A new study from Juniper Research has found that spend on digital identity verification checks will grow by 74%, from $15.2 billion in 2024. This substantial growth will be attributable to new solutions that look to reduce the friction of digital identity verification checks. The study identified the rising usage of behavioural biometrics as a key technology that will enable digital identity verification vendors to achieve this by more efficiently detecting potential fraud.
How Behavioural Biometrics Can Enhance Scam Prevention
The report predicts that behavioural biometrics in particular will detect anomalous user behaviour for device inputs such as keystrokes and screen swipes to identify fraudsters. In turn, this enables digital identity verification vendors to detect fraudulent activity earlier and more efficiently.
Report author Thomas Wilson added, “Behavioural biometrics are functional tools that empower businesses to solidify their defence systems, without negatively impacting user experience by adding additional points of friction in the process.”
Blockchain Technology to Drive Reliability and Privacy
In addition to behavioural biometrics, the study anticipates that the integration of self-sovereign principles through blockchain will enhance the security and privacy of verification. This will be achieved in highly regulated sectors such as healthcare and financial services by gifting users control over what information is shared and with whom.
The ‘electronic Identification, Authentication, and trust Services’ (eIDAS2) regulation is ushering in massive change in the EU, with interoperable digital identity wallets being offered to all citizens by May 2026. The research recommends that vendors adhere to digital identity standards by working with decentralised databases to maximise the security and privacy of user information.
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An extract from the new report, Global Digital ID Verification Market 2024-2029, is now available as a free download.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
