Allison Shuster, Sr. Director, Government Relations
With digital fraud attempts on the rise, cybersecurity is in focus both in the business community and among lawmakers in Washington, D.C. In fact, digital fraud attempts in the United States rose 122 percent between 2019 and 2022, according to a recent TransUnion study.
The good news is there are tools available today to protect consumers online, with fresh opportunities for enhancements appearing on the horizon. That’s particularly true in the area of digital identification.
Congressman Bill Foster, a senior Member of the House Financial Services Committee and sponsor of the Improving Digital Identity Act, recently joined a wide range of experts from TransUnion for a discussion on the evolving tools and tactics necessary to combat online fraud.
If enacted, the bill would spur government agencies to take proactive measures to develop secure ID validation systems, create a framework to guide the provision of digital identity verification services, and provide funding within the Department of Homeland Security to upgrade state-level systems to issue drivers’ licenses and other types of identity credentials. (Note: TransUnion is a supporter of the bill).
Those resources could prove particularly important as the rising frequency of data breaches fuels the creation of synthetic identities. Done right, digital identity solutions could not only protect consumers against synthetic identity attempts, but also create a trusted and seamless experience that’s quicker and easier for consumers in their online transactions.
In addition to digital identity, the roundtable of experts discussed the need for a federal data privacy standard – a high priority for TransUnion. They also raised the broadening use cases for artificial intelligence, like improving consumer and customer outreach. In the months ahead, the group committed to remain engaged on the issues and thanked Rep. Foster for his ongoing commitment to protecting consumers in the digital marketplace.