Modernizing Authentication and ID Verification
IRS Mandates Multi-Factor Authentication for Tax Professionals
“The Internal Revenue Service (IRS) is reminding tax professionals that multi-factor authentication (MFA) is now not only a crucial safeguard for their business and clients but also a federal requirement. This mandate, under the Federal Trade Commission’s (FTC) safeguards rule, aims to bolster account security by requiring more than just a username and password for identity verification.”
China’s Proposed Regulations on National Network Identity Authentication Public Services
“The Ministry of Public Security and the Cyberspace Administration of China (CAC) on July 26, 2024 released an announcement soliciting public comments on the Draft Measures for the Administration of National Network Identity Authentication Public Services.”
Australian Government Unveils ‘Trust Exchange’ for Digital ID Verification
“Australia’s Minister for Government Services, Bill Shorten, has announced a new digital ID project called the Trust Exchange (TEx), designed to give Australians more control over the personal information they share when verifying their identity and credentials.”
https://findbiometrics.com/australian-government-unveils-trust-exchange-for-digital-id-verification/
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DIACC releases recommendations on prioritizing verification and authentication
“The Digital Identification and Authentication Council of Canada (DIACC) has published its written submission for the 2025 pre-budget consultations, outlining three key recommendations on digital identity verification and authentication.”
APAC institutions scramble to block fraud with biometric ID verification
“Asia-Pacific (APAC) customers will put up with only so many questions during account opening, or persist for so long. One in three Indonesians say they will abandon an application for a bank account or credit card if it takes more than 10 minutes. Biometrics may be part of the answer, with 51 percent of those surveyed across India, the Philippines, Malaysia, Thailand, Singapore and Indonesia saying they are in favor of using their fingerprints for authentication.”
Insights
Data breaches increased by 78% last year, while attacks using stolen credentials rose 71% year-over-year. With the rise of generative AI attacks, fabricated identities, and sophisticated hacking techniques, organizations worldwide face record levels of fraud and risk. Traditional security measures are struggling to keep pace with new threats.
Modernizing authentication and identity verification methods has become a global trend. Organizations are actively seeking ways to improve digital security using new Identity Verification (IDV) and strong authentication methods to counter evolving threats. Innovations in biometric authentication, liveness detection, document proofing, Multi-Factor Authentication (MFA), and AI detection offer powerful defenses against the escalating tide of cybercrime. While new IDV technologies provide excellent protection, they can be expensive to deploy, maintain, and modify. Businesses need an easy way to implement, scale, and customize new IDV solutions without increasing technical debt or requiring replatforming.
IDV Orchestration (IDVO) addresses these challenges by simplifying IDV implementation and interoperability with existing systems. This model requires zero code and provides flexible workflow templates that can easily be customized to automate IDV integration with any business process. IDV Orchestration makes it easy to combine or replace IDV providers as needed, significantly reducing the overall cost of IDV adoption.
If your organization is looking for a more efficient way to modernize authentication and IDV, contact IdRamp to learn how IDVO can help you meet these challenges and achieve a competitive advantage.