Digital identity will continue to gain ground, leading to migration to strong customer authentication solutions
The abandonment of passwords and knowledge-based authentication will be accelerated with the adoption of strong customer authentication standards, such as FIDO (secure and fast login systems on websites and applications), now available on all major browsers and mobile devices. Plans for electronic identity systems led by banks and the public sector (e-ID) will move forward along with trust structures and regulations to inform how the various parties can interact. The demand for solutions that help banks and merchants to verify consumer identity digitally, accelerated by Covid-19, will grow. Those who fail to manage identities effectively will become the target of fraudsters. Fraud grew in the first phase of the US pandemic, in which fraudsters used stolen identities to cash out federal government benefits for vulnerable citizens affected by the pandemic. The potential loss could reach more than $ 26 billion across the country. Government agencies must work to prevent further losse...