Navigating the Digital Landscape: The Imperative of Identity Proofing and Digital Authentication in Malaysia's Evolving Environment

Identity proofing plays a crucial role in Malaysia, especially within financial institutions. A 2021 FICO Survey revealed that 50% of users appreciate the current identity proofing methods implemented by banks to combat identity theft. However, some users remain hesitant to provide biometric data as part of this process.

Looking ahead, identity theft is predicted to rise in 2024, impacting consumers and enterprises with challenges such as credit card fraud, unauthorized online transactions, and cybercrime (IdentityTheft.org, 2023). Despite this, 48% of respondents in FICO's survey expressed a desire for the implementation of digital onboarding processes to streamline access to banking products and services.

As enterprises enhance onboarding processes and introduce digital authentication for remote access, they anticipate improved sales conversion rates. Anticipating a 2% annual increase in mobile phone users, based on Malaysia's 33.5 million population, enterprises are advised to focus on infrastructure and processes to support database protection, secure data transmission, seamless onboarding for remote authentication, and robust networking infrastructure.

In light of increasingly sophisticated identity theft methods, policymakers are urged to actively participate in crafting relevant policies to address emerging challenges. The dynamic landscape calls for proactive measures to safeguard against evolving threats.

#IdentityProofing #DigitalAuthentication #Cybersecurity

 Reference:

National Council of Identity Theft Protection, 2023, ‘2024 Identity Theft Facts and Statistics’, <https://identitytheft.org/statistics/>

Sunbiz, April 2021, ‘Identity theft a clear and present threat in Malaysia’, < https://thesun.my/business/identity-theft-a-clear-and-present-threat-in-malaysia-YL7793562>

Sue Howe, April 2023, Meltwater, ‘Social Media Statistic for Malaysia’ <https://www.meltwater.com/en/blog/social-media-statistics-malaysia>

 Commission Factory, May 2023, ‘Malaysia Social Media Statistic and Facts 2024’ < https://blog.commissionfactory.com/affiliate-marketing/malaysia-social-media-statistics>

Source of Article: kenal-id.com/news-update/navigating-the-digital-landscape-the-imperative-of-identity-proofing-and-digital-authentication-in-malaysias-evolving-environment