Scammers often pick up the phone and call their victims and read out a carefully worded script requesting personal information or a payment, or ask for similar information via text message.
However, the good news is that a growing number of victims are reporting their experiences to authorities, the ABS reports.
About one-third reported to a bank or financial institution, which remains the most common authority scams are reported to. However, there’s also been a notable increase in reporting to the police as well.
A digital identity
Digital services have blended seamlessly into our everyday lives, but major companies need to catch up by improving their digital checks and balances, Mastercard’s Vice President of cyber and intelligence and digital identity Mallika Sathi says.
“Slowly but surely, major companies are introducing new measures to verify the identity of their customers digitally to securely verify online interactions,” Sathi says.
These new measures can be used to manage a variety of services, from opening a bank account to shopping for goods and services, or booking online travel.
“The need for digital identity verification tools has been growing for years, particularly in Australia with the uptake of digital services like telehealth appointments, online learning and applying for government benefits online”, Sathi says.
Digital identity verification is more important now than ever before.Credit: iStock
“The good thing about digital identity is that when managed well, reliably and securely, users would have full control over their own information on their devices and be able to exchange minimal data to unlock access to goods and services,” she says.
“They can share only the data needed for verification, without having to provide any other personal details, or traditional identification documents such as a driver’s license. This helps to ensure more control, privacy and safety for personal data.”
Securing your digital identity
Mastercard is combatting identity fraud with its digital identity service, ID, a network that allows individuals to create a secure, verified and reusable digital identity to verify themselves in both digital and physical environments.
ID uses encryption and facial biometric authentication to protect personal identifying information, keeping identities safe and secure on users’ on devices. At the same time, it allows people to remain in control of their own data, enabling them to choose what information to provide, to which organisations, and when.
Last year, Mastercard became the first private sector organisation to be accredited for three roles under the Australian Government’s Trusted Digital Identity Framework.
The accreditation demonstrates that the service is trusted and built to the standards set by the Australian Government. ID is designed to support a range of services now and in the future, and since launching ID in Australia, Mastercard has worked with Optus, Samsung and Service NSW and Tipple, with several new partnerships to be announced during this year.
“This accreditation will support Mastercard to better partner with local businesses to provide seamless, secure and convenient identity verification here in Australia,” Sathi says.
It’s another step in the journey to keep consumers safe. “People want to know that they are in control of their own data so they can choose what information to provide to organisations, and when.
Sathi explains: “Rather than having to present a physical driver’s licence or your identity card when you’re trying to access services, you can use ID to securely and privately share your information, with your consent and control. That means a more frictionless experience overall.”
Mastercard’s ID solution helps business reduce the amount of customer data on file, and allows individuals to create a secure, verified and a reusable digital identity.
To learn more about how ID can help businesses and individuals, visit:
www.mastercard.com.au/en-au/vision/who-we-are/innovations/digital-id.html