Financial Services & Payments
People expect a digital approach to conducting financial transactions. Typing in a password to transfer money with a bank’s mobile app doesn’t appeal to them. Neither does gathering paper documents and submitting them at a bank branch to comply with know your customer and anti-money laundering regulations. They’d prefer modern approaches that leverage passwordless authentication and digital IDs.
Veridium also helps provide a better customer onboarding experience. Instead of submitting paperwork for know your customer requirements, a bank’s customers can use Veridium as part of a digital ID program to confirm their biometrics against the ones stored in a database. Using digital IDs lets financial services organizations spend less
time manually confirming a person’s identity.
In the insurance industry, digital IDs offer an easier and more convenient approach for customer onboarding and fulfilling know your customer requirements. Instead of submitting paperwork (or typing in a password) to prove who they are, customers can use passwordless authentication as part of a wider digital ID program.
Passwordless authentication also benefits insurance agents who upload documents to a portal for a claim. Getting rid of passwords means agents don’t have to remember them or waste time resetting them. Going passwordless lets agents be more productive and spend more time helping customers instead of dealing with authentication.
Passwordless authentication and digital IDs can improve how people access government services while reducing fraud. In the U.S., using a digital ID for identification instead of a Social Security number could decrease tax fraud. Fraudsters launch phishing campaigns during tax season to deceive people into divulging personal information such as Social Security numbers and birth dates.
With these details, they can file a fake tax return and obtain a person’s refund. But using a digital ID makes filing a fraudulent tax return with
stolen credentials more challenging.
Modernizing how health care providers authenticate fits with digital transformation projects hospitals are undertaking around using technology to provide better care. For example, many hospitals are deploying Citrix Workspace as part of digital transformation projects to improve clinical workflows.
They’re also looking into introducing passwordless authentication into Citrix Workspace since it fits with the projects’ greater goal of making practicing medicine more efficient and productive. Going passwordless means doctors and nurses don’t have to remember passwords to access lab tests or fumble with a key card to unlock a workstation.
Telecom | Internet | Media | Mobile
The multitude of all communication services in an all-digital era, particularly that of streaming services available means people will always find something to watch. But it could also mean an increase in piracy as some decide to share passwords instead of purchasing several streaming services.
Streaming services, which once tolerated and accepted password sharing, are now looking to crackdown on the practice. The economics behind streaming require it. Streaming services have spent billions on original programs and the rights to older shows. To make a profit, these services need paying customers.
Passwordless authentication lets streaming companies address privacy by linking one account to one user.
Non-profit organisations (NGOs) continue to evolve at the speed of their Enterprise equivalents. Their value and very existence became inexplicably high during the pandemic.
Many of them have and re undergoing a great level of transformation in every aspect. Online transactions and digital transformation have led the industry to offer security and peace of mind at levels donors experience with their usual vendors on a daily basis. NGOs are no different than an enterprise-scale operation today as far as security, and identity issues are concerned.
In many cases, NGOs that are focused in humanitarian activities are in need to handle ID verification swiftly and in the most secure fashion possible.
The problems with passwords – negative user experience, high reset costs, security risks – transcend industries and apply to all enterprises. The companies Veridium talks to are especially interested in using passwordless authentication for employee authentication,
consumer authentication and transaction authentication.
Enterprises continue to evolve service delivery and business processes to online, cloud, and mobile services, but are constantly trading off fast and easy access with robust authentication security.
Enterprise-grade passwordless authentication turns that around and makes online security a simpler and better user experience while providing stronger security and reducing risks for the enterprise.