This effort focuses on how the risk of incorrect identity validation performed by financial sector institutions may be lowered through verification from an authoritative source. In coordination with the Financial Services Sector Coordinating Council (FSSCC), this verifying identity effort is examining a number of sources including the Social Security Administration if a SSN is provided, the State Department if a passport is provided, or a state DMV if driver’s license is provided. Investigated solutions will be based on open standards to facilitate and strengthen the verification of presented identity credentials with the issuer of these credentials, to encourage future identity verification services, and to use this as a foundation. The identity management testbed will be utilized to conduct a proof-of-concept. The effort may allow for the potential future incorporation of other agencies and private sector identity information.
Further background information: http://www.whitehouse.gov/blog/2010/12/06/partnership-cybersecurity-innovation