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. 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. If a breach happens on a 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.