Report Predicts Global Digital ID Verification To Reach 70 Billion By 2024
The number of digital identity checks will surpass the 70 billion mark in 2024, up 16 percent from the previous year’s 61 billion, a new report showed Monday.
According to a Juniper Research report, this growth is due to companies adopting stronger biometric authentication methods to combat account takeover and card-not-present fraud.
Biometric authentication methods are very effective against such fraud, and liveness checks are used to prevent scams.
The report predicts that the banking sector will have the largest number of checks at 37 billion in 2024, accounting for 53 percent 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 authentication to be tailored to the customer’s needs,” said report author Michael Greenwood.
Authentication systems that can perform multiple checks in one step provide a significantly stronger user experience than legacy systems and will become commonplace in the next few years, he added.
Identity verification vendors must partner with key banking system providers to make services readily available or lose out to better-connected competitors.
The report highlighted the importance of passive checks and biometric authentication to improve security and user experience.
