Obama Administration Unveils Internet ID Plan
The National Strategy for Trusted Identities in Cyberspace (NSTIC) will be a voluntary system designed to protect consumers from online fraud and identity theft — which hit 8.1 million people last year, at a total cost of $27 billion. The problem: The current system of half-remembered passwords jotted down on post-it notes and based on pets and maiden names simply isn’t good enough.
“Passwords just won’t cut it here,” said Commerce Secretary Gary Locke, who announced the initiative at the U.S. Chamber of Commerce.
