The RegTech Hub
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The RegTech Hub

The State of Identity Verification

The internet was built without an identity layer; the original idea to connect a few scientists didn’t need a method to prove who someone is. Now, with 4.66 billion participants and digital transactions projected to be $6.6 trillion in 2021, the online world needs trust. Numerous technologies are available to help make digital transactions fast, safe and trustworthy. One crucial technology that might not be apparent is identity verification.

The online technology that makes our lives better can also put businesses and customers at risk in the hands of bad actors. There are the hard costs of online fraud, but even more potentially damaging are consumers doubts about safely doing business with hacked organizations. There are also Anti-Money Laundering (AML), Know Your Customer (KYC), and privacy law requirements to consider.

As people expect things quickly online, the whole identity proofing process needs to be fast and easy. While identity verification might not be the first thing someone thinks about when building their online business, it is vital to get it right.

Explore our video series, Buyer’s Guide Series to Digital Identity Verification Solutions, to help you navigate the identity verification landscape.

The digital identity verification industry

Digital identity verification has grown from an idea amongst some identity thought leaders to a multi-billion-dollar industry in less than ten years. The growth opportunities are increasing; as the online world goes global, identity has to go across borders.

There are different use cases, depending on the jurisdiction and regulations, the amount and value of transactions, and the level of risk tolerance. So, there are many different approaches to identifying someone online.

Understanding the different approaches and the strengths and weaknesses of each enables you to know how to meet present-day needs and adapt to future demands. Or, you can take a holistic approach to identity verification, which means layering proper verification and authentication products based on risk thresholds while balancing speed and security.

Learn more about digital identity verification

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Trulioo is the leading global identity verification provider helping businesses meet #AML #KYC and #KYB compliance