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How identity fraud may be impacting your online business

miiCard (My Internet Identity) brings a greater level of trust to the internet, through proven identities, changing the way we trade and transact online and allowing us to do more with ease, convenience and safety.

A patented solution (United States Patent number 8,332,322), miiCard is the only global Identity as a Service (IDaaS) offering to prove identities to passport/ photo ID equivalent purely online and in real-time.

With coverage across five continents and over 350 million people , miiCard is creating trust online across a  range of industries including finance, commerce, trading, gaming, healthcare, recruitment, dating, social and professional networking.

Rake Narang: How is identity fraud impacting online business today and how can we fix it? How can we create a greater level of trust and transparency on the web?

James Varga: Identity related fraud continues to grow at an alarming rate with the reliance on personal information to verify identities on everything from Facebook accounts through to regulated bank accounts. These risk-based verification processes using background checks and knowledge based assessments in new account openings is directly contributing to the sharp increase in fraud because so much of this information is widely available.

The Javelin Strategy and Research 2013 Identity Fraud Report found data breaches around Social Security Numbers (key information used in account openings) were the likely cause of the 50% increase in new account fraud. Almost 1 in 4 consumers that received notification of a data breach became a victim of identity theft.

As the industry continues to shift to online distribution of regulated products and services, high risk, data-driven background checks are being used to increase acquisition and onboard customers more efficiently. The result is increasing fraud rates caused by identity theft due to personal information being widely available through data bureaus, public records and social networks.
With trust online at the heart of business, we need to change the way personal information is used for consumer verification and to enable greater protection and security for our online identities.

This is something we are working on at miiCard, by establishing real trust in identities – to passport standard – purely online, and without compromising personal details.

About James Varga

Rake Narang: Consumers are starting to demand more control over their information online, what does this mean for business?

James Varga:  Security and privacy are often a trade-off with the convenience of doing more online. But with rapid increases in fraud and identity theft, consumers are quickly realising the risks they face as digital citizens and are starting to demand greater transparency and control over their personal information.

With this we are seeing a number of government programs like National Strategy for Trusted Identities in Cyberspace (NSTIC) and the Identity Ecosystem Steering Group (IDESG), along with the emergence of trust frameworks like the Respect Trust Framework, which miiCard subscribes to, that are founded on core principles for respect of personal data.

Businesses will need to keep pace with these developments, and incorporate these values and approaches to looking after their customer’s to gain their trust and loyalty.

Rake Narang: Why uploading a photo ID, sending a fax and other traditional methods of verifying identities doesn't provide the level of assurance we need to do the higher value business online?

James Varga: In the real world, it’s easy to use a valid form of identity to prove that you are who you say you are – a driver’s license, a passport, or a government ID. But until now, the online equivalents were only measures of probability. Verifying a driver’s license number through an online form, holding an ID up to a webcam, or sending in a fax can only prove an identity to a minimal degree.

Photo ID can only prove your identity when you present it, in person, to whomever is charged with verifiying it. The person checking the identity document needs to make certain that the information contained in the document like name, age and date of birth, belongs to you.

Putting the technology challenges (namely quality) of scanned documents to one side, the reason we cannot prove "you are who you say you are" using uploaded ID documents is because they could belong to anyone. There is no way of tying a person physically to an identity document in the real world and then transmitting this online.

Where higher value business is taking place and we need real trust online, we need to look to stronger solutions like miiCard, that can provide bank-grade identity proofing securely and conveniently.
Company: miiCard
5 Gayfield Square, Edinburgh EH1 3NW United Kingdom

Founded in: 2010
CEO: James Varga
Public or Private: Private
Head Office in Country: United Kingdom
Number of Employees: 12 + the company has ongoing, specialized contract talent of 30 strong strategic partners worldwide.
Products and Services: miiCard (My Internet Identity) is a global Identity as a Service solution that proves  ‘you are who you say you are’,  purely online, in minutes and to the same level as a physical passport or photo ID check.  Delivered as a complete identity service, miiCard provides full flexibility and scalability for all online identity proofing requirements on a global scale.

miiCard API - Integrated directly into your web or mobile application for a fully automated service. The miiCard API is available pre-packed for standard technologies.

DirectID Hosted Service - Perfect for small teams and low volume checks, miiCard DirectID lets businesses manage identity proofing of clients on an individual basis through an online portal.

Bring Your Own Identity (BYOID) - Sites and services wanting to allow their customers to create trust in a peer environment can support miiCard members as a participating site. Integrated through the API as a single sign-on or identity service, customers using the miiCard service pay an annual subscription fee that allows them to share their miiCard identity verified public profile and use miiCard on all participating sites. 

Company’s Goals: To create trust online and become the global standard in online identity proofing, to passport standard, through a member-driven Bring Your Own Identity Service.
Key Words: Identity as a Service, Bring Your Own Identity, Identity Verification, Identity Solution Provider, Trust Online

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