Digital identity verification (DIVE) statistics & trends

Statistics from digital identity verification trends

Last updated on October 27th, 2023 at 09:44 am

DIVE growth statistics

  • The Identity Verification (DIVE) Market is valued at $11.63 billion in 2023. The market is expected to grow to $21.07 billion by 2028. (Mordor Intelligence)
  • Banks spend over $1 billion a year on authentication solutions, making up 30% of their security budget. (Mordor Intelligence)
  • 91% of businesses plan to increase spending on identity verification over the next three years. (Regula)

DIVE general market stats

  • Biometric identification is the most common form of identity verification. (Grand View Research)
  • 80% of financial services organizations have undergone a breach that was “likely related to authentication weaknesses.” (Mitek)
  • The digital identity verification market size value in 2022 was $9.87 billion. (Grand View Research

DIVE fraud statistics

  • Verizon cited 5,212 data breaches out of 23,896 incidents in its Data Breach Investigation report. (Mordor Intelligence)
  • 95% of enterprises and 90% of small businesses took on identity fraud in 2022. (Regula)
  • Almost half (46%) of businesses globally have experienced synthetic identity fraud. (Regula)
  • Last year’s losses from identity fraud hit $23 billion. This amount is roughly $71 per person in the United States. (Mitek)
  • Fraud costs the global economy roughly $5.38 trillion, accounting for 6.4% of the world’s gross domestic product (GDP). (Onfido)
  • Every two seconds there is a new case of identity fraud. (Javelin Research)

DIVE identity theft stats

  • Rhode Island, Kansas, and Illinois were the top three states for identity theft per capita in 2021. (The Motley Fool)
  • 38% of online shopping offenses are the result of identity fraud. (Shufti Pro)
  • France, Portugal, and Nigeria are the top three countries for fake ID origins. (Trust ID)
  • The biggest hacker obstacles are encryption and multi-factor authentication. (Web Tribunal)

DIVE business statistics

  • 43% of cyber attacks are aimed at small businesses. (DataProt)
  • By 2023, the median cost of a corporate data breach will hit $5 million. (DataProt)
  • The healthcare industry is predicted to spend $125 billion on cybersecurity from 2020 to 2025. (Norton)

DIVE consumer stats

  • 83% of consumers want to be more proactive in protecting their privacy, but 47% don’t know how. (Norton)
  • In 2021, consumers with compromised email accounts lost a total of $1.86 billion. (Federal Bureau of Investigation)
  • Nearly all consumers in the US, Mexico, Singapore, and the UK note they are more likely to engage with brands that have strong and healthy ID verification measures in place. (CPO Magazine)
  • In 2022, consumers reported losing roughly $8.8 billion from fraud, increasing 30% from 2021. (Federal Trade Commission)
  • From 2020-2022, there was a 145% increase in identity fraud losses reported by consumers. (LinkedIn)