Identity management

Individual identities connected to appearance, personality, knowledge, and traits that define us. Identity management is often concerned with features that can identify individuals uniquely within a given environment. We have tokens of our identity such as social security numbers, certificates for birth, graduation, , and death, a driver’s license, postal addresses, email addresses, cell phone numbers, credit-card numbers, and membership numbers for organisations to which we belong\cite{Thompson2007}. Edge technologies used at present for identity management are RFID tags, Bio-metrics and sensors. The financial industry has improved capabilities of managing identities and accesses over last years. Nonetheless, a digital banking business model requires massive adaption to its identity and access management methods to support upcoming digital banking services. Mobile and peer-to-peer payments, crowd funding as well as trading and lending functions need to be customer-centric and resilient to cyber identity fraud.

Identity management is particularly noticeable in the internet age, we have faced identity management challenges since the dawn of the Internet. Prime among them: security, privacy, and usability.

In Fin-Tech, identity management and protection is very important. It is dealing with a financial transaction. Gartner’s statistical study suggests the investment of cybersecurity is skyrocketing and expected to turn into 170 billion US dollars by 2020.

Possible threats to the fin-tech infrastructure are security issues in cloud computing like scalability issues, noisy neighbourhood problem, lack of control and uncertainty of data controls