The first commercial transactions were face-to-face. It was a good way to ensure trust: the other person had to be physically present. And if they ran off, at least you could chase after them. But with the advent of technology, a divide has been created between people. Over the years, products evolved to bridge this gap. Mainframe computers became desktops, laptops, and then mobile devices. The more intimate the interface became, the ‘closer’ individuals could become.
While this shift from physical to digital has brought many benefits, it’s also had less welcome consequences. As we’ve moved more and more online, digital platforms and processes have failed to keep up. We can’t trust them to collect, store or share our personal information safely. In fact, consumers’ information is frequently abused and misused without our knowledge or consent.
Businesses are impacted, too. They’ve been forced to add extra safeguards to outdated password-based login systems. We’ve seen the rise of 2FA, SMS, card readers, device IDs, and more – all of which are creating more friction in our everyday lives. Despite this, data breaches and identity fraud are not just commonplace – they’re actually increasing.
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