December 5, 2018
November 29, 2018
Posted May 25, 2018
With the issue of digital identity gathering increasing global media coverage and significant investments from commercial businesses, government entities, financial institutions and technology vendors alike, it was an honor to be part of the European installment of the Digital Identity Summit 2018 last week.
The event, taking place in Paris, saw digital, risk and fraud professionals from around 30 countries came together to explore the critical role of establishing trusted identities online for organizations in Europe and beyond.
We heard from a variety of voices, yet some clear themes emerged.
We started off the event by taking a moment to look at the larger societal aims that are at play, during the opening keynote featuring Mark Kelsey, CEO of LexisNexis® Risk Solutions. We really do pursue a mandate that matters.
The team that hosts the Digital Identity Summit – across the newly combined ThreatMetrix and LexisNexis Risk Solutions organization – are not only looking to help corporations improve their security and drive online revenue, but to also use the power of data and technology innovation to help society at large.
Globally, cybercrime is the second most reported crime with annual losses estimated at around $445 billion. In 2017, ThreatMetrix alone detected and stopped 700 cybercrime attacks globally. And in Europe specifically, data from the Digital Identity Network® last quarter revealed a 30% increase in the volume of fraud attacks year-on-year. Helping better detect and mitigate against these threats is not only helping protect businesses but limiting the number of innocent citizens falling victim to ever-increasing levels of cybercrime.
As cybercrime increases, so too does identity theft, which is estimated to cost about $15 billion annually. Identity theft represents half of all consumer fraud and can have severe and long-lasting personal consequences for individuals who are targeted.
Another issue that is very important to us is financial inclusion. According to the World Bank around 2 billion people are excluded from financial services. In the USA alone, this costs the economy around $173b. By using alternative data sources to assess risk and ascertain true identity, we can enable millions of disadvantaged consumers to get credit – often for the first time in their lives.
The Digital Identity Summit in Paris featured thought leaders from the across the region and across industries – for example Royal Bank of Scotland, Gumtree, Banque Casino, PwC, Visa, Yandex.Money, Lloyds Banking Group and Aite Group. Among these differing organizations common priorities did emerge throughout the event content.
Regulatory change was a particularly hot topic, due to the major disruption currently taking place in Europe, in particular with PSD2 and GDPR. It was interesting to hear some rather refreshing takes on regulatory change, however. While some speakers candidly admitted that there were some major unresolved items when ensuring that their organizations were compliant, they saw these changes as an overwhelmingly positive force within their companies.
One thing that us technology enthusiasts will always have in common is a passion for innovation and progress within our different fields. Regulatory changes have forced technology vendors to expedite bringing new solutions to the market, to help our customers meet new challenges. Similarly, within these organizations regulations have proved to be a forcing function to embrace innovation and new ways of doing things. Without hard regulatory deadlines, larger and more complex organizations could potentially see themselves debating these changes internally for years before effecting any real progress.
Organisations are also grappling with major changes in the customer journey. With the emergence of the mobile-first, technology-savvy consumer, digital businesses of all shapes and sizes are upending the way they are thinking about the customer journey. Moving away from an internally-centric viewpoint, they need to rethink how to meet the customer where they are, when they are, through the channel most convenient for them – all whilst ensuring security and privacy.
Understanding true identity has become central to meeting the new challenges that the digital era brings. Whether you are looking to distinguish a cybercriminal from a legitimate user, in order to protect citizens from fraud and identity theft – or whether you are looking to increase the bottom line by transforming the way you interact with today’s consumers, identity is key.
Understanding what makes up a living, breathing individual when you are interacting and transacting purely online requires access to diverse and dynamic data, spanning online and offline identity attributes. By embracing 360-degree identity insights, together we can secure a safe and prosperous online world.
The Digital Identity Summit in Paris in May is part of the global Digital Identity Summit series, now in its eighth year. Join the flagship event in LA on September12-15 2018. For more information go to www.digitalidentitysummit.com