Community
Identity theft evolves as technology progresses. The Identity Theft Resource Center explains the future of this crime.
Definition of Identity
The definition will swell up to include biometrics and behavior, not just driver’s license number and SSN. So your identity can be defined by how you move a mouse and your keystroke patterns.
Medical Identity
There’s no focal mechanism for the mitigation of medical identity theft, making it easy for thieves to keep getting medical treatment. Many people get their medical identity stolen without knowing it.
Statistics
Crime rate statistics are not telling the whole story. The illusion is that crime rates are on the decline; this is because statistics do not include all fraud activity. The primary indicator in crime statistics reports doesn’t even include identity theft.
Mobile wallets will not take over the world—at least not soon, anyways.
Though mobile wallets seem to be the next big wave in purchase technology, it’s not going to be easy convincing the masses to store every bit of their financial data in their smartphone. In fact, 64 percent of survey participants said they would not convert to a mobile wallet system (Consult Hyperion).
Affordability
All of these cool developments in the world of cyber communication will not necessarily apply to every single person; products cost money. So no matter how much it seems that times are changing or that people are “switching over” to some new technology, there will still be that demographic that’s seemingly left in the dust.
Finally…
It looks as though federal data breach notification laws will at last become a reality. Or so it seems.
Extra Layers
The dual and even multi-step authentication system will become more common, as more industries pick this up, to verify a user’s identity. And even consumers seem to be warming up to this.
Can’t have it both ways:
That is, security and convenience. With all the big data breaches lately, looks like privacy and security will win over convenience for the consumer.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Sergiy Fitsak Managing Director, Fintech Expert at Softjourn
14 August
Oleksandr Strozhemin Co-founder and CEO at Trinetix
13 August
Elaine Mullan Head of Marketing and Business Development at Corlytics
12 August
Abhinav Paliwal CEO at PayNet Systems- A Neo Banking Software Platform
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.