Digital Identity Verification Checks Exceeds 70 Bln In 2024 - Juniper Research

KUALA LUMPUR, Oct 3 (Bernama) -- 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, according to a new study from Juniper Research.

According to Juniper Research in a statement, this growth is being driven by businesses adopting stronger biometric verification methods to combat account takeover and card-not-present fraud.

Moreover, biometric verification methods are highly effective against these kinds of fraud, with liveness checks utilised to prevent spoofing.

The foremost experts in fintech and payments markets forecasted 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 report found continued popularity of digital-only banks is driving this growth, as these banks by their nature are reliant on digital identity verification checks; catalysing growth across the banking sector, as traditional banks play catch-up.

Hence, 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.

Juniper Research also highlighted the importance of passive checks, along with biometric verification, to strengthen security and improve user experience.

-- BERNAMA