DIGITAL ID VERIFICATION CHECKS WILL REACH 70 BILLION GLOBALLY BY 2024

Mon 02 October 2023:

In 2024, there will be more than 70 billion digital identity verification checks, up 16% from the 61 billion checks in the previous year, a new report showed on Monday.

According to the Juniper Research report, organizations are using enhanced biometric verification techniques to combat account takeover and card-not-present fraud.

These types of fraud are successfully resisted by biometric verification techniques, which also employ liveness checks to prevent spoofing.

The report forecasts that banking will see the largest volume of checks, with 37 billion in 2024, equating to 53 per cent of the global identity verification market.

“The real strength of facial recognition is the additional checks that can be added. Layering age estimation on top of facial recognition allows verification to be tailored to the client’s needs,” said report author Michael Greenwood.

He noted that verification systems that can do many tests in one step provide a considerably better user experience than traditional systems and will become more ubiquitous in the coming years.

Identity verification vendors must partner with core banking system providers to enable services to be accessed easily, or they will lose out to better-connected competitors.

The paper emphasized the significance of passive checks, in addition to biometric verification, in strengthening security and improving user experience.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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