AU10TIX, a Global Cloud-Based, Machine Learning, ID Verification and Authentication Platform, Has Announced the Appointment of David Birch to the Board of Advisors. David G.W Birch is an author, advisor, commentator and internationally recognized thought leader in digital identity and digital money. David is the Global Ambassador for Consult Hyperion, the Technology Fellow at the Center for the Study of Financial Innovation, a Visiting Professor at the University of Surrey Business School and holds a number of board-level advisory rolls around the world. Before helping to found Consult Hyperion, he worked as a consultant in Europe, the Far East and North America. David has been focused on the convergence of identity and payments for the last decade.
SINGAPORE--(BUSINESS WIRE)--Jumio, the leading provider of AI-powered end-to-end identity verification and authentication solutions, has partnered with CIMB Bank Philippines' all-digital bank to provide a simple, hassle-free and convenient digital onboarding solution to Filipinos. In its first full year of formal operations, CIMB Bank Philippines signed in almost 2 million Filipinos via the CIMB Bank PH digital platform, 30% of which are first-time bankers, making CIMB Bank PH the fastest-growing all-digital bank in the Philippines and ASEAN, and a winner of eight banking awards in 2019. Driving financial inclusion, the all-digital, mobile-first bank offers the best-in-market savings interest rates of 4% with zero transaction fees and minimum balance, and seamless account opening and personal loan applications. CIMB Bank PH's mobile app integrates Jumio's AI-driven identity verification technology to provide a safe, secure and fast digital onboarding experience -- what used to take 15 minutes with a video KYC process now takes less than five minutes, resulting in an increase in conversions and happier customers. Jumio's identity verification solution uses machine learning, AI, certified liveness detection and face-based biometrics to ensure the person behind a digital transaction is who they say they are by matching a user's live selfie with the photo shown on their government-issued ID. "Our partnership with Jumio has been integral in achieving our milestones so far as an all-digital bank in the Philippines to deliver a safe and secure banking experience," said Vijay Manoharan, CIMB Bank PH CEO.
Over the next five years, developments in digital identity are going to have a profound impact on our lives and how we think of access going forward. These new approaches will not only allow us to fight new fraud vectors and build trust with consumers but will improve privacy and security while also making our day-to-day lives easier and more inclusive. Traditional methods of identity verification are out of date in a digital world. Most identity documents (passports, ID cards and driving licenses) are currently issued in a physical format. They are distributed from centralized locations (normally the government) and have a high level of security.
Revelations that Twitter stored the passwords of all 330 million of its users without encryption highlights how the outdated verification method needs to be replaced, according to security experts. In a blogpost on Thursday, 3 May, Twitter's chief technology officer blamed a bug in the company's system that stored passwords in plain text on an internal log. Parag Agrawal said there was no evidence of misuse but urged users to change their password out of "an abundance of caution". Fittingly, Mr Agrawal's announcement came on World Password Day, which aims to draw attention to vulnerabilities that result from having a weak password--but simply changing a password may not be enough to protect people's online accounts. "Even though Twitter users' details were not exposed to malicious actors in this instance, it just goes to show that relying solely on usernames and passwords is irresponsible," James Romer, chief security architect at cybersecurity firm SecureAuth and Core Security, told The Independent.