In the world of digitalization, smart devices have become an integral part of our life. Identity verification is thereby crucial to get protected from fraudulent activity. Here is all about identity verification solutions. Why it is important. And also how it works. The increasing penetration of the internet and digitalization has brought identity-related frauds along with it. The manual and traditional way of verification and authentication is a time-consuming process.
Identity verification is a process that ensures the matching of a person’s identity with the supposed to be. A set of unique characteristics are associated with each person, and this property is exploited in the identity verification system.
Identity Verification includes electronic ID cards, smart border control that basically dependent on facial recognition for the authentication of a person. In smart cities and airports, video analytics is used in identity verification.
Identity verification ensures the real or authenticated person working for any process. It helps in preventing fraud by unauthorized people. It can be carried out in different ways. Earlier traditional face-to-face recognition was the only way to authenticate a person. Then photo-matching came into existence.
Now in the world of digitalization where most of the works is done online. Thus especially for online channels, smart identity verification is the need of the hour. Identity verification is nowadays very deceptive in the financial industry as well as in businesses.
Biometrics is either behavioral or physical human characteristics. It is used basically used to identify a person digitally. Thereby it allows access to any device, data, to the system. In the biometric system of identity verification, facial pattern, fingerprints, typing, or voice cadence. It is faster and easier to verify a person using biometric.
Non-biometrics identity verification solutions are useful in verifying documents. It doesn’t involve recognition of the physical or behavioral characteristics of a person. The non-biometrics solutions are mainly used for fraudulent ID detection and remote customer onboarding. Still, a non-biometric type of identity verification is used in verifying government IDs, driving licenses, passports, and credit or debit cards.
Identity verification can be deployed either in the cloud or on-premises.
Deployment of identity verification on-premise ensures security solutions. Cloud-based identity verification solutions enable organizations to accomplish their costs. It also helps them to improve business agility. The deployment of identity verification in the cloud beneficial for organizations to improve customer services.
The identity verification system is well exploited by BFSI, Government and defense, Healthcare & Life Sciences, Retail and eCommerce, IT & ITeS, Energy, and Utilities, Education, Travel, and Gaming.
It is observed that there is increased banking processes as well as digital payments. So in order to improve customer safety and better experience, verification of identity has become crucial. The digital system of financial input and output is very vulnerable to hackers and fraudulent activity.
Due to the outbreak of COVID-19 that resulted in the pandemic. There is a revolution for the new digital world. The increasing trend of work from home, online transactions, and involvement of the internet for the working of most of the enterprises. It opens lots of opportunities for cyber attackers to carry out attacks. Identity theft as well as identity spoofing has been drastically increased. This is the need of the hour to have a very strong identity verification solution. It may help in preventing or reducing fraud activities.
The Global Identity Verification Market has been witnessing rapid growth due to the rising number of financial frauds in businesses. Identity theft plays an important role in online frauds and is challenging the digital world. In order to have a safe and secure environment in a digital system, identity verification has become an essential tool. In order to comply with strict regulations and compliances, organizations are deploying cutting-edge ID verification solutions that are expected to boost the growth of the market.
Basically, identity verification is a unique physical or behavioral characteristic of an individual to authenticate that person. It is of two types either biometric or non-biometric. This identity verification is gradually getting popularity and it is used by both government organizations as well as private companies. Their main motto is the prevention of identity-related theft.
The Global Identity Verification Market has been anticipated to rise at a growth rate of 13.4% CAGR over the forecast period.
