The exponential advancements in technology have led to the development of the online space as a leading business tool in recent years. Websites and applications became a widely used platform for transactions. In addition, having a digital wallet enabled countless consumers to make payments and conduct other financial activities with just a few clicks on their devices.
But the continual rise of media consumption in the new normal poses a significant threat to many companies worldwide. Incidents of data breaches and identity theft have grown along with the widespread utilization of the digital sphere at present. Online crimes are becoming pervasive despite implementing robust cybersecurity measures as bad actors also evolve their techniques.
Mitigating the risks of falling prey to sophisticated tricks is highly expected from organizations, especially by their customers. This involves investing in mobile identity verification to provide a seamless authentication process to the customers. Providing the clients with user-friendly identity proofing will decrease the friction when signing in and allow companies to have a reliable system to protect their consumers’ “digital identity.”
Digital identity generally refers to the personal information businesses collect from their clients and is stored in their on-premise or cloud servers. Most of the data attributed to digital identity are personally identifiable information or PII. This includes card numbers, addresses, and purchasing behavior. It also involves login credentials like passwords and biometric data, which is gaining traction as an ideal knowledge-based authentication alternative.
Deploying robust modern digital security solutions will allow companies to highly protect their clients’ digital identities. In addition, it will also lessen the friction of signing into online platforms, which generally becomes the determining factor if customers will continue engaging with a brand. Furthermore, it will help build digital trust between consumers and organizations, which is crucial in today’s digital ecosystem.