Nitro Blog

Expert Insights: Busting Digital Identity & eSign Myths for UK Businesses

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Learn the truth about eSigning platforms’ risk levels, how some identity verification platforms work, the growth of AI in fraud tactics, and much more.

As fraud continues to proliferate across the cyber landscape, UK businesses may find themselves sifting through tons of information while trying to secure their organizations against cyberthreats. Leveraging digital identity verification tools and eSignature solutions are a primary way to combat fraud, but a few myths remain about these technologies that hinder some businesses from embracing them.

We recently had the honor of joining experts in digital identity verification to help dispel these myths. Our panel of experts includes:

  • Magali Biron, VP of Business Development at Nitro
  • Richard Oliphant, eSign Legal Consultant
  • Paula Sussex, CEO at OneID
  • Keith Mabbitt, Chief Customer Officer at OneID

They discussed the truth about eSigning platforms’ risk levels, how some identity verification platforms work, the growth of AI in fraud tactics and much more.

Watch the full webinar to get all the details.

But they also explored a few other points UK businesses need to be aware of as they consider how to drive digital transformation efforts with eSignatures. Read on to get a synopsis of these factors.

1. The Security of User Financial Data in OneID

A common myth about verification tools, like OneID is that the service accesses users’ bank data because “when you log in to verify your identity to sign, you do it in the same way you would log in to your bank to perform transactions,” said Magali. But there’s an essential difference.

“When you log in or authenticate your bank to sign, OneID only collects the identity data to pass through and incorporate that in digital signature,” she explained. You only use the bank to verify your identity. The platform does not access or transmit your financial information or bank transactions—nor does it store bank data. Additionally, the user is always asked for their consent in order to validate their identity. Users have to go through stringent processes to verify their identities with their banks—OneID just leverages the same stringency but in a reusable process that quickly verifies user identity.

2. Why Identity Assurance “Really Matters”

“We’re seeing a surge in identity fraud,” said Richard. He reviewed two types of signature authentication—email and SMS—to reveal why they offer low levels of identity assurance compared to newer technologies. They are no match for new AI tools, deep fakes and forged passports. The new era of identity fraud requires a new approach, which is where OneID shines.

“OneID has been certified against stringent standards and rules established by the new UK digital identity scheme,” he said. “They also use the Good Practice Guide (GPG) 45—enabling them to offer a bank-verified identity to signatories on the Nitro platform. It's a simple and frictionless process. The signatory just needs to consent to their bank—confirming their identity to OneID using open banking APIs.”

Richard emphasized further that OneID offers strong security because its system doesn’t include a document that fraudsters can manipulate or biometric information they can attack.

3. Stringent Identity Verification Can Be Easy

Other certified identity providers introduce a bit of hassle into their verification systems. For example, Richard pointed out that other providers may use biometric systems that require signatories to provide photo identification in the form of both passports and selfies. These systems may force users to wait for identity matching via AI as well as human agents. Compared with the OneID process, these systems are slow and cumbersome.

OneID offers a “faster, more convenient way of verifying identity,” said Richard. It also provides a simple way to stay compliant with the General Data Protection Regulation (GDPR) “because OneID is not processing or storing any biometric data,” he concluded.

Keith added that OneID provides an even more streamlined identity verification process in that there is no need to set up an account with the service. Users use their bank accounts, which have already gone through a system of strong checks, to establish identity verification with OneID.

Download our Ultimate Guide to Electronic Signatures for more information about different signatures types and country-specific laws.

Nitro + OneID = a “Self-Evident” Choice

As Magali noted, Nitro is committed to giving users experiences that are “as frictionless as possible while maintaining the same level of trust,” so a partnership with the UK’s leading identity verification solution just made sense.

OneID holds the same values as Nitro: trust, user experience and efficiency. The company’s large footprint also enabled Nitro to make digital identity verification available to the whole UK market “in a jiffy,” said Magali. With OneID’s coverage and commitment to user experience, “this made our choice quite self-evident,” she added about the partnership. Keith mirrored these sentiments.

“It’s clear why Nitro earned the reputation as an eSign leader. They understood the benefits of electronic IDs from all their experience in Europe, and they really grasped what we were doing in the UK It just felt natural that we should work together.”

We Are Your Digital Identification Partner

Watch the full webinar on-demand to learn how to secure your UK business with eSign and digital identity verification.

Reach out to talk to one of our digital identification experts today who can help you reach your goals. You can also schedule a demo or start a free business pilot trial to explore how Nitro fits into your workflows for compliance and security.