The Full Article was Originally Posted on CoinCentral.com authored by RYAN SMITH
Identity management is the ability of individuals and/or corporations to access the right resources at the right times and for the right reasons. Digital living is becoming the norm and not the exception. A study conducted earlier this year outlined an increase in identity fraud of around eight percent since 2017. Scammers continue to take advantage as an estimated $17 billion in funds was stolen from unsuspecting victims in that same period.
Identity fraud is not a new phenomenon. In fact, its been around for quite some time, but it was much harder to get away with a couple hundred years ago. The digitization of modern living has brought us many conveniences and given the tricksters many more targets at the same time. These days fraudsters can pull elaborate cons simply with an internet connection. Identity management is evolving to meet these new challenges.
The Changing Face of Identity Management
Putting a Face to a Name
The internet ushered in a new way of interacting with services from around the world. While that certainly makes it a lot more convenient and efficient to do business, it also introduced one major problem into the equation: anonymity. Trade is the backbone of any prosperous society. In an online world, how can we tell whether the other person we’re trading with is actually who they say they are?
This is the goal of identity management, to accurately connect a face to a name. Seventeen billion dollars is a big chunk of change. It’s no wonder that a whole host of solutions are emerging to deal with the growing problem. Since most of the issues we face are of a digital nature this falls under the broader category of IT security. Many of the tools available to us today are therefore digital in nature too. Network protocols, digital certificates, and passwords are a few that you’ll probably be familiar with. Cryptography and blockchain are naturally also gaining traction.
Companies and governments today are building tech solutions that allow verification from the comfort of your own home. This is convenient, hassle-free, and cost-effective. Why spend hours in queues with wasted paper when a smartphone will do the trick?
Skills of the New Frontier
The digital impact on our lives is so pronounced that non-profits and companies are popping up to teach us of the dangers and responsibilities we face. Think-tanks like the DQ Institute are dedicated purely to digital intelligence education.
Millennials and the next generations are growing up in a connected world. Their challenges are quite different from the rest of us who are getting on in years. Digital identity management plays a key part in navigating the new digital frontier.
