Customer Identity Management as Core of Business Strategy

Strong authentication is considered a cornerstone for securing credentials across the enterprise and the web. Yet, account enrollment and recovery processes are leaving gaps in the credential management lifecycle, enabling cyber criminals to use phishing to hijack accounts and infiltrate corporate networks. Increasingly, these adversaries often aren’t even human, with stolen identity information used to create fake IDs. Known as synthetic identity fraud, this is cited as the fastest growing form of fraud by a new Federal Reserve report. 

FIDO Authentication has been proven to protect against account takeover through phishing and other credential-based attacks. For accounts protected with FIDO Authentication, the account recovery process when a FIDO device is lost or stolen becomes critical to maintaining the integrity of the user’s account. Validating a user’s identity with high assurance is an important aspect of this process, as well as for account onboarding processes, meeting Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. Through its Identity Verification and Binding Working Group (IDWG), the FIDO Alliance aims to strengthen identity verification assurance to support better and more secure account recovery.

This presentation will walk-through the digital identity/credential management lifecycle as it stands today, highlighting areas in the enrollment and recovery processes open to fraud, including where synthetic identities have circumvented KYC processes. Attendees will come away with a more complete view of the digital ID lifecycle and steps they need to take within their own organizations to better secure their users at all stages.

Key takeaways:

• A comprehensive view of the digital ID lifecycle and steps needed to take within organizations to better secure users at all stages
• Gain expert advice on practical steps to improving account enrollment and recovery processes
• Gain an understanding of synthetic identity fraud and the risks posed to enterprises

· Comprehensive view of the digital ID lifecycle and steps needed to take within organisations to better secure users at all stages
· Gain expert advice on practical steps to improving account enrollment and recovery processes
· Gain an understanding of synthetic identity fraud and the risks posed to enterprises