Businesses embrace biometric verification, predicting 70 billion digital ID checks by 2024

Posted under: Smart Technologies
Date: 2023-10-03
Businesses embrace biometric verification, predicting 70 billion digital ID checks by 2024

Digital ID verification checks are set to exceed 70 billion globally in 2024, marking a 16 percent increase from the previous year's 61 billion, according to a new report. The growth is attributed to businesses embracing more robust biometric verification methods as a defense against account takeovers and card-not-present fraud, as per Juniper Research. Biometric verification methods, renowned for their efficacy in countering fraudulent activities, utilize liveness checks as a deterrent against spoofing attempts. The banking sector is anticipated to spearhead this surge in verification, accounting for approximately 37 billion checks in 2024, which translates to 53 percent of the global identity verification market. The report underscores the versatility of facial recognition technology, which can incorporate additional checks like age estimation to cater to specific client requirements.

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