Identity verification matters more than ever in 2024 for several compelling reasons, reflecting our evolving digital landscape and the growing challenges that businesses and individuals face.

Rising Rate of Digital Transactions

As more businesses move online, especially post-pandemic, the volume of digital transactions continues to soar. This increases the need for businesses to enact more robust identity verification into their workflows to ensure that transactions are secure and that parties on either end of a payment are who they claim to be.

Escalating Online Fraud and Identity Theft

Remember when the most sophisticated identity theft involved a fake mustache and a dubious accent? Oh, how times have changed! Today, fraudsters can be miles away, hiding behind screens – and no, they're no longer donning glasses as disguises.

The Federal Trade Commission received 2.2 million fraud reports from consumers in 2020, with consumers reporting losing more than $3.3 billion to fraud (FTC).

Cybercrime, including identity theft and fraud, has been on the rise, with increasingly sophisticated techniques employed by fraudsters. Identity verification technology is a critical defense tactic to combat these activities, protecting both businesses and consumers from financial losses and reputational damage.

Stringent Regulatory Compliance

Governments and regulatory bodies worldwide are imposing stricter regulations on data protection and online transactions (like GDPR, CCPA, and KYC norms).

With the cost of non-compliance with data protection regulations averaging $14.82 million (Ponemon Institute), incorporating identity verification technology helps businesses stay compliant, avoiding costly penalties.

Shift to Remote Work and Services

The continued trend of remote work and the expansion of remote services across sectors like healthcare, finance, and education, demand reliable identity verification methods to ensure secure and trustworthy interactions and transactions.

58% of American knowledge workers are now working remotely, demanding secure online interactions (PwC).

Advancements in Technology

With advancements in technology like AI, machine learning, and biometrics, identity verification solutions have become more accurate and efficient. These technologies enable real-time verification, enhancing user experience while maintaining security.

AI in the identity verification market is expected to grow at a CAGR of 16.6% from 2019 to 2025 (MarketsandMarkets). Technology providers who are dedicated to protecting businesses and consumers’ data are harnessing these technologies to offer cutting-edge verification services.

Consumer Awareness and Expectations

Consumers are increasingly aware of the risks of online fraud and value privacy and security.

81% of consumers feel the potential risks of data collection by companies outweigh the benefits (Pew Research Center). Everyware addresses these concerns with its secure, privacy-focused verification tools.

They expect businesses to be able to protect their personal information and facilitate secure transactions, making identity verification a critical factor in customer satisfaction, loyalty and trust.

Demand for Frictionless User Experiences

While security is paramount, businesses also strive to provide frictionless user experiences.

70% of consumers abandon purchases due to poor user experience (Baymard Institute). Everyware's Identity Verification solutions balance stringent security with user-friendliness.

Modern identity verification solutions strike a balance between stringent security and a smooth user journey, which is essential for retaining customers.

Prevention of Financial Crimes

Identity verification is key in preventing financial crimes like money laundering and terrorism financing, which have become more sophisticated and cross-jurisdictional.

Global money laundering transactions are estimated to be 2% to 5% of global GDP (UNODC). Everyware’s solutions help in mitigating such risks by ensuring thorough identity checks.

Imagine this: Sarah, who lives in sunny California, decides to buy a car. She goes to a dealership, picks out a sleek model, and is ready to sign the papers. But wait – according to their records, she's already bought three cars this month! In Texas!? Turns out, someone halfway across the country has been 'borrowing' Sarah's identity for a joyride...literally. Could this have been avoided if the dealership had built Identity Match or ID Document Verification + Liveness Check from Everyware into their workflow for a quick identity pit stop?

In summary, the heightened importance of identity verification in 2023 is driven by the increasing digitization of commerce and services, the escalating sophistication of cyber threats, the tightening of regulatory frameworks, and the growing consumer demand for both security and convenience in their digital interactions.

Everyware's Identity Verification solutions are perfectly positioned to address these 2023 imperatives. By offering advanced, user-friendly, and compliant identity verification tools, Everyware is not just responding to the current needs but is actively shaping a safer, more secure digital future.