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NAB has collaborated with the recently formed Australian Payments Plus (AP+) — a union of BPAY, eftpos and NPP Australia — as well as other lenders, on the “ConnectID” digital identity solution, which will cover identity validations across e-commerce, utilities, banking and other services.
The bank is set to play a role in the ConnectID network as a “trusted identity provider” in order to verify a customer’s identity (with their consent) whenever identity validation is required online.
Commercial trials for ConnectID are planned to begin in late 2022, allowing access for all Australians from mid-2023.
NAB chief digital, data and analytics officer Angela Mentis stated the bank was “proud to play a critical role in the initiative” in providing customers with “added protection and convenience” in regard to online identity verification.
“We want to make life easier for our customers when they are going through a process of validating their identity online and also provide a safe way to do that which protects their data and privacy,” Ms Mentis said.
“ConnectID gives customers full control to use only data that is absolutely necessary when completing identity verifications; they will be able to do things like digitally prove their age rather than passing over their driver’s license for the same purpose.
“When signing up for a new mobile phone plan or other service for example, identity data will only be accessed when a customer initiates a transaction, authenticates themselves using their regular banking login, and provides express consent.”
Ms Mentis added that NAB sees ConnectID’s digital identity as “providing crucial support for the business community in Australia”.
“Businesses will see improved data quality with data verified directly from trusted parties such as a bank, lower costs in customer onboarding and identity verification across sectors, and manual processes replaced by digital convenience,” Ms Mentis stated.
Futurist and co-inventor of 3D vector graphics VRML Mark Pesce recently stated that the increasing sophistication of identity fraud will result in the “death of video and audio identity verification” by the end of the decade.
Mr Pesce suggested that single-source verification of identity (VOI) using existing voice or video technology will be “mothballed” by the end of the 2020s as cyber criminals have become more adept and sophisticated in mimicking a person’s online identity.