Four fifths of businesses now see identity verification as a strategic differentiator

Business owners are seeing the benefit of have strong identity verification processes, with 81% believing it to be a strategic differentiator, according to a new study from GBG.

The GBG State of Identity 2020 outlines that due to the pandemic forcing many businesses and customer interactions online, there has been a huge surge in the need of strong identity verification.

One finding from the study, claims that two thirds of organisations have experienced known or suspected identity fraud attempts in the past 12 months. Furthermore, 54% of companies believe identity verification has become more complex over the past three months.

Fraud is a lurking fear of online operations, and recent data from identity verification platform IDnow claims fraud attempts have jumped by 250% in the second quarter of 2020.

Consumers are aware of the risks, with 44% of consumers feel unsafe when transacting with international businesses online.

GBG managing director identity and fraud EMEA Boris Huard said, “I’m very excited about launch of The GBG State of Digital Identity 2020. With COVID-19 and digital acceleration, we have seen big shifts in attitudes from consumers and companies on identity, and the report’s findings reflect those shifts.

“As we work with our customers, we understand the growing importance of identity verification not only to comply with regulation, but to prevent identity fraud.”

Copyright © 2020 FinTech Global

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