Identity theft costs tens of billions of Euros every year and continues to rise. Account takeovers are also rising at an astonishing rate, increasing by 300% in the US between 2016 and 2017.
The impact of this fraudulent activity has a profound impact on the lives of consumers affecting their credit rating, reputation, and finances, as well as having emotional and potentially psychological consequences.
The ability to repair an identity online will be an increasingly important tool for consumers and their digital reputation but also for Relying Parties where the damage caused by the fraudulent use of identity is felt most strongly.
Adam Cooper explores the impact of identity theft and the potential role Identity Providers and identity ecosystems can play in preventing and rectifying the damage caused.
