Australia’s central bank eyes ID fraud boost

21/08/17

Australia’s central bank believes digital ID tech will help it crack down on rising fraud bills.

The Reserve Bank of Australia believes the country's digital ID innovation could help plug rapidly growing volumes of online credit card fraud and other bogus electronic transactions.

At the RBA’s Payments System Board — which sets the regulatory guard rails for how transactions are conducted and priced – there is growing interest in “the development of a digital identity framework in Australia.”

“Members noted the potential for a framework for trusted digital identity to make online interactions more convenient and secure, including the potential to reverse the rise in fraud rates on card transactions,” the RBA’s statement said.

“Members encouraged the payments industry to work collaboratively on digital identity and also noted the importance of engagement between banks and government on this issue.”

The central bank’s visible entry into the discussion around digital identity is highly significant at a policy level because it indicates financial system regulators are increasingly viewing digital identity credentials as a practical way to fix ongoing security weaknesses in online commerce.

Subscribe to our free newsletter
Follow us on Twitter
Join us on LinkedIn

Latest Features & Interviews

White paper: Gemalto - The paper elements of a passport

An expert’s guide to using the paper elements of a passport.

INTERVIEW: Gemalto‘s Xavier Larduinat on the future of borders and digital identities

Xavier Larduinat, Marketing & Communication manager for Innovation at Gemalto, explores the future of digital identity, the Thales acquisition and other trends in an exclusive interview with Security Document World.

Interview: Sean Farrell, Head of Portfolio Management, Government Solutions, SITA

Planet Biometrics discussed the future of biometric travel technology with Sean Farrell, head of Portfolio Management, Government Solutions, SITA.

More articles >>
Share |

Sponsored Links

SDW Conference and Exhibition
SDW is a world-leading conference and exhibition providing a global showcase for next-generation secure credentialing solutions.