Distributed ledger technology (DLT) and digital credentials – a perfect match
(8-Minute Read) Contents: The History of Blockchain the History of Credentials How Paper Credentials Operate How the Verifiable Digital Credential Model Operates How does DLT fit in with all of this? Arrange a MemberPass demo The History of Blockchain Two researchers first outlined the foundation concepts of blockchain technology in 1991. They wanted to create a system where it was virtually impossible to alter [...]
Concerned about financial fraud? You should be
(6-minute read) In this week's MemberPass Blog, we look at these startling examples of technology-driven financial fraud and how MemberPass can help your members avoid them. Contents: Hacked text messages Phone-based identity fraud gets more sophisticated every day Real example of text/sms fraud Review How MemberPass can help Hacked Text Messages We’ve known for a long time that text messages aren’t an especially secure or reliable [...]
Self-Sovereign ID (SSI), The Unhackable Digital ID: What It Is and How It Works
(5-minute read) Let’s start with a simple explanation and definition of SSI. Self-sovereign ID is a type of digital identity. It gives individuals full digital control of their identities and their private personal information. SSI reduces or eliminates unintended or unwanted disclosure of the ID owner’s personal information. This is in contrast to the traditional identity system in which the individual’s personal information is controlled by an external [...]
Federated Identity: What it is and how it works
What makes up a Federated Identity? Let’s take a look under the hood and find out! The term “federated identity,” or “federated ID,” often isn’t well understood, even though it’s a common form of online personal identification and authentication. The role of the identity provider A good way to start to peel away some of the mystery is to understand the role of an [...]
Siloed Identity: What it is and how it works
Its name, “siloed identity, is apt. It describes what happens well. When you open an online account with a business or organization, your first act is to choose a username and password. The business or organization then stores them, along with your other private personal information, in a large data silo (database.) Since the private personal data for every other user is stored there too, [...]
The Texas Blockchain Council Welcomes New Member, Bonifii™
Dallas, TX (April 8, 2021) – The Texas Blockchain Council welcomes its newest member, Bonifii, an industry leader in privacy- and security-enhanced digital identity solutions for credit unions. The Texas Blockchain Council’s mission is to promote blockchain technology initiatives that drive growth and benefit the citizens of Texas. With the influence of their members, the Council advocates for blockchain-centric public policies, to educate members of government about the [...]
ID isn’t 1D (one dimensional): it’s more like 3D
Especially when you get into the world of online digital ID. In this environment, identity takes on a new level of importance. You can’t simply show your driver’s license or passport to authenticate yourself online. Plus, you can hardly look at the news without seeing more instances of deep fakes, database hacks, cyber fraud, identity theft and more. All of these touch on identity in one [...]
Digital IDs are on the rise, but are they all the same?
Given the vast percentage of online financial interactions members have with their credit union, it’d be a good time to have a reliable digital authentication solution. If only you could ask for a physical ID in a digital setting, right? If only. On top of it, most people are alarmed by the increase in digital identity thefts and data breaches. These events directly expose sensitive personal information to [...]
How MemberPass Digital ID can help you deliver consistent member experiences across every channel
Wouldn’t you like to be a champion in your members’ eyes? All financial transactions – in fact, financial interactions of every kind – require the account owners to verify they are who they say they are. It’s pretty easy for some channels. If it’s an online transaction, most browsers will save passwords for you. And if it’s transactions on your mobile device, most financial apps enable you to [...]
How MemberPass Can Provide Relief For Three Member Pain Points
Almost all credit union members would be happier if their credit union were to adopt technology to improve these persistent financial irritants: The rising threat of identity theft and financial fraud Transactions and interactions that take too long Too many passwords (not specifically a credit union problem, but still an opportunity to delight a member) MemberPass can bring much-desired relief from all three. And we can show you how. [...]