The number of digital identity verification checks will surpass 70 billion in 2024, growing 16 per cent on the previous year’s number of 61 billion, a new report showed on Monday.
This growth is being driven by businesses adopting stronger biometric verification methods to combat account takeover and card-not-present fraud, according to the report by Juniper Research.
Biometric verification methods are highly effective against these kinds of fraud, with liveness checks utilized 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.
Verification systems that can perform multiple checks in one step offer a significantly stronger user experience than legacy systems, and will become commonplace over the next few years, he added.
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 report highlighted the importance of passive checks, along with biometric verification, to strengthen security and improve user experience.
– IANS