It’s something so common that it’s practically second nature to us. Whether it’s checking in at a hotel front desk or picking up a parcel from the post office, we’ve all become accustomed to handing over our ID when asked.
For many businesses, ID checks are a part of daily life too. Confirming the identity of your customers, partners or suppliers has long been seen as an essential means of reducing basic errors and protecting against fraud.
However, over time the price of requesting, processing, and storing this highly sensitive information has increased exponentially. Any business that fails to properly secure personal data risks both financial and reputational ruin.
According to the Australian Signals Directorate, in FY23 the average cost of even a minor cyber security incident for a small business was $46,000 and $97,000 for a medium sized one.
The good news is that Australia’s newly passed Digital ID Bill will soon help businesses of all sizes to confidently verify the people they do business with, without breaking the bank.
Digital ID is a gamechanger for Australian businesses
The Australian Government’s Digital ID Bill, which is expected to be enacted later this year, has been established to allow businesses to confirm the authenticity of an individual’s identity, without the responsibility or risk of managing this sensitive information themselves.
This means no more scanning and saving drivers licenses, passports or Medicare cards to servers. Instead, businesses can confirm a person’s identity through an accredited platform built to the rigorous standards set by the Australian Government.
For example, any individual can use Makesure’s accredited app, RatifyID, to verify their identity to any organisation. Businesses can also register to use the app, streamlining customer interactions with a reuseable authentication tool that connects directly with their CRM system.
Not only will businesses benefit from not having to store and safeguard the data, but it’s also more robust. While many organisations collect identity information, few have the capacity, resources or funds to verify it.
Approved providers like RatifyID are authorised to provide proofing levels 1, 1+ Basic and 2 Standard, as well as credential level 2 documents including passports, driver’s licences, birth certificates, visas and Medicare cards. This is key as businesses will know when supplied credentials are fraudulent or have expired.
Best of all, once you implement a Digital ID system, your customers will benefit from a streamlined service experience. Individuals only have to verify their identity once with your business, resulting in frictionless customer service and enhanced trust knowing their data is in safe hands.
If your customer’s credentials expire, RatifyID will notify them of the need to renew their documentation; and will also flag them in your system.
Getting Digital ID ready
So, what does your business need to do to be Digital ID ready?
To start with, it’s probably a good idea to stop and evaluate when, where and how your business uses ID. Why did you start asking for, or collecting, this information in the first place?
If it’s just to check that the person you are dealing with is who they say they are, using a Digital ID is the most efficient way to confirm this. By using an accredited platform your organisation will immediately benefit from the system’s accuracy over human ID checks.
If you have more stringent security needs where a high level of identity proof is required, using an approved Digital ID provider will give your business the ultimate confidence that the documents and people you are dealing with are authentic.
To get your business ready for a safer cyber future, follow these three key steps:
Before choosing your new Digital ID provider, review your current identity verification processes and assess what’s currently working and what isn’t. Consider the types of digital experiences that you want to provide to your customers and be aware of the regulations that impact your industry.
To use a Digital ID platform effectively, you’ll need to update your systems and processes and bring your customers, partners or stakeholders along on the journey.
Luckily, the process of getting signed up for a Digital ID is easy. Individual users of the RatifyID platform for example can complete their profile for free in just minutes. The process to establish a business profile is also simple.
Moving to a Digital ID solution will remove the need for your business to collect and store personal data, but you will still be responsible for any data already collected. As you set up your system you will need to retrospectively reverify your customers, making sure you delete any sensitive information you longer need.
You don’t need to be a cyber security expert to see the benefits that an effective Digital ID system can have on your business. Now is the time to update your current processes to protect you and your customers.
Makesure’s RatifyID app is available for individuals to download for free from the App Store or Google Play. Businesses can now sign-up for RatifyID here.
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Managing sensitive customer data is about to get safer, easier and more affordable. Here’s what your business needs to know. Expert, Digital identity Dynamic Business
