Charting The Future of Digital Trust

Written by Oliu powered by ATB Ventures | Sep 30, 2024 4:00:00 PM

Traditional ID verification methods rely on physical documents and face-to-face interactions, making them cumbersome, inefficient, vulnerable to fraud, and inaccessible to those with mobility challenges. With the rise of online services, these options are no longer sufficient.

This blog post explores the evolution of ID verification and the concept of digital trust and explores how organizations can collaborate to bring these solutions to life.

Digital-Savvy Consumers and the Advent of Digital Trust

Digital trust refers to the confidence consumers have in the security, privacy, reliability, and integrity of digital platforms and transactions. In short: Consumers are counting on websites, applications, and online services to protect their personal information¹. But as identity theft³ and payment fraud⁴ continue to skyrocket, digital trust is getting harder and harder to come by.

Although nearly 8 in 10 Canadians are concerned about online privacy issues², they are unwilling to compromise convenience when it comes to digital trust. Today’s hyper-competitive marketplace places consumers in the driver's seat when it comes to selecting brands who offer them the perfect balance of security and innovation.

Technology and ID Verification

Traditional ID verification processes are becoming obsolete due to advancements in AI and the emergence of deepfakes. However, as these technologies evolve and grow, so does the need for caution and responsible use.

Technology	Advantage	Caution
Biometrics	Fingerprints, facial recognition, iris scanning, and voice recognition offer high security due to their unique, hard-to-replicate characteristics.	Stringent regulations and transparency is required around how this data is collected, stored, and used.
Digitization	Reduces manual intervention and paperwork, cutting administrative costs and optimizing operational expenses.	Susceptible to outages and cyberattacks, leading to breaches and compromised data. Can also be expensive to implement, requiring significant technical expertise and resources.
Artificial Intelligence (AI) and Machine Learning (ML)	Makes ID verification more accurate and efficient through real-time data analysis, and anomaly and pattern detection. Learns from data to continually improve and better detect fraud.	Training-based biases can cause unfair disadvantages for certain demographic groups (such as ethnic minorities or people with non-traditional gender identities). Highly realistic fake images, videos, or audio (also known as deepfakes) are conduits for bad actors and can lead to identity theft and fraud.

Collaboration and Standardization

Partnerships between technology providers, public and private sectors, and governing councils are crucial to ensure that technology is developed with digital trust in mind. Here are just a few examples:

DIACC (Digital ID and Authentication Council of Canada): A self-governing and not-for-profit council that develops frameworks and standards for digital trust.
Provincial Governments: Provincial digitization programs support near-to-mid-term digitization of government services. The governments of Alberta and British Columbia are prime examples of this:
- The Alberta.ca Account⁵ provides individuals a secure way to verify their identity online.
- The BC Person Credential⁶ helps individuals verify their identity both online and in-person.
World Economic Forum (WEF): The WEF has developed a digital trust framework to guide organizations building trust through cybersecurity, privacy, transparency and ethical practices.
International Organization for Standardization (ISO):The ISO creates international standards and guidelines for protecting and managing sensitive information, including identity management.

Oliu is Building a Safe and Digitally-Focused Future

As businesses embrace digital transformation, ID verification platforms that deliver the perfect blend of safety, security, privacy and customer-centricity are taking centre stage.

Oliu offers a future where identity verification is safe, secure, seamless and truly customer-centric. We’re proud to be a leader in the digital trust space in several areas:

The first digital trust service provider to be DIACC PCTF-certified⁷. This signals our commitment to providing trustworthy and reliable digital trust solutions, while working to advance digital trust in Canada.
The only digital trust platform that verifies your customers, using layered ID verification with an Alberta.ca Account⁸ or BC Person Credential.

Book a call with an Oliu Solutions Expert today to learn more about the future of identity management or to explore how Oliu can help your organization participate in the future of digital trust.

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