How Mobile Identity can rebuild our broken online trust model

We are now living in a mobile-first world, where the mobile phone has become the primary computing device, transforming the user experience and bringing new challenges and opportunities for secure online identity.

Online trust is broken

Identity is the foundation for online trust. As our world moves increasingly online, we need to be able to trust and be trusted in the online world, and critically, we now need to be able to be trusted on our mobile device.

The weakest link in today’s security model is humans. We are all lazy and always prefer simplicity over security. The traditional online identity approach of Email + Password, as well as MFA methods, such as SMS OTP, depends heavily on user interactions and that makes it vulnerable to phishing attacks. 

Users don’t want to be responsible for security. They want someone else to manage that. From a user’s perspective, online identity and security should “just work” – invisible to use and totally secure. That is definitely not how it is today.

Lack of online trust is a $10 trillion problem

• The cost of cybercrime to businesses is predicted to be $10.5 trillion annually by 2025 – World Economic Forum
• $343 billion will be lost to online payment fraud globally between 2023 and 2027 – Juniper Research
• 26% of American adults have experienced bank and credit account fraud – YouGov

Online fraud has been industrialized, costing the industry over $10 trillion annually.

AI will make it far, far worse. A new identity model is needed, and fast.

Mobile Identity is the solution

The answer is Mobile Identity – the secure identity and authentication technology that underpins every mobile network in the world.

By leveraging existing, cryptographically secure, mobile network technology, it is now possible to transform online identity, moving away from human-dependent security, replacing knowledge-based authentication with a possession-factor and eliminating phishing and account takeover (ATO) risks. The benefits to users and businesses in terms of enhanced security, ease of use, and cost efficiency are significant.

The technology already exists for this transformational shift to happen, but the technology is still relatively new. So, you are likely to need a partner to simplify deployment.  IDlayr can help.

Download our white paper and learn how to get started with Mobile Identity.