A company called OneID is developing some innovative and interesting solutions to identity and password security. Vinod Khosla, Founder of Khosla Ventures, one of the principle groups that invested heavily in bringing OneID to market, briefly outlined why his company was willing to infuse 7 figures of capital into this relatively unknown company in the information security space.
“We believe OneID will attract the most forward-thinking businesses to offer a more secure alternative to the way we sign in to sites and share personal information.”
Information security is an issue for every consumer today. In attempting to make their personal information as secure as it can be, consumers are routinely expected to handle a multitude of different usernames and passwords across various internet portals to manage each of their virtual profiles or identities. This obviously can be problematic, forcing the account user to choose between remembering literally dozens of different username/password combinations, or using the same username/password (or close derivatives) for multiple account credentials. Sadly, there is a great deal of potential damage which can occur if through cyber hacking or phishing, any one of these online identities is exposed. A hacker will understand that the email address and password for your Facebook account that they just harvested will likely be very similar to credentials used for your financial accounts.
When the hacker successfully opens a user account, it can often place the account owner in a “guilty until proven innocent” scenario, where they must actively prove they are not responsible for a certain online action or transaction credited to their identity. Businesses that rely on online transactions must invest more and more in password security, fraud mitigation processes, and consumer compensation issues. And, this problem is definitely not going away. As the prevalence of online commerce continues to grow, so too will the issues surrounding digital security.
The idea behind the OneID approach is to allow both consumers and online businesses to benefit from a highly secure digital identity system without sacrificing convenience. For consumers, the advantage will be that they will no longer need to remember multiple usernames and passwords; allowing for greater control of their personal, financial and credit card information. For online businesses, OneID hopes to provide a one-stop convenient, secure, and relatively thrifty solution to the digital authentication problem. It remains to be seen whether or not this will significantly reduce the costs and headaches associated with digital identity verification, but what is clear is this is an innovative, elegant new solution in the battle against digital fraud and identity theft. Now, which version of “GreenElephantTusks” did I use for my Yahoo password…..
“Introduction to the “OneID” System” was written by Matt Davis. Matt is a Victim Advisor at the Identity Theft Resource Center. We welcome you to post/reprint the above article, as written, giving credit to and linking back to ITRC Blog.