Digital trust and identity – Part 4: Digital wallets

Accessible, inclusive and efficient service delivery across all channels and sectors of the economy relies heavily on the input of a trusted digital identity, i.e., an ability to confirm you are whom you say you are. While identity and risk can be largely mitigated by default in the physical world through closed and fragmented systems and established standards and regulatory safeguards (and the fact that such risks are now largely tolerated and ‘priced’), compensating systems, standards, mitigation strategies and regulatory oversight do not yet exist in the online world. And in the online world, risk is multiplied both by velocity and distributed relationships and accordingly the potential impact of adverse incidents related to a single compromise – or worse material compromises – can be exponential and broadly disseminated