“ To make the token economy work for consumers , it ’ s essential to have a secure , interoperable and standardised method ”
JORN LAMBERT , CHIEF PRODUCT OFFICER ,
MASTERCARD
Digital identity and healthcare management Tokenisation is also vital in the online fraud and health management spaces . Online fraud cost US consumers and businesses US $ 12.5bn in 2023 , with digital fraud rates increasing 80 % above pre-pandemic levels . Identity theft affects 73 % of surveyed consumers , driving demand for secure verification methods .
Generative AI and deepfakes compound these challenges by making synthetic identities more sophisticated and difficult to detect .
Tokenised credentials create portable digital IDs , securing birth certificate information , passport details , and biometrics in digital wallets .
Users authenticate identities through tap-and-go interactions , selecting specific details for different situations .
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