New Internet Fraud Protection - Equifax I-Card
New product could change the way you make online purchases…
How can a merchant know that online purchases are being made by the person the buyer claims to be? Equifax, one of the three major credit reporting agencies, is attempting to deal with the issue with the introduction of a new product that will prove the identity of consumers making online purchases. The “Over 18 I-Card”, recently released by the company, is actually a digital signature stored online or on a user’s computer and may solve one of the Internet’s trickiest problems - getting a guarantee of a user’s identity.
The I-Card is actually a digital code that can be stored online or on a user’s computer in digital wallets such as Window’s CardSpace or the online service, Azigo. It will work more like a driver’s license or passport on the Internet. A rigorous approval process is required before a consumer will be issued an Equifax I-Card. But once they have one, they can log onto websites without having to submit a username or password.
The new Equifax service is part of an emerging digital ID standard that has been talked about by tech companies for years. In fact, a non-profit organization launched in June, the Information Card Foundation, has some big name backers - PayPal, Microsoft, Google and Oracle. Steve Ely, President of Equifax Personal Information, says the point of the new Equifax I-Card isn’t really to attract consumers. In fact, at this point there aren’t any sites that offer the service. But he hopes that Internet store owners will see its value and support it before marketing it to consumers. “We want to attract interest of online merchants and online Web sites that see the value of adopting these I-cards. Merchants will want to support I-cards because it will make logging-in easier for customers, and it may also cut down on fraud.” Ely said.
* Visit Equifax to learn more about the Equifax Over 18 I-Card >
