Bluink Blog

ID Verification Funds Data Breaches - How Banks Should Verify Identity

Posted by Alex Longval · 804 words

 

Your key is in the wrong hands. Easy identity verification funds data breaches. And the fate of our financial system depends on robust digital identity. Let me explain.

 

Your Identity Is Your Key

Your identity is your key to getting a credit card, bank account, insurance coverage, and more. But are you the only one with your key? Or is your key out there in the hands of hackers and fraudsters, looking to use your identity as their key to easy money?

 

Let’s rewind a bit.

 

Times were simpler before the Internet. You go to a bank, show your ID cards, and open an account. Quick and easy.

 

Enter the Internet: ecommerce, email, online shopping, and online banking.

 

Now we want online everything, including online applications for credit cards, bank accounts, investing, and insurance. We want it fast from our phone while lounging on our living room couches. Type in your name, address, social insurance number (SIN), and done.

 

Nice and easy, right?

 

But it’s not just easy for us. It’s easy for them. It’s easy for hackers and fraudsters to steal our identity and use it against us for their own gain.

 

Our Keys Are Lost (Again and Again)

Equifax, May 2017. Desjardins, June 2019. Capital One, July 2019.

 

Millions of SINs and other identity information leaked in data breaches. Millions of SINs and other identity information out there in the hands of the hackers... our information, our identities, and our keys.

 

Fraudsters buy our leaked information from hackers to impersonate us to get fraudulent credit cards and bank accounts in our names. Fraudsters bypass easy identity verification methods using information leaked in data breaches.

 

Easy identity verification lets them exchange leaked information for money. That’s how identity verification funds data breaches.

 

Does your social insurance number give you a sense of insurance? Or does it feel more like a liability?

 

I don’t know about you, but it I’m sad to say that I wouldn’t be very surprised if my bank was the next one in the news for a data breach. Those are the times we live in. But that doesn’t mean we should sit back and let hackers and fraudsters steal our identities, reputations, time, money, and peace of mind.

 

Change is never easy. But that doesn’t mean it’s not necessary. We need change.

 

Take Back Control

Financial Institutions and we, their customers, need to take a stand and demand a secure and private identity solution that isn’t vulnerable to the attack of the month.

 

eID-Me is that solution.

 

eID-Me enables robust online identity verification based on real identity.

 

eID-Me extracts and verifies your name, address, and other identity information straight from the source: your ID cards.

 

You receive a digital identity with your information in a secure digital wallet on your phone. This is the only place your identity is stored: on your phone, in your control.

 

You can then share specific pieces of information with organizations that need it. And organizations know your information is verified. Win-win.

 

With eID-Me, it’s not enough to know your SIN to apply for credit in your name. It takes real proof of identity. Proof that only you can provide for yourself.

 

Fraudsters can’t use your SIN against you anymore. We’ve taken your key away from them and put you back in control.

 

You have your key. It’s eID-Me and it’s safe on your phone.

 

Your SIN and other information become worthless because fraudsters can’t use them to impersonate you. Fraudsters won’t bother buying stolen information, which puts hackers out of business, eliminating data breaches.

 

Now that you know what we’re up against, let me ask again.

 

Are you the only one with your key? Are you going to take control of your identity with eID-Me? Or is your key out there waiting to be used against you?

 

Is our financial system doomed, or are you going to take a stand with us to save it?

 

eID-Me is launching on iOS and Android this fall. We need your help to shape eID-Me and the future of digital identity.

 

Join eID-Me Members now for limited-time testing opportunities, insider updates, group discussions, eID-Me Beta access, and more: eID-Me.com/join.

 

 

Related:

Can You Change Your SIN? How to Apply for a New SIN (and Why You Shouldn’t)