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What A “Cyber Pearl Harbor” Means For Commerce [Video]

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As new technologies shift commerce and payments online and cyberthreats become more advanced, how will companies keep customer information safe and prevent fraud?

Blake Hall, CEO and founder of ID.me, sat down with Admiral James Stavridis and other leaders in the payments industry to discuss this question at the Innovation Project 2017. Titled “What A “Cyber Pearl Harbor” Means For Commerce,” the panel discussed how tech companies and industry leaders can protect customer information and preserve the trust between financial systems and consumers. 

When asked how important it was that individuals be able to specifically identity themselves, but also be able to share their information on their own terms, Hall explained the answer lies in verifying uniqueness while minimizing the amount of data released.

“When we open a bank account, for regulatory reasons we have to provide our name, our date of birth, our address, our SSN,” Hall said. “Once you established that with the financial institution, when you’re authenticating a transaction with Starbucks or wherever else, all they care about is ‘Are you able to make this payment?’ The point is that you really need to establish uniqueness and, given each stakeholder’s role, minimize the data collected to do the authentication.” 

What a "Cyber Pearl Harbor" Means for Commerce

Blake Hall, CEO and founder of ID.me, sat down with Admiral James Stavridis and other leaders in the payments industry to discuss how to keep customer information secure in the event of a "cyber Pearl Harbor."Video provided courtesy of the Innovation Project and PYMNTS.com: What's Next in Payments

Posted by ID.me on Friday, March 31, 2017

 The Innovation Project also interviewed Hall about his vision not only for ID.me, but for the digital identity industry as a whole. 

“If you essentially replicate the digital driver’s license ecosystem where state DMVs are replaced with government agencies and tech companies that all align with common standards, you’ll see a digital ecosystem where you can pick whatever identity provider you trust the most and then take it with you across the web,” Hall said. “You’re only managing one login, but there are many login providers. We think that has to happen because an advertising company or market dominated by advertising companies isn’t going to innovate in the way that consumers want or expect when it comes to important services, like payments and healthcare.”

Blake Hall Discusses Digital Identity at Innovation Project 2017

ID.me CEO Blake Hall spoke with the Innovation Project to discuss his vision not only for the company, but also for the digital identity industry as a whole. Video provided courtesy of the Innovation Project 2017 and PYMNTS.com: What's Next in Payments.

Posted by ID.me on Friday, March 31, 2017

ID.me was later honored at the Innovation Project 2017’s prestigious Innovator Awards with a Gold Medal in Most Disruptive on March 16. The awards, presented by PYMNTS, highlighted the most innovative companies and individuals in the payments industry. 

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