WASHINGTON, DC – Today, the Obama Administration released the National Strategy for Trusted Identities in Cyberspace (NSTIC), which seeks to better protect consumers from fraud and identity theft, enhance individuals' privacy, and foster economic growth by enabling industry both to move more services online and to create innovative new services. The NSTIC aims to make online transactions more trustworthy, thereby giving businesses and consumers more confidence in conducting business online.
"The Internet has transformed how we communicate and do business, opening up markets, and connecting our society as never before. But it has also led to new challenges, like online fraud and identity theft, that harm consumers and cost billions of dollars each year," said President Obama. "By making online transactions more trustworthy and better protecting privacy, we will prevent costly crime, we will give businesses and consumers new confidence, and we will foster growth and untold innovation. That's why this initiative is so important for our economy."