How to Address Fraudulent Issues in the Banking Industry
The fraudulent issues in the banking industry undeniably important. It is increasingly important that banks provide a standard way to work with diverse digital identities over the Internet. It is critical for the consumers at large that it is as convenient and as safe as the existing human world.
Banks should empower customers to control and manage their own digital identities. Using digital identities, including self-issued identities, can reduce the need for password-based Web logins, and together with improved user confidence in the identity of a website, it can also reduce the Phishing attacks that bedevil many users.
Windows CardSpace is a key part of these solutions. Yet until people who create software for other operating systems, build identity providers, and provide relying parties also implement the standard Web services protocols that allow this metasystem to exist and interoperable, the effort will not yet have achieved its goals. Microsoft is doing its part by providing software for Windows, but it can't unilaterally make the identity metasystem vision successful. Others must also understand the benefits they will derive from more effective use of digital identities, and they must choose to participate.
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CardSpace functional workflow of interactions among the user, identity provider, and relying party roles.
You can find a great intro article on MSDN and developer resources on the CardSpace Developer Center.
There was also a great writeup on Richard's blog on the RSA 2007 conference. Check it out: https://blogs.msdn.com/richardt/archive/2007/02/15/windows-cardspace-wachovia-corillian-and-arcot-systems-at-rsa-2007.aspx
Adoption has been finaminal. There are a flurry of POC and pilots in the financial space. Below are real world implementations of CardSpace.
Corillian is the market leader of online banking, bill payment and fraud prevention applications to the financial services industry. With 25 percent of the online banking community Corillian provides the most flexible, scalable and secure set of online banking applications across multiple lines of business.
At the 2007 RSA Conference a demo showed Wachovia's website running on Corillian's online banking platform using Arcot Systems' security engine to generate managed cards and process token requests.
BancAssurance, a smart client application, enables banks to sell insurance products, thus increasing their fee-based income and customer satisfaction
Is leading provider of risk-based authentication, strong authentication, digital signing, and secure ePayment solutions, today announced the first-to-market integration with Microsoft Windows CardSpace identity management framework.
"Hundreds of global enterprises - from Bristol-Myers Squibb, Wells Fargo and Visa - rely on Arcot to support their e-business strategies. "