The Commerce Dept. unveiled a plan Friday to create a national cyber-identity system that would give consumers who opt in a single secure password and identity for all their digital transactions.
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. “We must do more to help consumers protect themselves, and we must make it more convenient than remembering dozens of passwords,” he said.
The "identity ecosystem" will create secure online IDs for Americans who elect to join the program, giving them a single credential -- such as a unique piece of software on a smart phone, a smart card, or a token that generates a one-time digital password -- which they can use to log on to a variety of websites.
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