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Foreign Exchange

Technology review 2010: Controlling fraud - Digital Indentities

One solution to person-not-present fraud when making a payment is the use of digital identity certificates (DIs) and signatures to verify an individual really is who (s)he claims to be and is authorized to make the transaction. DIs are already successfully used in a number of applications, for example, by companies in the UK for the approval of file transmissions to the local ACH, by the pharmaceutical industry in the US, and by the Norwegian ACH for its internet banking customers. But their use is not yet widespread.

The IdenTrust Trust Network is an example of the growing success of these schemes. It issues DIs through some 30 banks worldwide providing eSignatures to companies, ACHs, governments and banks, which are interoperable across geographies, industries, products and supply chains. IdenTrust has already issued 1 million DI certificates and is now experiencing considerable growth as businesses worldwide introduce higher levels of security. Citi’s new electronic banking system, Citi Direct BE, offers users the option to log on with its IdenTrust eSignature. IdenTrust multi-bank DI certificates can be used for signing on to all of a company’s electronic banking (EB) banks. The Trust Prime application, shown in Figure 2, is an example of how DI certificates can both help improve fraud control and streamline day-to-day corporate treasury department operations.

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