Identity Verification Statistics


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Steve Goldstein
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Identity Verification Statistics 2023: Facts about Identity Verification outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Identity Verification, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Identity Verification Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Identity Verification Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 15 Identity Verification Statistics on this page 🙂

Identity Verification “Latest” Statistics

  • By 2026, financial services and banks will account for 62% of expenditure on digital identity verification.[1]
  • According to Juniper Research, the adoption of remote onboarding will increase worldwide expenditure on digital identity verification to $16.7 billion in 2026 as the number of identity verification checks more than doubles from 45 billion in 2021 to 92 billion.[1]
  • The number of identity thefts reported to the federal trade commission climbed from 650,572 numbers in the year 2019 to 138,7615 numbers in the following year, according to figures provided by the Consumer Sentinel Network of the Federal Trade Commission.[2]
  • iProov’s poll of respondents found that 70% either use or want to utilize facial identification for mobile banking.[3]
  • 72% think it’s more crucial than ever to be able to verify someone’s identity. 81% think that in the future, more biometrics will be used to verify identities online.[3]
  • 80% of customers are more willing to interact with a company online if it has effective identity verification processes in place.[3]
  • Biometrics is seen as a more secure means of identification verification by 81% of customers.[3]
  • 93% of users felt iProov’s onboarding and authentication processes were simpler to use than they had anticipated.[3]
  • Although Juniper Research predicts that by 2024, more than 60% of biometrically confirmed payments would be done remotely since biometrics can be used to authenticate both in-person and remote payments.[3]
  • Between 2020 and 2025, contactless mobile transactions protected by biometrics will rise by more than 52%.[3]
  • The Identification Verification Market size is anticipated to increase by USD 186 billion by 2026, at a compound annual growth rate of 16.6% during the forecast period, from USD 86 billion in 2021.[4]
  • According to research conducted on behalf of the supplier of digital ID verification services provided by Jumio, 80% of consumers prefer doing business with companies that do digital identification verification.[5]
  • 92% of Mexican consumers and 89% of Singaporean buyers customers in the U.S. and the UK stated they were more inclined to interact with companies that have stringent id verification procedures (74% and 66%, respectively).[5]
  • In March 2022, Onfido announced the extension of their real identity platform, increasing completely automated performance by 12x and fraud accuracy by 54%.[5]
  • In the last 5 years, system engineers have significantly improved the accuracy of face recognition, according to a 2018 NIST research.[6]

Also Read

How Useful is Identity Verification

There are several reasons why identity verification is crucial in today’s digital age. One of the main reasons is security. With the rise of cyber threats and online fraud, it is more important than ever to ensure that only authorized individuals are accessing sensitive information or making transactions. By verifying one’s identity through methods such as two-factor authentication or biometric recognition, companies can help prevent fraud and protect their customers’ data.

Identity verification also helps to build trust between businesses and their customers. When users know that their information is being protected and that only they can access their accounts, they are more likely to feel secure and confident in using a particular service. This trust is essential in maintaining a positive relationship with customers and ensuring that they continue to use the service over the long term.

Additionally, identity verification can also help to prevent identity theft and other forms of cybercrime. By ensuring that individuals are who they claim to be, companies can prevent malicious actors from accessing private information or carrying out fraudulent activities. This not only protects the individuals whose identities are being verified but also helps to safeguard the reputation and security of the businesses offering these services.

While some may view identity verification as an inconvenience or an invasion of privacy, it is important to remember that its primary purpose is to protect individuals and their data. The process may seem cumbersome at times, but the benefits far outweigh any temporary frustrations. By taking a few extra steps to verify our identities, we can help to create a more secure and trustworthy online environment for everyone.

In conclusion, identity verification plays a critical role in today’s digital world. It helps to protect individuals from fraud, build trust between businesses and customers, and prevent identity theft and other cybercrimes. While some may question the necessity of this process, its importance cannot be understated. By embracing identity verification as a necessary tool for security and privacy, we can all contribute to a safer and more secure online ecosystem.

Reference


  1. biometricupdate – https://www.biometricupdate.com/202106/digital-identity-verification-market-forecast-to-reach-16-7b-by-2026
  2. globenewswire – https://www.globenewswire.com/en/news-release/2022/02/01/2376586/0/en/Global-Identity-Verification-Market-to-Garner-a-Revenue-of-USD-33189-19-Million-by-the-end-of-2030-Surge-in-Concern-for-the-Rising-Number-of-Identity-Thefts-and-Other-Fraudulent-Ac.html
  3. iproov – https://www.iproov.com/blog/biometric-statistics-70
  4. marketsandmarkets – https://www.marketsandmarkets.com/Market-Reports/identity-verification-market-178660742.html
  5. mordorintelligence – https://www.mordorintelligence.com/industry-reports/identity-verification-market
  6. thalesgroup – https://www.thalesgroup.com/en/markets/digital-identity-and-security/government/inspired/biometrics

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