Digital identity market poised for massive growth
If a new industry research paper is correct, digital ID apps are going to boom. Juniper Research says the 2.3 billion digital identity apps being used globally this year will soar to more than 4.1 billion in four years. The impetus, according to the report, will be governments replacing physical documents with third-party applications. Those third-party players are financial service companies and banks, as they try to keep up with new KYC rules and the rise in identity theft.
Are You Prioritizing Digital Identity Management?
The rapid shift to remote working has created newfound challenges for organizations when it comes to digitizing their operations. One major hurdle is managing employees’ digital identities. So much so, that the vast majority of organizations (84%) report experiencing some form of identity-related breach within the past 12 months, which is undoubtedly a huge security risk.
Four Key Drivers Of The Digital Identity Market’s Growth
The digital identity market has experienced accelerated growth and major transformation in recent years. This is the result of the increase in digitization, the proliferation of more virtualized business models and increasing requirements around privacy and security, coupled with reduced friction and more operational efficiency.
IDtech Is The New Fintech
Fintech is one of the greatest technology revolutions in recent years—over 20% of “unicorns” (startups that have reached over $1 billion valuations) are considered fintech companies. A similar revolution is emerging in the field of digital identity. The convenience, optionality and accessibility that fintech brought to money is happening to the archaic, paper-based world of personal identity. Identity today is where financial services were 15 years ago—and, therefore, represents one of the largest opportunities of this generation.
What You Can Learn From The SEC Fining Top Companies For Failing To Safeguard Against Identity Theft
SEC found that the companies failed to implement effective policies and procedures to identify relevant red flags of identity theft in connection with customer accounts and did not adequately involve their board of directors in identify theft program oversight and implementation. In addition, the SEC found that, in some cases, staff lacked reasonable training related to data security.
How Businesses Can Fight The Growing Threat Of Synthetic Identity Fraud
One of the most pervasive and fastest-growing types of identity fraud is known as synthetic identity fraud. So much so that it is now the largest form of identity fraud in the nation. In 2020 alone, losses due to synthetic identity fraud topped $20 billion, and there are no signs of it slowing down.
Mastercard launches next-generation identity technology with Microsoft to help more consumers shop online safely
Mastercard on Monday announced the launch of an enhanced identity solution designed to improve the online shopping experience and tackle digital fraud in a new collaboration with Microsoft Corp.
‘Your data, your choice’: Why identity management is a vital cybersecurity strategy
Every day, millions of people worldwide use their personal credentials to prove their identity and access a range of services, from databases in their workplace to the banking app on their smartphone. But while this ensures only authorised people have access to certain systems, the use of this personal data opens users up to cyber risks, primarily in the form of identity theft.
5 Digital Identity Trends Marketplaces Should Know for 2022
If you’re a marketplace executive, you already know that digital identity is a buzzy topic right now. Marketplaces and sharing economy players are realizing that, when done right, digital identity can unlock amazingly smooth and delightful customer experiences that can really differentiate companies from the competition. At the same time, advanced identity verification and authentication technology can mitigate some of the biggest risks that marketplaces are dealing with, such as fake accounts and account takeover.
What to Know About Business Identity Theft—and How to Avoid It
Business identity theft is a lot like jury duty—unexpected, time-consuming, and almost always inconvenient. Although there’s nothing you can do to prepare for business identity theft, there are steps you can take to mitigate the fallout once your business identity is threatened.
7 online identity verification trends you must know in 2021
The acceleration of the global digital transformation is astonishing and enchanting at the same time. Nowadays, people need almost no face-to-face interaction with businesses representatives to carry on their every-day life. The new and more efficient forms of services have replaced their previous incarnations.
How Identity Verification is a Strategic Priority for Businesses in 2021
Thanks to COVID-19, 2020 was the catalyst for a massive adoption of digital services by consumers. With the pandemic still ongoing and consumers’ changes in behavior solidifying, it’s unlikely that the world will ever return to what it was before. Digital is here to stay.
2021 Identity Fraud Study: Shifting Angles
Identity fraud losses in 2020 reached a total of $56 billion (USD). This figure represents a combined total of $13 billion for traditional identity fraud (down 21% from 2019) and $43 billion for identity fraud scams.