Identity Verification: Who’s Really There?
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By 2022, 80% of organizations are expected to adopt document-centric identity verification in onboarding, a rise from 30%. The increase in digital interactions during the pandemic has led to higher fraud rates, with 33% of identity theft linked to new mobile and credit card accounts. Identity verification is increasingly crucial as it connects a customer's digital identity to their real-life identity, helping to mitigate fraud and improve customer experience.
Identity Verification: Who’s Really There?
- 1. The Knocks Are Getting Louder Digital Front Doors Are Increasingly Protected with Identity Verification By 2022, 80% of organizations will be using document-centric identity proofing as part of their onboarding workflows, an increase from approximately 30% today. 2020 Q2 New Checking Accounts Opened: Via mobile or web In-person 64% 36% Digital Experience Expectations: 60% 40% Higher than before COVID Same or lower than before Businesses Are Opening the Door to Fraud increase in UK fraud rates during pandemic’s height Preferences, convenience and a global pandemic are driving customers to your digital front door to create accounts and register for services. But are your customers who they say they are? Identity verification, aka identity proofing, ensures a customer’s digital identity is tied to their real-life identity. With today’s rise in digital interactions, that assurance is now more important than ever: 33% of identity theft is due to fraud related to new mobile and credit card accounts Nearly 54% Fraudulent Accounts Are Costing Your Business of consumers abandon opening accounts due to complex onboarding to boost security 40% in U.S. losses due to fraud in 2019. $ 16.9Billion Fraudulent Accounts Are Hurting Your Customers of victims report issues with their sleep habits 84% of victims report increased stress levels 77% of victims report problems with concentration 63% Source: Gartner Source: Identity Theft Research Center Source: Javelin Strategy | Source: Experian | Source: Experian | Source: Insurance Information Institute Source: Forbes Source: Forbes To learn more about how identity verification can secure your digital front door, see “Ensure Your Business Is Engaging with the Right Customers with Identity Verification.” Source: Forbes | Source: Experian Source: Experian | Source: Insurance Information Institute Source: Identity Theft Research Center Source: Gartner Source: Javelin Strategy | Source: Forbes To learn more about how identity verification can secure your digital front door, see “Ensure Your Business Is Engaging with the Right Customers with Identity Verification.”