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Digital Identity Verification (DIVE) Statistics & Trends

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DIVE Growth Stats

  • 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 Stats

  • 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 Stats

  • 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)

Worldwide Interactive Services Selects IDScan.net to Power ID Verification for digital banking Super App platform, Milly

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Enhanced Product Provides Fraud Reduction and Identity Verification For End-User Onboarding

“We chose IDScan.net’s digital identity verification product because of its strong presence and reputation in the id verification industry.”

John D. Pantaleon, President and Founder of Worldwide Interactive Services

ORLANDO, FLORIDA, UNITED STATES, July 25, 2023/ EINPresswire.com / — As part of their new digital banking platform and super app, Milly, Worldwide Interactive will begin offering ID verification for user onboarding and account creation via IDScan.net’s digital identity verification platform.

The IDScan.net platform allows for banking users to submit a front and back photo of their ID (license or passport), which is then checked against the IDScan.net global database. Users can optionally add selfie identity validation with embedded anti-spoofing technology to match their face to their ID photo using facial recognition. The product instantly returns a match score against a configurable threshold.

Additional security checks such as DMV data verification and IdentiFraud checks can be layered to enrich the background on each customer, providing absolute assurance that customers and members are who they say they are.

“We chose IDScan.net’s digital identity verification product because of its strong presence and reputation in the id verification industry and the needs of our clients that expect the latest in authentication capability,” said John D. Pantaleon, President and Founder of Worldwide Interactive Services. “No other vendor provides the integration and reliability that IDScan.net is able to provide.”

Worldwide Interactive clients will have access to digital identity verification inside the new digital banking platform and super app, Milly, starting April 2023. Through IDScan.net, they will be able to validate identity using more than 10,000 global documents. All verification requests will be stored for easy review inside the IDScan.net portal.

About Worldwide Interactive

Worldwide Interactive Services is a dedicated team of individuals drawing on decades of technology, project management, and client success experience in the cloud-based voice, mobile and desktop services industry. Our unique corporate culture is founded on creativity, entrepreneurship and a 100% can-do attitude serving hundreds of financial institutions, retailers, and government agencies.

About IDScan.net

IDScan.net is the leading AI-powered identity verification platform focusing on age validation and fraud reduction for high compliance industries. We have enhanced digital and physical environments for more than 7,500 customers including IBM, Jack Henry, Shell, AMC Theaters, Trader Joe’s, and Circa Casinos. For more information, visit www.idscan.net.

Jillian Kossman

IDScan.net

+1 714-353-1769

Read the original post here.

IDScan.net Announces Worldwide Document Coverage for Digital Identity Verification, KYC, Powered By Shufti Pro

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New Orleans, Louisiana (March 1, 2023) – Shufti Pro and IDScan.net have announced a partnership to enhance IDScan.net’s global document coverage. Following this collaboration, IDScan.net’s digital identity verification platform will offer customers access to an expanded global library that includes documents from more than 230 countries in 150 languages. 

Digital ID scanning and identity verification is a multi-billion dollar industry centered around validating individual identities using a mobile device. It is a key element of customer onboarding, payment and fintech security, and user registration. While overall fraud increased 18% in 2022, document forgery rose by more than 30%, according to Shufti Pro’s Annual Fraud Report. 

“Because our VeriScan age verification software is in use at more than 5,000 age restricted venues and financial institutions across the country, we have extremely robust authentication capabilities for US and Canadian IDs. This partnership extends the capabilities of our digital and remote solutions worldwide.”

IDScan.net CTO Andrey Stavnovnov.

Shufti Pro was the winner of the best Fintech AI Solution, and Best Client Onboarding Solution at MEA2023. They utilize a machine learning approach to document integration, as well as a layered approach to KYC for global organizations.  

“There is a great deal of synergy between our two organizations,” said Patrick Kelly, Head of Sales, Americas, at Shufti Pro. “Both of our organizations emphasize technical flexibility when it comes to pricing and system customization. We understand that every KYC and AML workflow is going to be a bit different, but all of them require best-in-class accuracy and document identification. We’re excited to provide IDScan.net and their customers with expanded document verification capabilities.

Customers looking for a global document solution for remote onboarding are invited to contact the IDScan.net team. 

About IDScan.net

IDScan.net is the leading AI-powered identity verification platform focusing on age validation and fraud reduction for high compliance industries. We have enhanced digital and physical environments for more than 7,000 customers including IBM, Jack Henry, Shell, AMC Theaters, Trader Joe’s, and Circa Casinos. For more information, visit www.idscan.net. 

About Shufti Pro

Shufti Pro is an identity verification service provider offering KYC, KYB, and AML services to help global businesses onboard and manage risk of legitimate customers. The UK-based company has 5 regional offices and launched 17 different IDV products since its inception in 2017. With the ability to verify ID documents globally in 150+ languages, Shufti Pro is serving customers in 230+ countries and territories.

Read the original post here.

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