Navigating Challenges in the Evolving Threat Landscape of Identity Verification.

In conversation with Prisila, Correspondent at Asia Business Outlook Magazine, Bimal expresses his thoughts on the ways in which businesses can harmonize identity management with the delivery of exceptional customer experiences.

Bimal Gandhi leads Uniken’s growth and evolution in a fast-paced, dynamic industry of digital identity and security. Under his leadership, he has grown the company from a start up to a global company, widely recognized as an industry innovator. Prior to Uniken, at Ameriprise, he held several executive positions that played a crucial role in establishing the company as a leading wealth management, life insurance, and asset management firm in the United States. In the earlier stages of his career, he specialized in corporate turnarounds and provided management consulting services to well-known global brands.

Emerging technology trends in identity management and security in the market today.

Emerging technology trends are reshaping the landscape of digital identity and security. Foremost among them is the shift towards password less authentication, acknowledging the burdensome nature of traditional passwords. Second, the pandemic accelerated the development of efficient identity proofing and verification systems. In just 90 seconds, the capability to scan and extract data from global government IDs, coupled with robust liveness detection, and Know Your Customer (KYC) checks became paramount.

However, the future of identity is poised for a transformative shift from probabilistic to deterministic verification. Presently, organizations assess login or transaction requests with probabilistic models, leading to the necessity for multi-factor authentication and CAPTCHA, often resulting in credential compromises and fraud. The forthcoming deterministic paradigm demands 100% certainty of an individual's identity, relying on registered devices and additional signals to eliminate uncertainty. This represents the evolving direction of the identity landscape, with some players aspiring to reach this level of certainty, while others, like us, have already achieved it, propelling continuous innovation in the field.

Balancing Identity Management and Customer Experience in Business.

Historically, organizations often faced the challenging dilemma of balancing security and user experience, forcing them to make compromises in either direction. This dynamic created an impractical and frustrating environment. However, a more forward-thinking perspective emerged, emphasizing the primacy of delivering exceptional customer journeys and experiences as the key to success in the marketplace. This approach led to the creation of a solution that combines top-notch security and a seamless user experience. The key is to approach security design from the consumer's perspective, eliminating the need for multiple steps, intrusive authentication methods, and tedious verifications. Consumers simply expect interactions to be natural and real-time, mirroring their experiences in the physical world. This innovative platform now allows users to effortlessly request and receive what they need, ushering in a new era of convenience and security.

The pandemic accelerated the development of efficient identity proofing and verification systems.

Pitfalls of Traditional Probabilistic Identity Verification

The probabilistic nature of identity, security, and transaction verification systems poses challenges, often resulting in error rates ranging from 1-8%, compared to the already favorable Las Vegas odds of 1-3%. To enhance accuracy, additional measures are required, often at the expense of customer satisfaction, causing delays, resubmissions, and added actions. This not only frustrates customers but also exposes vulnerabilities to hackers and fraudsters. In contrast, a deterministic approach offers certainty, affirming the authenticity of individuals, transactions, and amounts involved. Relying solely on statistics places an undue burden on consumers and compromises service quality. To build a successful, customer-centric business, a more reliable, deterministic approach is essential, ensuring accuracy without burdening the consumer with additional responsibilities.

Probabilistic vs. Deterministic Approaches: Key Differences

In our deterministic approach, user verification is seamless and foolproof. When logging in, the user's identity is rigorously confirmed as well as their device identity- combine via your own app, thus assuring a secure connection to the remote host. This process safeguards against malicious connections and prevents access via compromised networks or malware-ridden devices. Biometric validation adds an additional layer of certainty, confirming the user's true identity beyond any doubt. The cornerstone of this identity model lies in the exchange of private-private key pairs, ensuring 100% certainty in every transaction. No additional steps, such as multi-factor authentication, are required. The system's integration is simple and flawless, guaranteeing that the user is who they claim to be, accessing the system via a registered device on a clean, valid connection.

Deterministic Identity Verification: Impact on User Experience and Organizational approach

Achieving a seamless, natural user experience in real-time is the ultimate goal. Picture a world where interacting with technology is as effortless as opening an app, where transactions flow without the need for OTPs or additional steps. It's the realm that giants like Google, Amazon, and Uber have crafted, where queries, purchases, and requests happen frictionless across the globe, on any device. Now, extend this simplicity to banking, purchases, healthcare, or any task, eliminating friction while guaranteeing security. Imagine a world where privacy remains intact, finances is secure, and identities are safeguarded. In this realm, fraud and compromises become obsolete, ushering in a new era of seamless, worry-free interactions, all in real-time.

"Building a successful, customer-centric business demands a more dependable, deterministic approach to identity and authentication that ensures accuracy without shifting responsibilities to the consumer."

Emerging Tech: Unveiling threats and Challenges

In a world where the future remains uncertain, the path to security is a winding one. While the threats loom large, from the inexorable march of quantum computing to the ever-advancing realm of artificial intelligence, there are strategies to counter them. Within the intricate layers of a private key pair exchange model lies the potential for resilience. Yet, let us not be deluded into thinking that guarantees are forthcoming. The unyielding truth is that one must incessantly innovate, forever remaining ahead of the curve. This is the hallmark of great security and identity enterprises, existing years ahead of emerging technologies and the devious practices of hackers. Stagnation and neglect of evolving tech are perils to be avoided at all costs, as they lay bare both clientele and enterprise to potential risks. Thus, the credo is clear: perpetual innovation and staying ahead will yield enduring success.

Future hold for identity verification and access management platforms.

The future appears to be heading towards a deterministic path. Over the past few years, the progression towards password less authentication has been gradual, yet it gained significant momentum during the pandemic, particularly in the realm of identity verification for account creation. The true essence of innovation lies in the deterministic approach, aiming to eliminate probabilities and usher in a realm of certainty. This trajectory suggests that we are inching closer to a future where predictability and assurance will be paramount, making strides in various domains and fundamentally transforming the way we operate. It signifies a shift towards a more secure and dependable landscape, underpinned by deterministic principles, and holds promise for a multitude of industries and applications.