Template:Prevention:Regulators:Private Identity Key Protocol

A key challenge is the increased reliance on an incredible amount of personal data by financial firms. Having this information shared as part of a normal business relationship and floating around on multiple platforms poses a severe risk to all users when it comes to identity theft, phishing attacks, and other targeted criminal activities. While various frameworks have been proposed for how platforms can safeguard this information, they all suffer from the problem of depending on individuals within the organization who can be coerced, bribed, or tricked into violating the policies. They also do not address situations in which customers divulge information to unregulated platforms, either deliberately or by being tricked via a phishing attack. Criminals only need to breach one platform, and the information is permanently exposed to the black market. As an alternative, a single digital access token could be used to validate identity, with the associated personal information stored in a single secure location. The personal information is much less likely to be breached. If the token is breached on any third party platform, the access token can be revoked and swapped with a new token, while criminals have no way of utilizing the old token.