20 Jan Digital Identity Wallets Are Key To Building A Safer Online Future
This week in cybersecurity from the editors at Cybercrime Magazine
–Read the Full Story in World Economic Forum
Sausalito, Calif. – Jan. 20, 2025
Cybercrime is draining resources from businesses and governments worldwide, and it is expected to cost the world $10.5 trillion annually by 2025, up from $3 trillion in 2015, according to Cybersecurity Ventures. To put it in perspective, if annual cybercrime were a country, it would have the third-largest gross domestic product (GDP) worldwide.
Fraud, a common type of cybercrime, is poised for unprecedented acceleration thanks to the advent of generative AI (GenAI). AI is changing the way we live, work, and govern. It has immense potential to improve our world but also creates threats we cannot afford to ignore.
Traditional methods of verifying identity—passwords, usernames, and knowledge–based verification—are no longer sufficient. AI enables fraudsters to exploit vulnerabilities at scale in these outdated systems. So, what will it take to fight back?
A World Economic Forum article by Blake Hall, co-founder and CEO at ID.me, posits digital identity wallets are key to building a safer online future for all of us. The momentum is growing globally. By 2029, 1.5 billion people are expected to use digital identity wallets, which will store approximately 30 percent of all digital identities worldwide.
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