Canadians are increasingly exchanging sensitive data online, highlighting the need to create solutions built specifically for our new way of transacting, working and living. These solutions can reduce the friction of daily life by putting Canadians in control of their digital information and how it\u2019s used online, while safeguarding their privacy and security. <\/p>\n\n\n\n
Of course, there are challenges to surmount as we navigate this opportunity, which brings me to my guest. Joining me to talk about verification in this episode of Everyday Trust <\/em>is David G.W. Birch. He\u2019s an author, advisor and commentator on digital financial and verification services for outlets including Forbes<\/em> and Financial World<\/em>, and you can catch his thoughts on a regular basis at 15 Mb<\/a>, recently named one of the top FinTech blogs worldwide by Feedspot.<\/p>\n\n\n\n I was especially keen to discuss David\u2019s thoughts on how verification and payments intersect, and how government and private-sector players can come together to activate the anti-money laundering, anti-fraud and Know Your Customer (KYC) capabilities that digital verification brings.<\/p>\n\n\n\n To get the most out of today\u2019s economy \u2013 whether as a business owner, a public sector employee, or citizen \u2013 Canadians need control over their personal information and data. In fact, our research shows nearly eight in 10 Canadians are worried about protecting their online privacy, and more than half believe organizations are primarily responsible for protecting their personal information online<\/a>.<\/p>\n\n\n\n Privacy is a central concern for Canadians and a challenge those of us working in verification, identity and authentication need to address. At Interac, privacy is at the centre of our verification offerings<\/a> as we work to give Canadians control over their personal information, including how to share it, when, and with whom. With access to secure, trusted solutions that put their privacy first, Canadians will be better equipped to participate safely in the digital economy.<\/p>\n\n\n\n Digital verification can also enable the online delivery of critical services while introducing efficiencies and reducing costs for businesses and government organizations. According to the Digital Identity and Authentication Council of Canada (DIACC), nearly $500 million worth of productivity is lost each year<\/a> because of our reliance on physical identity documents and the manual processes that come with them \u2014 for example, when people are required to travel and present their ID in person. <\/p>\n\n\n\n When people can prove who they are digitally, businesses, Canadians and the economy as a whole will thrive. Between new use cases and the efficiencies it creates, DIACC estimates digital verification could unlock $15-billion<\/a> worth of value for the Canadian economy.<\/p>\n\n\n\n <\/p>\n\n\n\n However, we know introducing the technology isn\u2019t enough: If Canadians are going to enjoy the benefits of digital verification<\/a> services, they will first have to trust it as part of their everyday lives.<\/p>\n\n\n\n Below, David and I dig into some of the crucial questions that those of us working on digital verification are considering \u2014 and that anyone who wants to understand this technology should understand.<\/p>\n\n\n\nThe opportunity: Identity Canadians can trust as they navigate a digital world<\/h2>\n\n\n\n
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<\/figure>\n\n\n\nDigital verification: (Some of) the big questions<\/h2>\n\n\n\n
1: Why is the public\u2019s state of trust so important?<\/h3>\n\n\n\n