Four clear ways a roll out of Digital IDs would benefit Australians

THE Australian Government’s push to accelerate the rollout of a nationwide digital identification system (Digital ID) is gaining momentum, with several Ministers supporting its implementation.

The Digital ID system aims to provide a secure and convenient way for Australians to verify their identities online and access government services.

The recent review of the myGov service portal by David Thodey, former CEO of Telstra and IBM Australia, has further fuelled the call for faster implementation of Digital IDs in Australia.

Mr Thodey said Digital IDs would revolutionise the way Australians interact with government services, providing a range of benefits to individuals, businesses, and government agencies.

Digital IDs are not only beneficial for individuals and government agencies but are also crucial for businesses. They provide a secure and reliable method of identity verification, offering businesses an unparalleled level of security measures that effectively safeguard their personal data and privacy.

In addition, Digital IDs offer businesses a trusted means of complying with regulatory requirements for identification purposes, ensuring that they meet strict regulations regarding customer identification and verification.

Many industries and sectors, such as financial services, healthcare, and government agencies, are subject to strict regulatory requirements. Failure to comply with these regulations can result in significant penalties and reputational damage for businesses.

Code Heroes CEO and founder, Brendt Sheen said, “Digital IDs are crucial for businesses as they provide a secure and reliable method of identity verification.  

“The implementation of Digital IDs offers businesses an unparalleled level of security measures that effectively safeguard their personal data and privacy and also provide businesses with a trusted means of complying with regulatory requirements for identification purposes, ensuring that they meet strict regulations regarding customer identification and verification.”

Drawn from reports on the development of a Digital ID system for Australia, here are four ways that Digital IDs will benefit Australians and businesses:

 

Provides you with complete control over your personal data 

Digital lDs offer users complete control over their personal data and the freedom to decide exactly what information to share, with whom, and when, all through the convenience of a mobile app that can also act as a gateway to government services. 

The freedom of choice on what information you would like to share also means that users can limit the amount of personal information shared, thereby reducing the risk of identity theft and privacy breaches.

Boosted security measures

Digital IDs are built on advanced encryption technology, making them more secure than traditional ID cards, which can be lost, stolen or counterfeited. 

The encryption technology used ensures that personal information is protected by several layers of security measures, making it virtually impossible for unauthorised users to access the information. This high level of security gives users peace of mind, knowing that their personal information is being handled safely and appropriately.

 

Streamlined business processes

Digital IDs significantly streamline business processes by providing a secure, efficient and user-friendly way for businesses to verify the identity of their customers. It will enable businesses to easily and quickly verify the identity of their customers without the need for in-person verification or manual processing of identity documents.

It eliminates the need for lengthy and complex account opening and customer onboarding processes, which can be time-consuming and costly for businesses.

Regulatory compliance

Digital IDs will play a critical role in helping businesses comply with regulatory requirements for identification purposes. Many industries and sectors are subject to strict regulatory requirements regarding customer identification and verification, including financial services, healthcare, and government agencies. Failure to comply with these regulations can result in significant penalties and reputational damage for businesses.

By using Digital IDs, businesses can ensure that they meet these regulatory requirements, providing a secure and reliable way to verify the identity of their customers. 

Digital IDs offer a range of advanced security features, such as encryption and multi-factor authentication, which help businesses to protect against fraud and other risks associated with identity theft.

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