Collaboration, mDL’s payment security potential spotlighted at Identity & Payment Summit

More cross-sector collaboration, mDLs and mobile device-based biometrics are needed to secure payments and other transactions across a wide array of industries, according to presenters at the 2024 Identity & Payments Summit.

The event, organized and hosted by the Secure Technology Alliance, was the first in what will be an annual series. Nearly 400 stakeholders from across the identity, access control and payments markets gathered in Tucson, Arizona for the event from February 26 to 28.

They explored challenges from traditional fraud vectors like card-not-present transactions to threats on the horizon like quantum computing.

Mastercard’s Les Mathews kicked off the event with a call for more cross-sector collaboration, which was also echoed in post-event remarks from Secure Technology Alliance Executive Director Christina Hulka.

Visa has been using AI to prevent fraud for 20 years, but the technology’s potential is just starting to be realized, attendees heard.

Entrust’s Andy Cease told attendees that $40 billion in fees being paid every year by the unbanked could be avoided through the use of mobile identities and behavioral biometrics.

Infineon and Idemia gave a presentation on the potential of quantum computing to break asymmetric keys within the next decade, give or take a year, and how planning for that near future can prevent it from causing major disruption.

Biometrics providers were also represented at the event by speakers from HID Global, iProov and Idex.

A panel of state motor vehicle authorities explored mobile driver’s licenses and how they can help protect people’s identities while reducing fraud. The panel suggested that driver’s licenses are well established as the U.S.’ de facto national ID, and a consensus that organizations should make use of state-issued mobile identity credentials and native device biometrics in their sectors.

Another presentation delved into the impact digital ID can have on healthcare, and how a Federated Universally Unique IDentity (UUID) can make health services both more effective and more efficient.

Article Topics

biometric payments  |  digital ID  |  fraud prevention  |  identity verification  |  Secure Technology Alliance