What happens to MyCUID if my member’s phone is compromised?

Posted by Julie Esser on May 15, 2019 9:00:00 AM

Self-sovereign identity (SSI) provides members with a lifetime portable digital identity that does not depend on any central authority and can never be taken away. The benefits are far-reaching for both members and credit unions.

One of the main benefits of SSI is that the numerous and cumbersome usernames and passwords that consumers currently have become irrelevant. But, since biometrics and smartphone technologies drive the SSI platform, what happens if a person loses his or her phone, or that phone is hacked or has an injury that impedes a biometric login? Does that member’s SSI become vulnerable? This question is especially important for credit unions to consider as a recent Bankrate survey found that 63 percent of smartphone users in the U.S. have at least one financial app.

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Topics: Digital Identity

The Different Dimensions of an Identity

Posted by Julie Esser on May 8, 2019 9:00:00 AM

 

Each individual identity has various dimensions. This is especially true online, where every account—whether Amazon or online banking—requires a siloed identity, leading to a seemingly never-ending list of usernames and passwords. A recent McAfee World Password Study polled 3,000 people worldwide and found that, on average, each person had 23 online accounts that required a password. While that’s a big number, what is most surprising is that, on average, only 13 unique passwords were used for those same accounts—a hacker’s delight.

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Topics: Digital Identity

Digital Identity Made Easy: Defining Self-Sovereign Identity

Posted by Julie Esser on Apr 10, 2019 9:30:00 AM

As digital interactions become more commonplace, credit unions search for a solution involving digital identification. Unlike identifying members in physical settings, digital identification remains challenging because of a lack of standardization across various digital channels. Members and credit unions alike are increasingly concerned by the fact that digital identity theft is growing. Sadly, digital data breaches are on the rise across multiple industries and have exposed the most sensitive consumer data to hackers. 

The solution to protecting members’ identities in digital interactions is through self-sovereign forms of identification. Self-sovereign identity is a type of portable digital identity. This form of identification does not depend on any central authority and is nearly impossible for hackers to steal or corrupt.

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Topics: Digital Identity

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