Aside from the convergence of decentralized and centralized identities and the return of policy-based access controls, here is my #3 on the list of hot topics at EIC 2022: Identity proofing & fraud reduction. These are two closely related topics, with fraud covering not only the initial proof of an identity, but also the recurring access and user behavior.
We have seen a massive uptake in both fields, with identity proofing also having a close link to decentralized identities and the reusable proofs in identity wallets. Identity proofing as the reliable verification of the identity of someone, e.g., via video identification, has seen a significant uptake, as well as the number and maturity of fraud reduction solutions, which we refer to as FRIP (Fraud Reduction Intelligence Platforms).
To find out more about these topics, have a look at this webinar on Facilitating Business with State-of-the-Art Identity Proofing Solutions, this video on IAM Essentials: Identity Proofing and Verification, this webinar on Choosing the Right Fraud Reduction Intelligence Tool in a Digitally Evolving Economy, and this Leadership Compass on Fraud Reduction Intelligence Platforms.
The most important trend, though, is that both technologies are becoming mainstream. Identity proofing, so far, has been mostly used in heavily regulated use cases such as the finance industry or by telcos for mobile phone contracts. The majority of FRIP use cases still is also in the finance industry and in some fields of retail. This is about to change. We observe an uptake in interest and adoption in other industries, for workforce and business partner fraud analytics, and for identity proofing, e.g., for the remote workforce.
HR and IAM processes can become modernized and optimized by applying such technologies, as the security posture can be increased. It is time for every organization to put more attention on the potential of these technologies for their processes and security.
Here are some links to presentations at EIC 2022 that focused on identity proofing & fraud reduction:
