Building a Stronger Digital Identity
Posted April 18, 2018
Those of us who have been immersed in developing digital identity-based solutions to protect online businesses from the ever-present threat of cybercrime know that the phrase “There’s strength in numbers” has never been so true.
And, judging by the number of companies adopting these technologies, we aren’t alone.
More Heads are Better Than One
The notion of businesses working together to battle a growing network of cybercriminals is something we’ve been advocating for nearly a decade. This message has resonated with thousands of businesses from all over the globe who’ve joined together in what has become world’s largest network of digital identities.
The 1.4 billion identities in our Digital Identity Network® are built from data gathered from more than 110 million daily transactions and expressed through our ThreatMetrix® ID. In short, ThreatMetrix ID ties together the different online personas of an individual and assigns it a unique digital identifier that can’t be stolen, faked or deciphered.
Yes, it’s certainly true that businesses throughout the digital economy have been compiling their own data to build their own unique identifiers – all in an effort to gain a clearer picture of the individual on the other end of a transaction and to fend off fraud. But, as we have discussed before, one company’s data set isn’t enough to gain the deep insight needed to understand the true identity of a user. It also means it isn’t enough to overcome a growing wave of cybercrime.
Facing Historic Threats
Cybercriminals are more organized and networked than ever before—and they’re developing increasingly sophisticated schemes and attack patterns at an alarming rate. Just as quickly as organizations are able to thwart one kind of attack, highly-adaptive criminals seem to have another, more advanced one at the ready, defeating whatever defenses are put in their way.
The results of which have produced some mind-blowing statistics:
- 700 million cyberattacks around in the world in 2017
- 9 billion data records lost or stolen since 2013
- $6 trillion in losses globally by 2021
And the list goes on.
The magnitude of these threats often proves an overwhelming obstacle for individual businesses to tackle on their own.
Joining Forces to Take Back Control
By networking together datasets from multiple organizations, the intelligence on a specific individual becomes that much stronger, and a user’s true digital identity becomes that much clearer. The bigger, more accurate and more timely the dataset can be, the better.
But what if you’ve already developed your own user identifiers to gain greater insight into individuals? The same principle applies: While helpful, unique identifiers built from one company’s data can only go so far.
With our Spring Release, we continue to build on the multiplier effect we’ve created to an even greater scale as we are now able to incorporate unique identifiers formulated by customers and technology partners into ThreatMetrix ID.
This combination enhances the power of the ThreatMetrix ID and provides our customers with an even more comprehensive picture of the users with whom they transact with online. Adding more and varied data into the mix makes for stronger associations between data points. Stronger associations lead to greater accuracy of a digital identity, which leads to more confident trust decisions – meaning less friction for true users and enhanced capabilities to stop fraudsters with fewer manual reviews.
Among the customer identifiers that we can now incorporate is LexID® from LexisNexis Risk Solutions. LexID uses advanced linking technology to resolve, match and manage intersecting data points pertaining to individual consumer identities.
In addition, we have begun integrating capabilities from LexisNexis Risk Solutions into the ThreatMetrix® platform, including LexisNexis® Phone Finder, LexisNexis® Email Risk Assessment and LexisNexis® Order Score. All of these solutions deliver easy-to-interpret results to advance identity verification and help businesses assess the risk associated with a transaction.
Indeed, these are just the first steps in bringing to life what was imagined when ThreatMetrix was acquired and became a part of LexisNexis Risk Solutions – combining intelligence that spans the online and offline worlds to help businesses worldwide better protect themselves, and their customers, from the next wave of fraud and cyber threats looming right around the corner.
Working Together for Whatever Comes Next
No one can win the battle against cybercrime on their own – especially when cybercriminals are becoming every bit as sophisticated as the even the most well-protected business. And it’s likely to get much worse, much sooner than you may think, according to a Fox Business report.
So, there has never been a better time for businesses operating in the digital economy to band together in the battle against cybercrime. After all, as author and lecturer Helen Keller often said, “Alone we can do so little; together we can do so much.”