Industry executives and experts share their predictions for 2024. Read them in this 16th annual VMblog.com series exclusive.
The evolution of digital identity in 2024 and beyond
By Chris Briggs, Senior Vice President of Identity, Mitek Systems
The next generation of digital identity is right at our fingertips. Fueled by innovative advancements in biometric identification technology, evolving consumer preference, and increased adoption by organizations, the way we identify ourselves and use our identities to navigate an increasingly digital world is poised for a transformative shift.
As fraud becomes increasingly prevalent and complex, consumers are embracing advancements in biometric security that afford maximum levels of convenience without sacrificing security. Consider the integration of biometric authentication methods, such as fingerprint sensors and facial recognition technology, into smartphone devices. These features allow consumers to unlock their phones with just a quick tap or glance, eliminating the burden of complex passwords and creating a seamless and secure user experience.
In 2024, a redefinition of ‘identity’ will emerge.
The unimaginable becomes attainable
Whether the world is ready or not, biometrics is advancing to new levels, and concepts that were once considered unimaginable are becoming reality. Just as futuristic films like Star Trek had characters walking through doors with their identity being automatically recognized, society is approaching a point where we can bind human identities to inanimate objects.
In the foreseeable future, we will begin to see identities biometrically bound to objects such as homes, cars, and financial assets – enabling keyless entry through biometric authentication and granting or revoking that same access to others as desired.
Additionally, the application of digital identity verification can also be extended to public spaces such as airports, where maintaining security remains a priority. Working with the TSA, airports like Phoenix Sky Harborhelped to enable enhanced travel security by incorporating facial recognition technology into its security measures. More recent advancements include self-service security options. We see this in most of the airport renovations worldwide, including the work that NEC and SITA have done with the Frankfurt airport. Automating the verification process for border security not only enhances security by improving accuracy and reliability in verifying travelers’ identities, but also fosters a more convenient, contactless experience for travelers by expediting the identification process with increased efficiency.
Moreover, biometric detection technology will become so cost-effective that it will supercharge adoption by enterprises and acceptance by customers.
Swaying consumers to the digital side
Recent research from IDC found that consumers in general are unsatisfied with current username/password processes and are actively looking for more seamless solutions: one in three said that having to remember multiple usernames and passwords is their biggest authentication headache. This has ultimately led 83 percent of organizations surveyed to make investments in offering more seamless consumer authentication technology and processes.
Of course, with all innovation comes the risk of bad actors looking to exploit these advancements. The threat of AI-powered fraud among financial institutions remains a significant concern, with digital payment losses projected to surpass $362 billion globally by 2028, according to Juniper Research. Additionally, the emergence of fraudulent tactics like AI-generated deepfakes has undoubtedly raised concerns among both consumers and businesses. However, AI can also serve as a force for good in combatting such threats through research. For example, using a combination of data points, including biometrics, creates added layers of security for transactions. Such advances ensure that security tactics can keep up with evolving threats, thus paving the way for increased implementation and use of AI-backed identification technology.
In the year ahead, the rate of consumers leaning into and embracing their digital identities will continue to flourish.
Embracing our digital identity
Our digital identity opens possibilities while at the same time becoming an effective weapon against fraudsters, and the world is taking note. However, much of the power to combat fraud falls into the hands of not only consumers, but the organizations that serve them.
While we can expect to see the security landscape in 2024 be influenced by biometric advancements and shifting sentiment toward the technology, organizations face a critical responsibility to go the extra mile in adopting these innovations to meet evolving security needs.
To stay ahead of the curve, business leaders must accept the digital identity shift, address novel challenges practically, and work with one another to forge an ethical, controlled, and transparent infrastructure for the future.
Digital identities are the new standard, and it is time for the world to embrace the technologies that enable this transition.
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ABOUT THE AUTHOR
As Senior Vice President of Identity, Chris Briggs leads Mitek’s Identity business, as well as the company’s product strategy and development, R&D, go-to-market, and engineering teams.
Chris joined Mitek in 2022 and has been instrumental in driving product innovation and partnerships., Chris brings more than 25 years of experience deploying mission-critical products for global technology services, data and analytics firms such as Equifax, Experian and Howard Systems International. Chris’ passion is protecting consumers and helping companies provide safeguards for sensitive data in an ever-evolving world.
