South Africa, together with most other countries, is on an aggressive growth path towards digital authentication and digital recognition maturity, according to iiDENTIFii entrepreneur Lance Fanaroff
The covid pandemic has forced change in many industries and driven digitalisation at a pace faster than anyone could have anticipated, but it has happened at the cost of robust security and digital authentication. The ramifications of this could be felt soon as it becomes increasingly difficult to know whether the person on the other end of a digital transaction is legitimate and authenticated.
Entrepreneur and digital, remote biometric authentication specialist, Lance Fanaroff, iiDENTIFii, said that there have been pros and cons as a result of covid. He said, “It would appear that 2020 and 2021 rolled into one, resulting in a very hard 24-month year for the majority of businesses. The covid pandemic has seemingly also been the tipping point for so many technology-driven change cycles, both good and bad, which has left many businesses in a digital dilemma.”
Having recognised the dire need for remote biometric identity authentication locally, iiDENTIFii has developed globally relevant technology that provides proven biometric liveness, facial verification, and validates data through secure triangulated authentication. Many companies may have implemented inadequate solutions and left their key assets, their data and intellectual property vulnerable, at risk. The financial services industry is leading the race when looking at digital authentication and digital recognition because regulations require them to have robust systems in place for Know your Customer (KYC) compliance.
As 2021 speeds to the end, Fanaroff said that the year has been witness to some significant achievements. Massive adoption of more digital technology and a level of comfort with compliance are two of the main positives, while a level of standards setting has also been achieved: “We are seeing a move towards more impressive interoperability and benchmarks are being established with the digital identity authentication and digital recognition space. iiDENTIFii is looking forward to increased collaboration across sectors and even competitors. By working together, the success of cyber-attacks will undoubtedly decrease, and it is simply a mindset change that is acutely needed.”