Digital ID verification checks are set to exceed 70 billion globally in 2024, marking a 16 per cent increase from the previous year's 61 billion, according to a new report. The growth is attributed to businesses embracing more robust biometric verification methods as a defence against account takeovers and card-not-present fraud, as per Juniper Research.
Biometric verification methods, renowned for their efficacy in countering fraudulent activities, utilize liveness checks as a deterrent against spoofing attempts. The banking sector is anticipated to spearhead this surge in verification, accounting for approximately 37 billion checks in 2024, which translates to 53 per cent of the global identity verification market.
The report underscores the versatility of facial recognition technology, which can incorporate additional checks like age estimation to cater to specific client requirements. Verification systems capable of conducting multiple checks in a single step offer a vastly improved user experience compared to traditional systems, and they are expected to become more widespread in the coming years.
To succeed in this competitive landscape, identity verification vendors must form partnerships with core banking system providers, facilitating easier access to services. The report also highlights the significance of passive checks, in conjunction with biometric verification, to bolster security and enhance the user experience.
In essence, the surge in digital identity verification checks, driven by biometric advancements, signifies a crucial development in securing online transactions and combating evolving cyber threats. This trend underscores the need for businesses to continually invest in robust verification technologies to protect their customers and maintain trust in the digital ecosystem.
Inputs from IANS