![]() GAMBLING (Regulatory reflection: Betting on an online future.).CRYPTO (Play time’s over: The year that crypto was forced to grow up.).FRAUD (The never-ending cat and mouse game of fraud prevention.).FINANCIAL SERVICES (Is traditional banking dead?).In this blog, we speak to our Spotlight Interview alumni, as well as IDnow’s own experts to discover the sector developments that have surprised them in 2023, and what trends they predict will have the most impact in 2024. If there was, organizations would never be fined for internal failings like AML and KYC deficiencies users would never fall victim to fraud and the internet would be a wonderland, free from financial crime, scams and hate speech.Ī potential answer lies in the balancing act between the needs of the corporation and the needs of the consumer, in the open and ongoing dialogue between regulatory decisionmakers and industry insiders for the common purpose of a secure and attractive marketplace, and in the clever deployment of technology that can optimize processes while ensuring a superior digital customer experience. More on that later.ĭespite tech titans’ claims to the contrary, there is no simple one-size fits all answer to the question of how to offer both anonymity and privacy. The ongoing, fractious exchanges on the details of the proposed Electronic Identification, Authentication and trust Services (eIDAS 2.0) have been testament to that. How to balance accountability with anonymity has been a conundrum since the internet was first invented and is a recurring bone of contention whenever new regulation or frameworks are created. The desire for anonymity may not necessarily be rooted in the wish to engage in illegal activities away from prying eyes, but more as a genuine concern for how their personal identifiable information and other important data could be hacked and tracked or even used for fraudulent purposes. Accountability vs anonymity.īut, what about an internet user’s right to remain anonymous and even more importantly, their right to privacy? Laws ensure online users behave in a legally binding and appropriate way. ![]() This is where industry regulations, rules and established processes like identity verification data and Know Your Customer (KYC) come into play. So, if we’re spending more time online, then it’s important to be able to prove our identity – that we are who we say we are, and that the people we’re interacting with are who they claim to be. ![]() We buy, we sell, we save, we transact, we subscribe and gamble – all online, often without physically interacting with another person, whether in person or online. It’s not even a controversial and outlandishly sci-fi statement to make anymore. Able to register, transact and be recognized quicker and more effectively online than in person.Įvery industry has gone digital. In fact, we’re probably not too many years away from our digital selves becoming more trusted and, in a way, able to do more than our soft, fleshy human forms. We click, we scroll, we awkwardly stare at the camera, and we do that ‘press, but don’t actually press, just lightly rest it upon the side button thing’ every single day.Īs we approach 2024, it’s no exaggeration to say we spend most of our lives online personally, and professionally.
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