Digital transformation is on the rise, yet identity theft, fraud and scams have ballooned in Australia, largely due to the devastating data breaches at Optus, Medibank and other major companies. Businesses should be ramping up their efforts to ensure similar crises can be averted in future, giving them the opportunity to reimagine how Aussies protect their data and identities.
It’s now time for Australian businesses to revolutionise the way we communicate, secure and store data through biometric digital identity verification.
The recent data breaches and subsequent increase in fraud and identity theft have highlighted to consumers the need for new verification methods. By utilising artificial intelligence technology and biometric data that's unique to each user, new identity verification and authentication will illuminate an advanced approach for users to protect their digital identity.
As the CEO and Founder of a next-generation identity verification and authentication platform for global enterprises, here's what I expect is on the horizon for 2023:
No more passwords — Australia will move to biometric authentication when logging into critical accounts
In 2023, more people will protect their critical accounts with methods other than logins and passwords. When creating accounts, they will provide multiple factors such as biometrics or human characteristics, government-issued identity documents, and information from reliable sources to prove their identities. When authenticating access to these accounts, they will use biometrics, providing more security for their private data.
Increased investment in AI to combat fraudulent and synthetic identities
In 2023, fraudsters will devise new ways to hack into accounts, including new ways to imitate biometrics, new ways to create fraudulent identity documents, and new ways to create synthetic identities. Businesses will need to invest in artificial intelligence (AI) and machine learning (ML) anti-fraud technology to counter new attack vectors and effectively fight fraud as hacker methods evolve. Australian banks are already making this shift by introducing leading AI technology to detect suspicious and unusual behaviours on its digital platforms. It’s only a matter of time before this accelerates across financial and corporate services.
Biometrics for blockchain
In 2023, more organisations will adopt various types of blockchain technology, ranging from acceptance of cryptocurrencies to use of distributed ledgers to distribution of non-fungible tokens (NFTs). In all of these use cases, the ability to positively verify the identities of people will become critical. To meet demand and keep customers secure, organisations using blockchain will need to invest in technology that reinvents the way they verify and authenticate their customers' identities, protects user privacy and security, and complies with government regulations.
Private and secure age verification
In 2023, more businesses and industries will seek ways to verify the ages of people without compromising their privacy. Older age verification methods require people to hand over their driver's licenses, which contain a wealth of personally identifiable information (PII) that does not need to be handed over to club bouncers, liquor store clerks, and casino workers. They don't need to know your full name, your address, or your height and weight; they simply need to know whether you are old enough to purchase the products or services they offer.
Improved, seamless customer experience
Banks, hotels, airlines, and retail establishments will seek to reward loyal customers and improve service without creating onerous experiences for the customers. Some older customer verification and authentication methods include unnecessary friction, and some potential customers abandon the process as a result. Verification and authentication methods that automate the process as much as possible, simultaneously providing accuracy and ease of use will become more popular. Properly verified and authenticated customers can withdraw funds, enter hotel rooms and airplanes, and purchase goods with a simple face glance.
Turning to Biometrics to secure healthcare data
Medical personnel and patients will seek better ways to deliver and receive services while protecting privacy. Identity verification and authentication solutions will become more attractive to hospitals and health service providers as they aim to provide secure data access to the right people, while blocking the wrong people from accessing health data.
To sum it up
Too many Aussies have been affected by data and privacy leaks and it’s evident that secure passwords as a form of ID verification alone, are a thing of the past. Cyberattacks have damaged Aussie businesses and impacted their revenue streams. Biometric authentication technology is here to change lives for the better and has already made a huge and positive impact on digital experiences that users have been looking for. Investing in Australia's biometric security means businesses will be offering a more secure, personalised user experience, while still keeping privacy intact.
About Ricardo Amper
Ricardo currently lives in San Francisco, where he seeks to continue implementing Incode’s vision of One Identity Everywhere and be able to revolutionize the identity industry, promoting trust around the world. Incode plans to make biometric identity verification a standard requirement for business, with the goal of protecting the identity of 3 million Aussies with its tools in the next 12 months.