Delhi, India: On Monday, a survey revealed that by 2024, the number of digital identity verification checks would have surpassed 70 billion, up from 61 billion in 2018.
According to Juniper Research, this expansion is being pushed by firms implementing more stringent biometric verification measures to counteract account takeover and card-not-present fraud.
Liveness checks are used in biometric verification systems to avoid spoofing, making them very successful against this kind of fraud.
The analysis predicts that by 2024, the banking industry will have the highest number of checks, with 37 billion, or 53% of the worldwide identity verification market.
Facial recognition’s true value lies in the supplementary checks that may be implemented. According to the report’s author, Michael Greenwood, “age estimation layered on top of facial recognition allows verification to be tailored to the client’s needs.”
Multi-step verification systems, which provide a far better user experience than their predecessors, will become the norm in the next few years, he said.
If they don’t form strategic alliances with suppliers of core banking systems, identity verification companies will lose business to others that do.
In order to tighten security and enhance the user experience, the research stressed the need for passive checks alongside biometric verification.
