Banking: Contactless ID for Increased Speed and Assurance
Digital identifications such as mobile driver’s licenses (mDLs) have arrived, with several states running pilot programs and moving to production. With consumers’ growing dependence on online banking technologies (open banking[i], ATMs, bank mobile apps and financial consolidators like Mint [ii]), It makes sense for financial institutions to accept digital forms of ID to verify customers’ identities for banking transaction.
Official mobile driver’s licenses and mobile identity cards recognized as a legal form of ID can make everyday banking activities like completing a transaction at your financial institution of choice more convenient and secure.
Financial service guidelines require bankers to verify your identity to make sure you are who you say you are and to capture your legal name and ID number from your driver’s license or other form of ID. A digital ID that resides on your smartphone is not only more convenient but gives you more control than a card. Physical ID cards used as proof of identity can be stolen, altered or faked. Furthermore, when you hand over a plastic ID card, you’re sharing all of your personal information — not just what’s relevant to complete a specific transaction. With mDL, the pertinent ID information that you opt to share can be contactlessly verified with a tap or scan from a verifier device without your phone or a physical card ever having to change hands. Special cryptography provides proof of your identity information, cutting down on attempts to use stolen or falsified ID for transactions.
Your banking information is sensitive – so to keep it safe, your bank uses the highest levels of data security to confirm your identity before accessing your accounts. GET Mobile ID conforms with national and international mDL standards, ensuring global interoperability – meaning you’ll be able to use your mobile ID at banks around the country and even the world as more and more financial institutions begin accepting mDLs. It has been tested for conformance [iii] with those standards and is a highly secure way to identify yourself digitally for banking transactions.
When opening a new account at a financial center, you can tap your GET Mobile ID to the banker’s tablet to verify your identity and confirm your intention to open a new account. After your consent, GET Mobile ID transfers only the required identity data to the bank. Withdrawing funds from your accounts or cashing checks is also easier with GET Mobile ID. Instead of having to remember your account number and hand over your physical ID card, simply identify yourself digitally to the teller’s device. Digital verification cuts down on identity fraud and can allow customers to get in and out of the bank more quickly.
In the future, you could even remotely set up an account through a bank’s phone application or even at the ATM using your GET Mobile ID. With a quick face match to ensure consent and identity, you could digitally transfer personal identity data directly to the bank application for quick processing and the ATM can immediately verify the Mobile ID. Using mDL could alleviate some of the hassles of lighting and network speed when attempting to upload physical identification documents into banking apps. Banking transactions can speed up and carry more assurance with the addition of mobile ID technology.
Interested in learning more about Mobile ID technology? Visit : Business | GET Mobile (mobiledl.us)