Mike Orlando, CSO of Jumio, talked in today’s keynote speech at the Tech Entrepreneur Week in London about the future of ID management in the mobile space:
We will see mobile commerce continue to skyrocket in future, which gives mobile developers new opportunities to engage and convert customers. However, the flipside is that new devices and consumer access points offer criminals holes to exploit. Online and mobile identity fraud will continue to accelerate from current levels. In future, most web or online transactions are likely to require some form of ID verification. Now, more than ever do we need increased security and it has become imperative to focus on ID verification to know your customer.
What does “Know Your Customer” or KYC mean to Jumio? It goes beyond knowing their preferences and personalizing experiences. When we say “Know Your Customer,” we also mean it’s important to know WHO THEY ARE and to create trust and safety in the online community. Digital ID verification processes might help to conveniently identify customers when executing a range of purchase and other transactions.
KYC is the cornerstone of security and should neither be an afterthought nor impact on user experience. New technologies such as computer vision scanning and biometrics will be a central part of the solution but so far manual ID verifications or user/password systems have failed customers. Mobile business and transactions growth will be stymied if users and companies have little faith in the system.
Jumio believes KYC forms the basis for establishing a solid relationship with your customer. KYC can be incorporated in a consumer friendly way and just some of the benefits are:
- Reduced cost for fraud management
- Significantly higher customer conversion rates
- Fully integrated backend processes
- Comply with KYC regulations
- Prevent ID theft
- Customer friendly: speeds up transaction processes
- Enhanced customer experience
- Improved process flow (only one device)
Mike summarizes his key points in a brief interview with TEW2012: