This year, 2023, digital identity verification will take on greater urgency. This is largely due to the fact that fraudsters stole more than $11.4 billion through account takeovers (ATOs) last year, while account origination fraud is predicted to cost $5 billion by 2024. The world of technology and everything linked with it moves at a breakneck pace. Identity verification is no exception.

A person’s most valuable and often utilised asset is their identity. Identity verification is used to demonstrate that the person’s identity matches what they say it is. It determines whether a person is actually hiding behind the persona he presents.

Policyholders prefer a digital style of interaction over a physical one. However, identity verification problems frequently stand out, which causes significant onboarding dropout rates. This blog article examines how to resolve this using an AI-powered verification method. According to a recent study, 44% of those between the ages of 18 and 29 who had insurance purchased their plans online. This proportion is expected to rise as broadband penetration rates continue to rise.

When someone impersonates you by exploiting your personal information to perpetrate fraud or gain other financial advantages, this is known as identity theft or identity fraud. Your personally identifiable information includes your name, residence address, email ID, login and passwords, Social Security number, driver’s license number, passport number, or bank number.

It’s reasonable to say that most of us have participated in the playing of at least one video game. Over 3 billion individuals across the world now spend their free time playing video games, whether they do it on a console, a computer, or a smartphone. It should come as no surprise that the market is thought to be worth over $300 billion. Since the advent of Pong, an Atari video game with a table tennis theme, in 1972, the industry has seen significant development.

Banks still struggle to properly integrate clients even though the majority of financial institutions (FIs) have explicit digital-first initiatives to automate & optimise their backend operations. The majority of corporate clients need an easy-to-use onboarding process with little human involvement and foolproof verification, but due to strict compliance requirements and a high demand for customization, this is a challenging challenge.

As a new alternative to offline seller onboarding, a new digital onboarding method is being tested by amazon for verifying the identity of merchants online, this biometric verification system uses facial recognition in the form of Face Match for automated identity verification to onboard vendors. According to a post issued from the online business giant – Amazon, the test will be made available to potential sellers in the United States as a voluntary option starting today.

Passport verification is a process that is used to confirm a person’s identity using their passport as proof of identification. In the housing industry, this process is commonly used to verify the identity of prospective tenants or buyers before they are allowed to rent or purchase a property. This is often done as part of the overall background check process to ensure that the person is who they claim to be and to protect against fraud or other illegal activities.

The customer experience at the world’s biggest banks and fintech firms is undergoing a significant change. Because of technological advancements, account users may now not only transfer money online but also log in using Identity Verification using face match technology and do a variety of operations using simply their smartphone and its front camera. Technology in this area has made things faster, easier, and safer during the last decade.

APIs provide rapid and scalable applications for banking, payments, and other businesses that require identity verification for AML and KYC compliance. In most countries, some firms are obliged by law to comply with AML and KYC. When such firms authenticate their consumers, APIs may provide a faster, simpler, and less expensive way to comply while fulfilling speed, security, and privacy demands.