Security in the world of technology isn't only important it is a top priority for businesses and customers in the U.S. and around the globe. The continual efforts to improve identity verification methods evidenced the value and importance of those security concerns.
These pressing concerns are also another reason why there are so many misnomers and myths about identity verification methods. Here is what the big companies that store your data don't want you to know, and what you should know about those myths, mistruths, and your own personal and business security and safeguards.
What Is Identity Verification?
Right around the time of the Dark Ages identity verification consisted of not much more than creating a username and password. How things have changed. Today, we intend identity verification to secure accounts, identities, and tie any information securely to those matching accounts and identities.
This is also where many of the myths of identity verification began, and many of those misleading rumors, ideas, and concepts were necessarily denied by big companies either. Here are a few of the more common identity verification myths that big companies would rather keep quiet.
Myth #1: More Verification Steps, Login Procedures, and Identity Requirements Translates Into More Security
At the onset, this seems like a reasonable idea and a good way to increase user security. Unfortunately, a brief inspection reveals some major holes in this premise and more understanding into why these techniques don't and haven't worked.
Cybercriminals are simply too smart to be stopped by requiring eight special characters, five uppercase letters, four symbols, and a 15 character minimum password. They have the tools and the technology to crack archaic and older security methods. This is akin to thinking that building a taller fence will solve the problem when the bad guys have already scaled the wall numerous times before. The answer isn't to build a taller wall (or longer passwords and procedures), the answer is a better security system and better data protection.
These security needs are also the impetus behind security measures like KYC (Know Your Customer) identity protocols. KYC refers to the process institutions and companies use to verify the identities of their customers "...performing identity verification, reviewing their financial activities, and assessing their risk factors..."
Longer and more complex identity safeguards don't make a better security system, a better security system and protocols like KYC make a better security system. This isn't the only myth, however, that big companies would prefer you didn't know.
Myth #2: Privacy Agreements Don't Necessarily Offer Security
The concern regarding the privacy agreements is no secret, yet legislation concerning this matter seems to be nonexistent. Many privacy agreements (as in most) are written with such heavy legal jargon that it may take an afternoon to read and perhaps a Harvard degree to understand it.
The concerns and security issues surrounding privacy agreements have been levied against more than a few major corporations and industry leaders. Within these privacy agreements are permissions that allow users to be tracked, data to be stored, and profiles to be built. And as a result of the myriad of confusing and long-winded jargon, many people unknowingly sign off on these privacy agreements.
Yes, privacy agreements are good, but for who?
Myth #3: Static Data Offers Solid Protection
There was a time back in those aforementioned days of cave drawings when static data was at least a sufficient wall of security. Today, that is like believing a porch light will fend off criminals, it is shortsighted and ineffective.
Data such as addresses, birth dates, and other common information is too accessible in light of the age of information in which we live today. AI sources, dynamic data sources, and other combined measures are being used today to develop a better, smarter, and more sophisticated security gate.
The Big Business Secret
There is a reason why big business doesn't mind these security gaps and all these holes in traditional security measures. Information and knowledge have always translated into power, but in the world of the information age, it is like a superpower. That also makes it super wanted, highly coveted, and valuable.
All those pages of forms to sign up, all that odd information when setting up a profile on that site, and all those details required to download that app equals a considerable amount of data and information. The real question is, where does that information go, or maybe more concerning is to who does that information go?
We already know the answer but it is what we choose to do with that knowledge that matters now. Big business has a lot of information on us, and there is little to no regulation on how they use it, what they do with it, or who they sell your data to. The good news is that they aren't the only ones who have information, and as we know, that is power.