When A.G. Bell invented the telephone, he had no idea that less than a century and a half later, the phone would be used to talk through—and text, shop, even bank with. Smartphones are small enough to be held in one’s hand and big enough to handle nearly any function. How are banks making fraud-vulnerable processes such as onboarding fast, efficient and secure by verifying the identity of customers?
When the first internet protocol was invented in the 1960s, it was primarily developed for science and industrial purposes, therefore only enabled machines to talk to each other. It had well thought mechanisms that could identify the machines, but it was not designed to enable the secure identification of the person using them.