Regula has presented their vision of the developments that will shape the industry’s landscape in 2023. Deepfakes, new cyber-hygiene norms, and demand for mature ID verification platforms are among some of the predictions for the next year.
While more and more industries move their customer experiences to digital, online identity verification is becoming an essential part of our life. It lets people cope with all sorts of mission-critical activities online: opening bank accounts, applying for benefits, getting insurance payouts, and even getting medical advice.
Still, the security of the digital IDV process is the number one concern that is forming the industry’s landscape and driving the majority of significant changes.
Javelin Strategy & Research reports that in 2022, identity fraud and scams cost $52 billion and affected over 42 million people in the US alone. The rising number of identity fraud cases, along with fraudsters’ hunger for personal information collected by service providers, will lead to three important changes in how data will be used and treated:
- Even industries that are not so heavily regulated will invest more in the ID verification process, adding extra security layers. There will be more checks with increased complexity and additional steps in the verification process: biometric checks, verifying IDs, SMSs, and passwords, checking recent transactions, etc.
- This will lead to prioritization of comprehensive liveness checks to make sure…
