Already in Australia, annual losses arising from payment card fraud amount to around $ million, much of which comes from online payments where the card is not physically present. [4] The ability for individuals representing either themselves or their organisations to properly and reliably identify themselves online is essential for security as we increasingly move to online transactions.
This is the case irrespective of whether the transaction is finance based, a licence application, a health insurance claim, or an application for some form of government assistance, to name just a few potential use cases. The Australian Payments Council is currently underway with a program of work that will lead to the development and implementation of a digital identity framework in Australia.