The “wallet wars” have been heating up lately as vendors galore enter the identity wallet space. This notion of identity wallets has been bubbling up for a few years, brought about by the self-sovereign (or decentralized) identity movement.
The concept of a digital wallet that contains one or more identity elements is compelling. After all, most of us are used to carrying identifying documents around with us to prove our age or domicile – driver's licenses, passports, identity cards, and proof of age are all potential candidates for digitization and placement in a digital wallet.
Wallets are convenient – many argue that they give users control and are respectful of privacy. However, the watchful eyes of cybercriminals will no doubt be turning towards the rich pickings in the digital identity wallet. As banking trojans have become a significant threat to safe banking, identity trojans will do the same for secure identity transactions.