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Identity authentication 'essential' for firms
Oct 17 2006, 10:37 AM
Companies' ability to trade globally hinges on how effectively they can authenticate identities contained in their databases and those of their business partners, new research has found.
Identity authentication is particularly crucial for small and medium-sized enterprises (SMEs) who trade in the global supply chain, reports a new study by the Economist Intelligence Unit.
Two thirds of companies admit they are not fully compliant with identity verification and other commercial transaction rules while nearly half (45 per cent) of the 127 senior executives surveyed say they have only minimal transactions with their suppliers and very little visibility.
Authenticating the data of counterparties in supply chain transaction emerged as a major dilemma among executives, particularly in light of widespread fraud and identity theft in the field of e-commerce, the survey found.
"The supply chain is particularly vulnerable to information theft," said Rama Ramaswami of the Economist Intelligence Unit, editor of the report.
"Not being able to verify the identities of all the parties involved in a transaction poses grave threats to cargo security, as well as the risk of cyber fraud on a massive scale."
On average, 33 per cent of the overall sample comply fully with rules governing identity authentication and commercial transactions, a figure which drops to just 26 per cent of manufacturers and 28 per cent of SMEs.
The Economist Intelligence Unit is owned by the publisher of the Economist, with 650 business analysts worldwide.
The study, entitled The global supply chain: Challenges for small and midsize enterprises, is a whitepaper sponsored by IdenTrust. 
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