Identity Verification Statistics

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

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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 🙂

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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

One of the most common methods of identity verification is through the use of government-issued identification documents such as driver’s licenses or passports. By cross-referencing the details on these documents with information provided by the individual, businesses and organizations can verify their identity with a certain degree of certainty. This process not only helps to establish trust and credibility but also ensures that the individual interacting with the service is legitimate and authorized.

With the rise of online transactions and the prevalence of identity theft, the importance of robust identity verification measures cannot be overstated. By implementing effective identity verification processes, businesses can protect themselves and their customers from fraud and financial loss. This is particularly crucial in industries such as banking and finance, where the stakes are high, and the potential consequences of identity theft can be devastating.

In addition to preventing fraud, identity verification serves another essential function – enabling access and authentication. Many online services and platforms require users to verify their identity before granting them access. This not only helps to protect sensitive information but also ensures that only authorized individuals can access certain resources or make specific transactions.

While identity verification is undeniably useful, it is not without its challenges. One of the main concerns surrounding identity verification is privacy. Individuals may be rightfully hesitant to provide sensitive personal information to businesses and organizations, fearing that it could be misused or compromised. As such, businesses must take every precaution to safeguard the information collected during identity verification processes and comply with data protection regulations.

Another challenge is the constantly evolving nature of identity theft and fraud. As fraudsters become increasingly sophisticated in their tactics, businesses must continuously review and update their identity verification processes to stay ahead of potential threats. This requires investment in cutting-edge technology and regular training for staff to ensure that they are equipped to detect and prevent fraudulent activity.

Despite these challenges, the benefits of identity verification far outweigh the drawbacks. By verifying the identities of individuals, businesses can reduce the risk of fraud, enhance security, and build trust with their customers. In today’s digital world, where personal information is more vulnerable than ever, robust identity verification processes are essential to protect both individuals and businesses alike.

In conclusion, identity verification is a crucial practice that plays a vital role in safeguarding sensitive information, preventing fraud, and enabling secure transactions online. While there are challenges to overcome, the benefits of identity verification make it an indispensable tool for businesses and organizations operating in the digital age. By investing in robust identity verification processes and staying ahead of evolving threats, businesses can protect themselves and their customers from fraud and ensure the security of their online interactions.

Reference

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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