Guard Digital Identity With Artificial Intelligence Posted on : Apr 06 - 2021

With more companies moving their business models online and adopting new solutions, it's been opening up more opportunities for cybercrime and identity theft. The spread of Covid-19 has only made it worse, as the Federal Trade Commission (FTC) estimated a loss of $13.4 million to Covid-19 scams as of April 15, 2020.

This makes the protection of digital identity more important than ever before. This is also a new era of identity authentication. With artificial intelligence (AI) and biometrics, users today are enjoying more streamlined processes while reaping the benefits of added security.

Let's take a further look into how organizations can secure data and identities through AI.

The Current Scenario

Since the rise of Covid-19, businesses and consumers have had to onboard many digital processes in their lives. This has led to a vast production of data and, subsequently, to the rapid development of cybercrime and digital identity theft.

In order to protect data, digital identities need to meet a stricter set of security regulations. Stolen identities can allow criminals to impersonate someone else and access secured resources. Depending on the scale of the crime and company, this could have a massive impact.

For example, AI-generated deepfake technology has come a long way in recent years. Deepfakes are an area of serious concern when it comes to identity theft, as this technology can be used to impersonate highly influential people or spread false information.

Ethical AI solutions can combat this type of fraud by determining whether something has been tampered with, like a deepfake video. This can help stop the spread of disinformation and authenticate whether someone is who they say they are.

Industries Under The Threat Of Digital Identity Fraud

Here are some of the main industries that are most at risk of digital identity fraud and why they should implement advanced AI solutions:

• Financial service providers: To safely transfer money and open accounts.

• Automobile industry: To keep personal information, like driver's licenses, safe.

• Insurance: To be able to access insurance contracts online and use the online space safely for insurance queries.

• Entertainment industry: To make sure there are no fake profiles and that certain regulations, such as age limits, are adhered to.

• E-commerce: To ensure payment processes and credit services are safe to use, as well as to protect personal profile information.

• Educational sector: Verification for students accessing online portals and writing online exams. View More