March 27, 2019
The Future of Identity and Its Power to Predict
Posted September 20, 2018
Who Am I?
Nowhere is “being recognized” more important than in the “City of Angels,” which is renowned for its celebrities, trend setting and cultural influence. Let’s face it, being recognized in LA has real tangible benefits…think court side seats, dinner at posh restaurants with no reservations, and the list goes on and on. As I’ve made my way back from Digital Identity Summit 2018 in Los Angeles this week, the power of recognition and its applicability in a digital mobile first world, is not lost on me. Being recognized in the digital world is equally valuable to every consumer. I want vendors to know it’s me when I’m on their sites or using their apps and receive that special “court side” experience.
The theme for this year’s Summit series is “The Power to Predict”, which centers on digital identity’s role in helping businesses not just understand me, but also anticipate my actions to present me that special experience while also proactively preventing fraud.
Held at the stunning Terranea Resort, the Digital Identity Summit was a special occasion that enabled us to connect person-to-person with our valued customers, prospects and partners, as well as hear from some inspiring speakers. Part high-end networking event, part thought leadership symposium, the Summit offered attendees the chance to better understand what digital identity means for their business and for society.
The coastal LA gathering was the perfect venue to bring together a who’s-who of world-class speakers from a broad spectrum of industries to discuss the state of digital identity—where it stands, where it’s going next—and best practices for its commercial applications.
The fact is, a growing number of businesses are embracing digital identity technologies in order to gain the power to predict whether the consumer who’s opening a new account, logging-in to do business, or making a payment is really them and not an impersonating social engineer or hacker.
The Future is…Opportunity!
Renowned tech journalist Kara Swisher of Recode set the stage in memorable fashion by giving a riveting keynote presentation where she, as only Kara can, pulled no punches on her opinions about top tech trends that the audience should be aware of—and be beware of!
According to Kara, life as we know it will fundamentally change over the coming decade due to the rise of machine learning, robotics & automation; the shift to self-driving cars; the assault on personal privacy that comes with the age of tech giants and social media; and the rise in nation states being pitted against private technology companies.
The internet is fundamentally the biggest social experiment in humanity’s history, connecting people in a way that was previously impossible. But as a result, identity has been “weaponized” to an extent that was inconceivable in the pre-digital age. And yet, with trusted digital identities, immense opportunities abound!
Identity is at the Heart of Solving Our Biggest Challenges
These musings from Kara tied in nicely with some of the content from another keynote speaker, Rick Trainor, CEO of LexisNexis Risk Solutions, who shared some of our road map to providing a new way to establish identity online. Think rising cybercrime; identity theft; financial exclusion; trafficking; bribery and corruption; and global terrorism. Identity is the biggest global challenge of the digital age. And by helping to advance the identity agenda, we are looking to solve some of society’s most pressing issues while helping drive growth for digital businesses.
Kathryn Petralia, COO and Co-Founder of Kabbage, joined Rick and myself on stage for an in-depth conversation about the future of fraud and identity management. As a highly successful businesswomen who ranks among Forbes’ “World’s 100 Most Powerful Women” list this year (which was topped by Angela Merkel!), Kathryn’s insights into how digital identity is powering the fintech revolution were inspiring.
Another notable highlight: Brett Johnson, aka the Original Internet Godfather and FBI Most-Wanted posterchild, shared insights on the cybercriminal mind. While we were all entranced by tales of his former life, the takeaway message was clear. A life of crime does not ultimately pay, and he has long since been working with government agencies and commercial enterprises to bring his unique perspective and expertise to help prevent cybercrime.
Factor in roundtables, breakout sessions and fireside chats featuring industry leaders from across the globe, including PwC, eBay, Visa, Interac, JPMorgan Chase, Afterpay, Lloyds Banking Group, Banco de Bogota, Target, BestBuy and others, and you start to get an idea of the kind of insight the Summit had on hand.
Thinking back on the event, a key theme repeated frequently as a predicate to the future of identity, is the notion of trust.
In the closing presentation, Kimberley Sutherland, Senior Director of Fraud and Identity Management for LexisNexis Risk Solutions, captured the rapid transformation of identity proofing and authentication, from something you assert—”I am who I say I am”—to something you know, possess or physically embody, to something far more dynamic and contextual: “I am how I behave.”
Ultimately, it’s this contextual, 360-degree view of each individual that helps organizations predictively harness the power of digital identity to re-establish trust online, recognize and reward good customers with that “special experience”, and gain a comprehensive picture of risk so they can thrive in an omni-channel world.
Kimberly’s presentation got me thinking about just how far digital identity has come in a relatively short period of time.
Hard as it is to believe, this is the 8th year for the Summit. And in that span of time, we’ve gone from conversations that focused more on the day-to-day blocking and tackling of fraud prevention, to far more strategic conversations on driving growth and securing the digital economy. As more and more organizations embrace cognitive, predictive technologies and identity intelligence, the more we can help forge a safer and more prosperous future for us all.
From my own perspective, it’s incredibly gratifying to see such a vibrant, passionate community come together at the Digital Identity Summit. Today, the newly combined ThreatMetrix and LexisNexis Risk Solutions team is working to make good on the promise of reimagining identity for the digital age. Through an expanded product suite, we hope to help our customers succeed by enabling them to do something both powerful and innately human—treating everybody like the “special someone” they (really) are…to give them that LA experience!
Thank you to all the attendees, sponsors and speakers who made the Digital Identity Summit a great success…your insights and thought leadership are instrumental as we together forge the future of identity! To the team here at ThreatMetrix, the Summit is truly a highlight of the power of our combined organizations and our mission to disrupt identity! I look forward to seeing you all at next year’s summit!