A triad of tech companies each discussed the potential of digital or biometric ID technologies to secure the identity of individuals in metaverse applications this week.
Specifically, Signzy Technologies announced the receipt of a U.S. patent for enrolling and onboarding new customers in the metaverse, the CEO of ID R&D discussed metaverse fraud prevention tactics, and Microsoft listed a series of steps to secure one’s identity in the metaverse.
Signzy Receives US Patent for Metaverse Integration
The United States Patent and Trademark Office (USPTO) has granted Signzy a patent for enrolling and onboarding new customers into the metaverse, according to a company announcement.
Originally filed in 2020, the document describes a “User Onboarding Method and System for Financial Institutions Using Virtual Reality and Augmented Reality”, in real-time, on different devices and supporting multiple types of financial institutions. .
The technology would also be compatible with metaverse currencies and financial instruments, including cryptocurrencies.
“Banks and [financial institutions] can no longer ignore the expanding world of Metaverse and the impact it will have on their business in the near future,” comments Signzy co-founder Ankit Ratan. “The Metaverse offers a huge growth opportunity to attract young customers and many are even paving the way for the creation of new product lines and possibly the addition of new business models. The granting of this patent by the USPTO marks an important step towards realizing this vision.
The patent refers to a “visualization-based onboarding system” obtaining data to complete the onboarding, but does not specify whether that data is biometric or where it comes from beyond “a plurality of devices multimedia”. It delves into the digital representation of the bank’s spatial environment.
Signzy was also one of the winners of the Sprint03:InsureTech Hackathon. The company was recognized for its digital identification solutions in life or health insurance products.
ID R&D CEO Discusses Metaverse Fraud Prevention
ID R&D CEO Alexey Khitrov recently wrote about fraud prevention strategies for the information age metaverse.
“Metaverse creators should provide users with the ability to link offline identities to their metaverses by leveraging modern identity verification technologies, including those used by banks,” the post reads.
To do this, Khitrov believes companies should take advantage of technologies such as facial or voice biometrics, which can provide both identity verification during registration as well as ongoing authentication via liveness detection. .
The ID R&D CEO also discussed NFTs versus the metaverse and how stolen digital identities can be used to access these (increasingly prevalent) resources.
“That’s why users need to be able to choose their security methods, with access to different levels of security depending on where they apply.”
ID R&D recently entered into a reseller agreement with rf IDEAS and hired a new Vice President of Marketing.
Microsoft discusses metaverse security practices
An article written by Charlie Bell, Executive Vice President of Security, Compliance, Identity, and Management at Microsoft, begins by highlighting metaverse security threats, including social engineering, attacks fraud and phishing, and the lack of a unified ecosystem, which could present more vulnerabilities in its fragmented and interoperable state.
To secure the metaverse, Bell mentions that identity is “where intruders strike first,” so ensuring users are interacting with people who are who they claim to be is paramount.
“Imagine what phishing might look like in the metaverse. It won’t be a fake email from your bank,” Bell writes. requesting your information.This could be an impersonation of your CEO inviting you to a meeting in a malicious virtual conference room.
To combat such fraud attempts, the Microsoft executive says multi-factor authentication (MFA) and passwordless authentication should be an integral part of metaverse platforms.
Cross-industry collaboration should also be a priority, according to Bell.
“As with any new frontier, high expectations, fierce competition, uncertainty, and learning on the fly will define how the metaverse evolves — and so does securing it,” he writes.
However, the digital identity expert also believes that predicting the ultimate impact of the metaverse is not necessary to recognize and embrace the principles of security and trust that could make it a safer place for organizations and people.
“Let’s make the lessons we’ve learned about identity, transparency, and powerful collaboration from the security community our core ideals to enable this next wave of technology to reach its full potential.”
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