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Identity Verification in the Digital-First Economy:
Key Challenges & Trends

How can we quickly and reliably identify one another while keeping personal data safe? How can we be sure our customers are who they say they are without creating a frustrating or time-consuming experience? These are the critical questions that have come to the forefront as businesses and consumers have rapidly moved online over the last several years.

According to Deloitte1 “digital identities are becoming the foundation of our rapidly evolving technology-based and data-driven economy and society. If an organization gets it right, it leads to efficiency, revenue, and more control with an enhanced user experience.” 

From accessing telemedicine to paying your taxes online or booking travel, digital identity has become integral to so many of our daily interactions and activities. In the digital-first world, consumers expect seamless and secure interactions from the businesses and financial institutions they interact with, but as technology has become more sophisticated, so have the tactics used for fraud by scammers.

Synthetic identity fraud is now the fastest-growing financial crime in the U.S.2, with losses upwards of $20 billion dollars annually and 45% of Americans having been affected by a data breach in the past 5 years3.

Our VP of Product Management, Chuck Moore, sat down with iSMG to discuss the latest trends in identity fraud and how the banking industry is taking on the challenge of solving for digital identity.

Watch the Interview

 

 

Identity Verification Reimagined

Reduce fraud, enhance customer experience, and increase conversions with Authentify®. Authentify® is a fast, safe, and easy way for companies and financial institutions to verify their customers’ identities with bank-trusted data. Click here to learn more.

 

1. Deloitte, "The future of Digital Identity"

2. McKinsey, "Combatting synthetic identity fraud"

3. LexisNexis Risk Solutions, "10 Trends that Will Shape the Fraud Landscape in 2022"