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Tuesday, March 07, 2006

Combating Identity Theft

Identity theft is the major security concern facing organisations today.  Indeed, for the banking industry, it is the number one security priority for 2006.  In a recent survey of security budget holders and influencers of UK banks, 73% of respondents cited identity management as the top transaction security concern.  The survey also showed that identity management has moved from being fifth to the most important driver for transaction security spend in UK banks. In addition, the number of UK banks assigning separate budgets for identity management has risen from 22% to 60% since 2003.  ID theft has increased by 500% since 1999 and now costs the UK economy £1.3bn a year.

Identity security has developed beyond the simplest form of authentication where one party issues and verifies identities within a closed group of users.

Essentially, an organisation that is joining another’s authentication network must have confidence in the checks that have been carried out to guarantee the identity of the user.

Privacy laws have further compounded this as one organisation is unlikely to be able to share any meaningful information with another organisation to prove that these checks are robust.

Posted on 03/07