New Currency: Identity

Blog / New Currency: Identity

Nothing is as fundamental to human beings as identity. Our identity is who we are: a combination of personal history, behaviors and beliefs, and a bundle of cultural, family, national, gender, or other integrity. However, we understand it, identity always matters.

Where Do We Use Identity In Daily Life?

Identity is our most valuable data, but we use it every day and everywhere. We use our identity information in our shopping even for buying the coffee of the day or plane tickets. But how risky is it for us to use this information continuously?

For example, we assume that you connect to WI-FI in the restaurant where you are eating dinner. If the restaurant system does not comply with the required AML regulations, third parties can access your identity and passwords.

Digital identities are already permeating our lives. As Fourth Industrial Revolution technologies such as the IoT, artificial intelligence, and self-driving vehicles advance, digital identities will too. With change accelerating, identity systems must develop while keeping value to individuals as their focus.

4,833,521,806 people are using the Internet in the world. In addition to this internet usage rate, more than half (56%) of the Internet think that total privacy is impossible in the modern digital world, according to Kaspersky's report. With nine out of consumers (89%), the Internet has become inextricably linked with what we do, from shopping to watching movies, socializing, and banking, showing our next step. Is it entirely safe to use the Internet at this rate?

Kaspersky's research suggests how one in three (32.3%) can protect their orders, while some don't have enough strength to stand up to privacy breaches. Worryingly, one person (13%) lost interest in how they could further improve their privacy. Also, According to the 2019 Identity Fraud Study from Javelin Strategy & Research, the number of consumers who were victims of identity thefts is 14.4 million in 2018.

There are five most common types of identity thefts; Credit card fraud—new accounts, Miscellaneous identity theft, Mobile phone new accounts, Business or personal loan, Auto loan, or lease.

Social media risks of identity fraud due to cyberbullying, employment fraud, trolling, and data theft

How Can Individuals Protect Themselves From Identity Thefts?

Protecting oneself from identity theft is crucial in today's digital age. Here are some important measures individuals can take to safeguard their identities:

  • Strengthen Passwords: Use strong, unique passwords for all online accounts. Incorporate a mix of uppercase and lowercase letters, numbers, and special characters. Avoid using easily guessable information such as birthdates or names.
  • Enable Two-Factor Authentication (2FA): Activate 2FA whenever possible. This adds an extra layer of security by requiring an additional verification step, such as a unique code sent to a mobile device, in addition to the password.
  • Be Cautious with Personal Information: Be mindful of sharing personal information online. Limit the amount of personal data shared on social media platforms and avoid providing sensitive information through unsecured websites or emails.
  • Regularly Monitor Financial Statements: Routinely review bank and credit card statements for any unauthorized transactions or suspicious activities. Report any discrepancies immediately to the financial institution.
  • Stay Updated on Security Practices: Keep abreast of the latest security practices and trends. Stay informed about common phishing techniques, email scams, and other tactics used by identity thieves. Be cautious when opening attachments or clicking on links in emails from unknown sources.
  • Use Secure Wi-Fi Networks: Avoid connecting to public Wi-Fi networks for sensitive transactions, such as online banking. Instead, use secure, password-protected networks or consider using a virtual private network (VPN) for added security.
  • Regularly Update Software and Devices: Keep all devices, including smartphones, computers, and tablets, updated with the latest security patches and software updates. These updates often include critical security enhancements that protect against known vulnerabilities.
  • Shred Sensitive Documents: Dispose of physical documents containing personal information, such as bank statements or credit card bills, by shredding them before discarding.
  • Be Vigilant for Signs of Identity Theft: Regularly check credit reports and be alert to any unexpected or unauthorized accounts, inquiries, or changes. If suspicious activity is detected, report it immediately to the relevant financial institutions and credit bureaus.
  • Consider Identity Theft Protection Services: Explore reputable identity theft protection services that offer monitoring, alerts, and support in the event of identity theft.

Identity Verification methods to prove that the identity of the person they claim to have is matched with their truth.

    What Can Companies Do To Protect Their Customers' Data?

    • Keep regulations up to date: Policy-makers should keep pace with the evolving digital identity landscape to shape laws and regulations that enable innovation and overcome hurdles to adoption while safeguarding data, privacy, and other constitutional rights. Identity systems will oblige new legal and regulatory frameworks for interoperability, new technologies, and more.
    • Operate efficiently: As new systems appear, designers and policy-makers need to watch out for overlaps and duplicated efforts that could raise costs and inefficiencies.
    • Optimize user experience: As new systems compete for users, especially in the lack of shared principles and standards, designers will have to avoid siloed systems that enhance risk or hinder users' value. They may have to offer individuals more access and manage the many identity systems in their lives.
    • Share ownership: Identity system owners currently used to fully control identities may have to adapt to shared ownership systems. The individual has more further rights, and collaboration helps identities operate across sectors and geographies.

    Applications and services that provide detailed and flexible access regardless of location will win the job. Therefore, Data is the new circle; authority is how you control access to it, And ID is what you use to provide authorization. Thus, ID is the new currency considering the globalized and technologically developing world.

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