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.

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