Online ID Verification is a Growth Market

Verifying identity online is becoming an essential part of accessing government services. In an era where undocumented migrants can simply cross a border without any proof of who they are, it is ironic that governments seem intent on making their existing citizens verify their ID to complete simple tasks like renewing travel passes, buying something expensive or obtaining a job.

The technology to build a global ID system is rapidly being developed, despite concerns regarding privacy and tech companies or companies like PayPal deciding to freeze a business or individual’s assets, simply because they disagree with their politics. That highlights how any ID system can be used to effectively cancel an individual in the future – is that ethical, is that right?

Here’s some news from ATB in Canada, home of the vaccine enforcing and job firing government, although to be fair NZ, Australia and others were just as eager to use digital tech to restrict the lives of those who dared to question the efficiency of the various vaccines.

Insurance brands need to choose carefully when it comes to supporting AI powered ID surveillance systems, enabling the freezing of their policyholders assets, or curtailing their customers freedom to travel. Let’s all have a think about where we are going on digital ID, or you might end up on the wrong side of history. Checks and balances are a good thing, a democratic foundation stone.

ATB Ventures, the research and innovation arm of leading Alberta-based financial institution ATB Financial, announced today the launch of their suite of Digital Identity Products: Oliu™ platform, Oliu Studio™, and digital-credential wallet: Proof™. The launch comes weeks after the Government of Canada announced its National Digital Identity Program.

In a climate of misconception of digital identity, consumers are demanding greater transparency and ownership over their personal data from the organisations they engage with. With global privacy regulations continuing to expand and modernise at an accelerated rate, organisations need to advance their privacy approaches and practices now.

“For the past two years, we’ve been working with consumers, public, and private sectors to design a trusted identity system that can easily issue credentials and authenticate personal identity,” said Sue McGill, SVP, ATB Ventures. “Building, implementing, and driving widespread adoption of a secure, digital ID solution at scale is complex and requires input from all participants. It is through our collaborations that we are able to bring OliuTM to market to help accelerate Canada’s evolution towards a more equitable, inclusive, and advanced digital society.”

Anchored in the PAN Canadian Trust Framework, Oliu’sTM suite of digital identity products has been built and designed as a decentralised solution denying hackers a single point of attack. Built-in safeguards ensure privacy and security while also giving users ownership and control of their data. For consumers, this brings autonomy to their digital lives, as personal data resides with the individual and not a third party granting or tracking access to their credentials.

While OliuTM addresses basic digital identity needs such as verification and authentication, the platform also helps to mitigate more advanced problems. “For organisations of any size, OliuTM improves risk and fraud management while offering greater protection of customer data against cyber attacks.” said ATB Ventures Managing Director, Product & IP Chandra Rink. “In addition, the solutions greatly enhance customer experiences through streamlined onboarding and KYC (Know Your Customer) processes.”

 

About alastair walker 10203 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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