A new analysis predicts 70 billion digital ID checks worldwide in 2024, up 16% from 61 billion in 2023. Juniper Research attributes the surge to firms using stronger biometric verification measures to prevent account takeovers and card-not-present fraud.
Liveness checks inhibit spoofing in biometric verification systems, which are effective against fraud. The banking industry will lead this verification increase, accounting for 37 billion checks in 2024, or 53% of the worldwide identity verification market.
The paper highlights the versatility of facial recognition technology, which can include age estimation to meet client needs. Multiple-check verification systems offer a far better user experience than traditional systems and are predicted to become more popular in the coming years.
Identity verification suppliers must partner with core banking system providers to improve service access in this competitive market. The paper emphasizes passive inspections and biometric verification to improve security and user experience.
In essence, biometric advances have increased digital identity verification checks, which is vital for online transaction security and cyber threat prevention. This development highlights the necessity for businesses to invest in rigorous verification solutions to protect customers and sustain digital ecosystem confidence.
Conclusion:-
Juniper Research expects global digital ID checks to reach 70 billion in 2024, up 16% from 61 billion in 2023. Businesses using stronger biometrics to prevent account takeovers and card-not-present fraud drove this development. Banking is predicted to lead this boom, accounting for 37 billion checks in 2024, 53% of the worldwide identity verification market. The paper shows that facial recognition technologies can estimate age. Traditional verification systems are less user-friendly than multi-check verification systems. To thrive, identity verification suppliers must work with core banking system providers to simplify service access. The paper stresses the need of passive checks and biometric verification for security and user experience.
