Identity Verification Statistics


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Identity Verification Statistics 2023: Facts about Identity Verification outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Identity Verification, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Identity Verification Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Identity Verification Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 15 Identity Verification Statistics on this page 🙂

Identity Verification “Latest” Statistics

  • By 2026, financial services and banks will account for 62% of expenditure on digital identity verification.[1]
  • According to Juniper Research, the adoption of remote onboarding will increase worldwide expenditure on digital identity verification to $16.7 billion in 2026 as the number of identity verification checks more than doubles from 45 billion in 2021 to 92 billion.[1]
  • The number of identity thefts reported to the federal trade commission climbed from 650,572 numbers in the year 2019 to 138,7615 numbers in the following year, according to figures provided by the Consumer Sentinel Network of the Federal Trade Commission.[2]
  • iProov’s poll of respondents found that 70% either use or want to utilize facial identification for mobile banking.[3]
  • 72% think it’s more crucial than ever to be able to verify someone’s identity. 81% think that in the future, more biometrics will be used to verify identities online.[3]
  • 80% of customers are more willing to interact with a company online if it has effective identity verification processes in place.[3]
  • Biometrics is seen as a more secure means of identification verification by 81% of customers.[3]
  • 93% of users felt iProov’s onboarding and authentication processes were simpler to use than they had anticipated.[3]
  • Although Juniper Research predicts that by 2024, more than 60% of biometrically confirmed payments would be done remotely since biometrics can be used to authenticate both in-person and remote payments.[3]
  • Between 2020 and 2025, contactless mobile transactions protected by biometrics will rise by more than 52%.[3]
  • The Identification Verification Market size is anticipated to increase by USD 186 billion by 2026, at a compound annual growth rate of 16.6% during the forecast period, from USD 86 billion in 2021.[4]
  • According to research conducted on behalf of the supplier of digital ID verification services provided by Jumio, 80% of consumers prefer doing business with companies that do digital identification verification.[5]
  • 92% of Mexican consumers and 89% of Singaporean buyers customers in the U.S. and the UK stated they were more inclined to interact with companies that have stringent id verification procedures (74% and 66%, respectively).[5]
  • In March 2022, Onfido announced the extension of their real identity platform, increasing completely automated performance by 12x and fraud accuracy by 54%.[5]
  • In the last 5 years, system engineers have significantly improved the accuracy of face recognition, according to a 2018 NIST research.[6]

Also Read

How Useful is Identity Verification

At its core, identity verification aims to ensure that the person accessing a certain account or service is, in fact, who they claim to be. This process typically involves confirming personal information such as name, date of birth, address, and sometimes even biometric data like fingerprints or facial recognition. While this may seem like a minor inconvenience, the implications of failing to verify someone’s identity can be severe.

One of the most obvious benefits of identity verification is preventing fraud. Whether it’s fraudulent financial transactions, online scams, or identity theft, verifying someone’s identity can help mitigate these risks. By confirming someone’s identity, businesses can ensure that they are only interacting with legitimate customers, which can save them time, money, and potential reputational damage.

Additionally, identity verification plays a crucial role in compliance with regulations. In industries like finance, healthcare, and even social media, organizations are required by law to verify the identities of their users to prevent money laundering, protect sensitive data, and ensure the safety of their platform. Failing to do so can result in severe penalties and legal ramifications.

Identity verification also enhances trust and security. For individuals, knowing that their personal information is being protected by stringent identity verification measures can increase their confidence in using online services. This sense of security is essential in fostering a positive relationship between businesses and their customers, ultimately leading to improved customer loyalty and satisfaction.

Moreover, identity verification can streamline processes and reduce friction for users. By ensuring that customers are who they say they are, organizations can enable faster and more seamless transactions. This not only benefits the user experience but also makes it easier for businesses to onboard new customers, deliver products or services, and simplify administrative tasks.

Despite these benefits, some may argue that identity verification can be overly intrusive or cumbersome. However, in today’s digital age, where the risk of fraud and cybercrime is ever-present, the utility of verifying someone’s identity cannot be overstated. While it may add an extra step to the user experience, the peace of mind and security it provides far outweigh any potential inconveniences.

In conclusion, identity verification is an invaluable tool in today’s world, serving as a frontline defense against fraud, ensuring compliance with regulations, enhancing trust and security, and streamlining processes for both businesses and individuals. While there may be room for improvement in terms of user experience and privacy concerns, the overall utility of identity verification cannot be denied.It is a necessary safeguard in an increasingly interconnected and digital society.

By prioritizing identity verification, businesses and individuals can protect themselves from potential risks, build stronger relationships, and foster a safer and more secure online environment for all.

Reference

  1. biometricupdate – https://www.biometricupdate.com/202106/digital-identity-verification-market-forecast-to-reach-16-7b-by-2026
  2. globenewswire – https://www.globenewswire.com/en/news-release/2022/02/01/2376586/0/en/Global-Identity-Verification-Market-to-Garner-a-Revenue-of-USD-33189-19-Million-by-the-end-of-2030-Surge-in-Concern-for-the-Rising-Number-of-Identity-Thefts-and-Other-Fraudulent-Ac.html
  3. iproov – https://www.iproov.com/blog/biometric-statistics-70
  4. marketsandmarkets – https://www.marketsandmarkets.com/Market-Reports/identity-verification-market-178660742.html
  5. mordorintelligence – https://www.mordorintelligence.com/industry-reports/identity-verification-market
  6. thalesgroup – https://www.thalesgroup.com/en/markets/digital-identity-and-security/government/inspired/biometrics

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