No one can deny that Intellicheck’s partnership with Accio Data, announced last month, is shaking things up. Is this evolution in fraud prevention really all that urgent? Or does it instead threaten to undermine our privacy in exchange for the false promise of security? Here’s what this integration looks like in practice—no corporate speak required.

Identity Fortress or Data Goldmine?

At the heart of this integration is fast and accurate identity document verification. EFI, one of the largest providers of background screening services in the country, is plugging Intellicheck’s tech directly into its new background screening platform. They're selling it as a win-win: CRAs get a new revenue stream by offering enhanced identity validation, and employers get a supposedly more secure hiring process.

Here's where my eyebrow raises. We’re speaking to a world that’s becoming more and more powered by data. Everything we try to collect, even well-meaning data, just increases the vulnerable pieces. Think about it: Accio Data, now armed with Intellicheck's capabilities, is sitting on a veritable mountain of sensitive data – driver's licenses, passports, potentially even biometric information down the line. Are their security measures truly equipped to protect against today’s advanced and agile cybercriminals?

  • Data breaches are not a matter of "if," but "when."
  • Centralized data is more tempting for attackers.
  • Increased regulation is needed to protect user data.

And then there’s the issue of mission creep. Today, it's verifying job applicants. Today, sure—but tomorrow, to screen potential tenants, loan applicants, or even social media users? The abuse is limitless.

Real Estate Fraud: Just the Beginning?

The piece foreshadowed real estate fraud as one of the primary influencers for this change. It highlighted the shocking $390 million in losses experienced by zoos and aquariums in 2022. The spike in sophisticated scams ripping off property buyers, sellers, and lenders is spooky. Fraudsters are getting bolder, using fake IDs, forged documents, and even creating entirely synthetic identities to exploit vulnerabilities in the system. They’re targeting frail seniors, out-of-state investors, and people who just want to buy a beach house.

The real estate sector's reliance on antiquated, paper-based processes is as much to blame as the fraudsters themselves. Think about it: we are still relying on faxes and physical documents in many real estate transactions. We’re making our constituents interactions go through what is essentially carrier pigeons in the internet age.

Intellicheck’s technology would be a pure bandage on this gaping wound. It's not a cure. The real solution lies in modernizing the entire real estate ecosystem, moving towards secure, digital platforms and embracing technologies like blockchain to create immutable records of ownership. You know, that same blockchain that fuels DeFi and NFTs.

How come we can use the technology that protects hundreds of millions of dollars in crypto transactions to secure something as basic as property ownership. Let’s make that change now. The irony is palpable.

Decentralization: The Privacy-Preserving Antidote?

This brings me to the core question: Can we fight fraud without sacrificing privacy? My answer would be a resounding yes. We need people to get past the bandaid solutions and really rethink how we go about identity verification.

The existing system depends on a few big centralized databases and a few big trusted intermediaries. This makes it a honeypot for hackers and an opportunity for abuse. The alternative? Decentralized Identity (DID) systems.

Imagine a future in which you control your online identity. It’s either safely stored on your personal device or securely contained on a private blockchain such as DMGs. Don’t be the person who gives away their driver’s license to every online platform out there. Rather, opt to provide verifiable credentials that are cryptographically signed by trusted entities.

This isn't some futuristic fantasy. Many of these developers are already building and deploying DID technologies. Together, these innovations offer a compelling way to increase privacy and security in tandem. Think of it as moving from a world of "give me all your information" to "here's the specific piece of information you need, verified by a trusted source."

OK, yes — deploying DID at an extremely large scale does raise some issues. The possible upsides – less fraud, more privacy, and more control for the individual – seem too important to miss.

So what’s going on with Intellicheck’s new tool? The truth, I fear, is likely somewhere in between. It's a band-aid solution to a systemic problem, a reminder that while technology can help, it's not a substitute for a more fundamental shift in how we think about identity and security. As it turns out, the future of identity isn’t fortressing bigger strongholds. It's about empowering individuals.