One result of the Equifax breach: a whole new era in identity verification, no Social Security number involved
Equifax’s data-breach settlement will pay out at least $650 million in restitution to consumers and government fines, but it could also help usher in a new era in identity verification — one that doesn’t include Social Security numbers.
“It’s a print of your voice,” Neal O’Farrell, executive director of The Identity Theft Council, told MarketWatch. “When you want to verify yourself to apply for a loan, the bank will send you, say, six new numbers and you repeat those numbers with your voice.” This technology has been available for the past 25 years.Newer methods of identification include biometrics. An individual’s iris or your thumbprint could serve as a form of ID.
The Real ID Act, passed in 2005, changed security standards for state driver’s licenses. Beginning in October 2020, individuals will need a “Real ID” driver’s license — or a passport — to board a domestic flight. At least one company is working on technology that will be able to identify a specific individual’s heartbeat and turn that information into a unique identifier, O’Farrell said.
“The Social Security number was never meant to be a secret identifier,” O’Farrell said. In fact, until 1972, Social Security cards had the words “not for identification” written on them.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Equifax to pay up to $700M in data breach settlementNEW: Equifax will pay up to $700 million to settle with Federal Trade Commission and others over 2017 data breach that exposed Social Security numbers and other private information of nearly 150 million people.
Read more »
Mayor Pete is the latest to propose this Social Security change — but is it really that good an idea?Pete Buttigieg has proposed more than doubling Social Security’s payroll tax cap — and he’s just the latest person to do so
Read more »
What consumers are entitled to in the $700 million Equifax settlementCredit reporting agency Equifax will likely pay out a $700 million settlement over the 2017 data breach that exposed the social security numbers of millions of people.
Read more »
Why Finsta Are a Safe Sanctuary on Social Media“I treat my finsta like a visual journal of my personal life.'
Read more »
Democrats planning Mueller ‘war room,’ social media blitzHouse Democrats want to channel the intense focus on Mueller's congressional testimony into a public outcry against President Trump and the prospect of future foreign interference in U.S. elections
Read more »