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TrustID Certificates and Online Identity ProtectionIngeo Digital Document Digest
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"He that filches from me my good name On October 15, 2001, The Mortgage Bankers Association of America (MBAA) announced the industry's adoption of Digital Signature Trust's TrustID digital certificate as the accepted standard for use with online banking transactions. At the same time, the American Bankers Association (ABA) announced that the MBAA had joined its TrustID Policy Advisory Board, a committee that manages the use of TrustID digital certificates. The importance of TrustID's adoption by the nation's two most prominent banking organizations is a huge leap toward universal support for electronic business transactions. The critical issue is identity: the tenuous connection between a person and his or her accomplishments, possessions, and commitments. In everyday matters, misrepresentation about identities can cause hassles and irritation. In banking, this concern is even more crucial because it often involves large sums of money and serious legal implications. There are many methods people can use to identify themselves to others. Proof of identity generally takes the form of an official document: a driver's license, a social security card, a student ID, or perhaps a passport. In special cases, people may even use their bodies to identify themselves, supplying fingerprints, retina patterns, or even DNA to prove that they are who they claim to be. These conventions of identity break down in cyberspace, where anonymity is the rule, and privacy is the exception. On the Internet, anyone can claim to be anybody—and they often do. The fact is, the Internet simply wasn't designed to handle sensitive business transactions, in which secrecy, security, and identity are paramount issues. The solution is a special type of digital identification called a digital certificate. Digital certificates—such as the TrustID—serve as a sort of electronic passport, and allow the creation of digital signatures. Each certificate is linked to a pair of keys: one public, another private. The private key is used to create signatures, while the public key validates them. When a digital signature is attached to an electronic document, any recipient can easily verify both the signer's identity and the validity of document content. Digital certificates are issued by companies called certificate authorities (CAs), trusted entities that follow strict rules and are frequently audited to ensure compliance. CAs often offer several levels of certificates, each with differing levels of protection and trust. This can lead to confusion, or worse, to people using certificates that don't satisfy minimum levels of validation. To counter this, Digital Signature Trust developed TrustID to address many important facets of electronic business:
TrustID certificates help people prove and protect their online identities. By tapping TrustID as the universally accepted type of digital certificate, the banking industry advances the causes of electronic commerce, paperless business, and online government. This move by the banking industry to adopt a standard type of certificate, with across-the-board policies and procedures, makes it very easy for institutions to ensure that all electronic transactions are adequately protected. | |
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