As a digital society, we are experiencing a confidence crisis and a privacy dilemma. Customers are losing trust in digital firms’ capacity to handle their information cautiously. Data breaches are becoming more regular and prevalent, compromising sensitive information.
According to Cisco, 84% of Americans would like more control over how their data is being used, and according to Pew Research, 70% of Americans think their data is less safe now than it was five years prior.
Data used to identify and authenticate people so they may access applications and internet services is particularly in danger. Without sophisticated security measures, login credentials are a popular target for fraudsters and are pretty simple to acquire.
Even two-factor authentication has flaws, and the system fails if you authenticate someone pretending to be the actual account user. We lack a high level of assurance and validity when it comes to authentication because, at the end of the day, we assume people are who they claim to be. Why do we make assumptions when dealing with something as important as identity authentication when other systems are required to operate at levels of availability and accuracy of 99.999%?
There is a demand for a more secure solution, and Identity Authentication API, which offers a more secure and dependable method of securing sensitive information, is the future of online security.
It Verifies People, Not Devices
Device validation is a strategy used in today’s cybersecurity. This is a vulnerability of biometrics and other security measures like 2FA/MFA because it was never designed to identify the real person behind the screen.
These approaches for internet security are only helpful if you know the device’s user. Imagine, for example, that someone ties their fingerprint to your account and says they are you. In such a situation, the evil actor benefits while everyone else suffers.
However, the advent of Identity Authentication API brings a competing philosophy. We should verify individuals rather than just devices. Multi-Factor Identity (MFI) is the driving force behind this new security concept.
By determining an individual’s identity online, MFI completes the vision of a safe and password-free future and provides the crucial piece needed to protect accounts and combat fraud.
The future of account security will not exclusively rely on biometrics and 2FA/MFA but instead on technology that solves these issues by authenticating people rather than machines.
Humanizes the Internet and Makes It Safer
In terms of internet security, there is a bigger picture that identity verification API is working to realize. The notion is that identity verification may help us create a more human and secure internet and, ultimately, a more trustworthy digital environment.
The online world of today lacks trust. When the internet and computers were first invented, they were operated by smaller groups of known individuals and were part of a more trusting community. You could tell more easily who somebody was, and a password could reasonably secure an account and the user.
In recent years, however, that trust has virtually disappeared due to the development of the internet. Gaining trust online or over the phone without knowing someone’s identity is difficult. Today, trust is critical, especially to achieve the promise of developing digital environments. The digital world is enormous and fast expanding, and the metaverse might drive it to breaking point if we don’t have more reliable means to identify each other.
Regulations Can Increase Demand for Identity Solutions
Identity verification will become increasingly crucial for enterprises and governments as their dependence on online services develops in 2023. An individual’s or a firm’s digital identity is a way to demonstrate who they are while maintaining trust.
As the potential for internet financial fraud and impersonation develops, regulations are expected to become more stringent. Due to the government structure and laws, customers’ trust in identification solutions will grow.
Furthermore, the multitude of applications that digital identity enables is a reliable source of new business opportunities.
Identity Authentication APIs promote user convenience in addition to security. Users must frequently remember numerous passwords for each internet account when using standard security techniques. This may be complex and time-consuming, which leads many users to repeat passwords across various platforms.
Identity Identification APIs make this process easier by allowing users to confirm their identity with a single API request. This saves consumers time while simultaneously lowering the danger of password reuse and eventual security breaches.
It’s a Cost-effective Security Strategy
Strong internet security measures can be costly, particularly for smaller firms. On the other hand, Identity Authentication APIs provide a low-cost option accessible to enterprises of all sizes. Businesses may save time and money by outsourcing the authentication process to a trustworthy third-party source while still assuring the security of their consumers’ data.
The value of safe online authentication cannot be overstated, considering how frequently our lives are spent online. Identity Identification APIs provide a potential answer that benefits companies of all sizes by enhancing security, increasing simplicity, and being economically viable. We can contribute to ensuring a better and more secure digital future for everyone by implementing these APIs. It also gives end users authority over their data without overwhelming complexity – or, worse, the risk of oversharing their data with hackers or fraudsters.