Better Identity Coalition pitches digital identity policy on Capitol Hill
Identity fraud cost $16.8 billion dollars in the U.S. in 2017, according to a report that representatives of the Better Identity Coalition are presenting to policymakers on Capitol Hill.
“Better Identity in America: A Blueprint for Policymakers” outlines five key initiatives as part of a comprehensive policy agenda for digital identity solutions with the aim of making them private and more secure. The Identity Theft Resource Center reported an increase of 44.7 percent in data breaches last year, according to the Coalition. Further, it says the products released to the market in response to the identity challenge are inconsistent in terms of accuracy and reliability, putting consumers and businesses at risk.
“This white paper establishes a road map for policymakers on the critical issue of consumer identity and authentication. Improving customer experience, ensuring privacy and reducing the fraud that affects businesses and consumers are critical issues that Symantec addresses every day,” said Symantec Senior Vice President Nico Popp. “We’re very pleased to be a member of the Better Identity Coalition and are excited about the recommendations made in this report.”
The five initiatives the report outlines are: Prioritize the development of next-generation remote identity proofing and verification systems, change the way Americans use the Social Security Number, promote and prioritize the use of strong authentication, pursue international coordination and harmonization of identity standards, and educate consumers and businesses about better digital identity solutions.
“Identity verification and authentication is a societal issue. Only with cooperation and guidance from private industry and policymakers may we rebuild consumer confidence and therefore trust in any transaction that takes place online,” noted PNC Financial Services Group, Inc. Chief Security Officer Debbie Guild in her keynote at the Capitol Hill event.
The coalition was launched earlier this year by organizations including IDEMIA, Mastercard, Visa, Onfido and several financial institutions.