US Government to protect online business

April 15, 2011

Next year, the United States government plans to spend $56.3 million on technology aimed at keeping the online marketplace and those who operate in it safe. This includes consumers, businesses, and government agencies. The technology would be based around "a network of credentials that would allow consumers to prove their identities while conducting online transactions".

According to the White House, the network would let consumers of the online marketplace use "software on a smartphone, a smart card, or a token that generates a one-time digital password,” allowing more enhanced security authentication online. This announcement comes at no shock, considering in 2010, $37 billion was lost to online fraud and nearly 8.1 million people had their identities stolen; according to Javelin Strategy & Research.