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Individuals increasingly want to interact with businesses online and on the go. The more we interact and transact online, the more important online identity assurance, proving people are who they say they are, becomes. Ctrl-Shift has produced this paper for the Open Identity Exchange to further investigate the size of the market for identity assurance and its value to the UK economy.
‘Economics of Identity’ focuses on three key areas – the:
- costs of achieving the level of identity assurance we need for the activity or service in question;
- opportunities that different models of identity assurance open up – or close off; and
- risks associated with different identity assurance processes.
The research suggests the total costs of identity assurance processes in the UK currently exceeds £3.3bn. New approaches to identity assurance, which provide individuals with secure electronic identity tokens they can take from one company to another, could shave 90% off these costs while also reducing levels of identity theft and fraud, and making new services possible.
For organisations looking to improve identity assurance processes this report highlights alternative approaches and the opportunities they create.