that cannot be easily fooled by deep fakes and image spoofing. Beyond financial services, biometrics will continue to be adopted across many industries for identity verification. Retailers will turn to biometrics for payments/self-checkout as we’ve seen with Amazon Go or Pay with a Smile, which launched in China last year. Companies – especially those in financial services – will increasingly employ identity corroboration/orchestration hubs to thwart this.
Cryptography will rapidly replace the password: The swift rise and fall of blockchain has some technologists doubting its adoption and importance in 2020 and beyond. But blockchain has brought forth the use of cryptography. This technology will be used to replace the username/password as a method of user verification. Instead, passwords, PINs, SMS codes, and other authentication technologies are replaced with public-key cryptography. Biometric authentication will become the new norm in this brave, new “passwordless world.”
Not sure how to approach digital identity in the coming year? Acuant takes a customer centric approach to identity verification. We empower trusted transactions between businesses and their customers, allowing businesses to address their appropriate level of risk and permitting consumers to remain in control of their personal information. Want more information? Let’s talk!