An Ecosystem Approach to Frictionless Digital Identity
Today, verifying who your customers are can be hard. However, we’re working on a revolutionary new service that will help businesses by eliminating the need for their customers to go in person to show valid IDs or provide other key personal documents. All this, while maintaining the integrity, confidentiality and privacy of customer data, reducing the possibility of fraud, and greatly increasing operational efficiencies and productivity.
This new service is a network for digital identity attributes sharing, giving your customers license to use their smartphone to verify that they are who they say they are online, in person, or over the phone. It allows them to share only what is needed safely, securely, and always under strict consent and control. Verified attributes from trusted organizations, such as banks, telcos, governments or credit bureaus, are used to validate identification at organizations like telcos, government services, online market places, healthcare provider and others that require ID verification – greatly reducing the risk of fraud for both the customer and the businesses.
Many of Canada’s leading organizations, like BMO, CIBC, Desjardins, RBC, Scotiabank and TD, are already participating in this world-leading digital identity ecosystem, with more joining each week.
“SecureKey is creating an ecosystem for customers to manage their digital assets securely and conveniently. It’s a model that is being developed with substantial input from TD and other banks. Investing in innovation that will improve the customer experience is core to our strategy. Given the priority we place on security and privacy, we’re uniquely positioned to help shape this offering.”
Rizwan Khalfan, EVP and Chief Digital Officer, TD
This paper explores current issues and opportunities in emerging identity markets, and describes the rational and technology paradigms for designing a consumer–centric, privacy-enhanced system using modern distributed architectures.
‘Digital identity’ is becoming increasingly important to consumers in their daily lives. Coping with a growing number of usernames and passwords is a burden that deters customers from transacting digitally. The cost of maintaining accurate personal data for customers and protecting it from cyber criminals is a concern for organisations and regulators.
Greg Wolfond says Canada’s Strict FinTech Regulations Make it the Best Place to Build SecureKey’s Next Product
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