Fraud and deepfake threats increase as biometric IDV predicts 4X market growth by 2030

Face biometrics and alertness detection are proving effective against a growing wave of online fraud, in terms of the number of attacks and their sophistication, studies by Veriff and Onfido respectively show, leading to a share important part of the global identity verification market. GBG and iDenfy also announced customer gains in identity verification technology, the latter also entering into a new AML partnership with A.ID.

Biometric authentication accounted for $ 2.63 billion of the global identity verification market of $ 7.63 billion in 2020, and is expected to be the largest segment of the market by 2030, at 11.7 billion out of a total of $ 33.19 billion, according to a new report.

The report “Global Identity Verification Market Outlook 2030” from Research Nester Pvt. Ltd forecasts a compound annual growth rate of 16.32% for the market during the forecast period.

The report breaks down the market by component, type of verification and deployment, organization size, and end-user industry, and analyzes market dynamics and opportunities.

North America is expected to remain the largest target region, with identity verification revenue increasing from $ 2.85 billion in 2020 to $ 12.66 billion in ten years.

Veriff and Onfido digital identity fraud reports aligned with deepfake threat

Veriff’s 2021 Identity Fraud Report shows a 61% increase in fraudulent activity across fintech, mobility and crypto industries from 2020 to 2021.

Identity fraud has doubled year over year, according to Veriff, and now accounts for two-thirds of all fraud incidents globally. The problem is even worse in the United States than in Europe, according to the findings of the company’s anti-fraud team.

Identity cards were the document of choice in 33.9% of fraudulent attacks, followed by passports, which were used in 29.2% of attacks observed by Veriff. The number of both types of documents is up from last year’s report.

“Concepts such as AI-based video editing and augmented video processing are no longer just buzzwords,” comments Veriff CPO and co-founder Janer Gorohhov. “Online users can access plug-and-play products that allow them to use the power of deep learning and advanced AI to hide, anonymize and edit images and videos. Therefore, there is a growing need for solutions such as Veriff’s technology that can detect deepfakes, ”concludes, citing biometric detection technology for business activity.

Veriff also announced that it has reached the ten thousand types of identity documents found in its internal database.

The company reviews the process by which it arrived at the milestone of a blog post interviewing three members of the team behind Veriff’s specimen database, which they apparently call “BOB”.

Onfido’s 2022 Identity Fraud Report, meanwhile, examines trends in biometric fraud and shows a 57% increase in sophisticated fraud attacks compared to a year ago, “Sophistication Attacks”. average “representing 47% of all identity document fraud in the past 12 months. .

Fraudsters, according to Onfido, continue to take more professional approaches, along with a curious increase in weekend fraud attacks that may point to a new class of cybercriminals.

“Large-scale operations often carried out by criminal fraud networks have the resources to carry out sophisticated frauds such as deepfakes, 2D and 3D masks. They can also use techniques such as coercion. Companies will see fewer attacks of this type, but they are the ones that can cause the most damage in the shortest possible time, ”says Michael Van Gestel, Head of Global Document Fraud at Onfido. “By incorporating biometric authentication and other sophisticated methods of identity verification, businesses can ensure that no matter how fraudsters try to take advantage of the evolving situation, they can dramatically reduce the risk of fraud for their organization and their customers. “

The report reveals that biometrics is still a major deterrent against fraud attempts, and the company found the lowest spoofing rate ever seen in checks performed with its video solution, at 0.17% of all the transactions. Screen shots remain the most common type of biometric presentation attack, accounting for more than half of identity theft attempts, as Onfido claims that most biometric frauds remain “unsophisticated”, at least for the moment.

Results also vary widely depending on the country issuing the identity document, with those from the United Kingdom and Italy falsified almost nine percent of the time, compared to almost two percent for Dutch and Canadian identity documents. .

Winning customer for GBG, iDenfy

GBG provides automated affordability checks to Scout Gaming to help protect Scout Gaming customers from gambling more than they can afford.

Scout Gaming also uses GBG’s Identity Verification with Selfie Biometrics to Know Your Customer (KYC) and Anti-Money Laundering (AML) checks, and automates its ID document checks with GBG IDScan.

iDenfy has entered into a collaborative partnership with AID provide identity verification technologies, including selfie biometrics, as part of a platform tailored to high-risk segments of the financial services market.

Freelance recruiting platform JobHireHub has also selected iDenfy to secure its service against fraud, a common problem in the freelance industry, according to the announcement.

The companies say they share a common focus on making prices affordable for their customers.

Articles topics

A.ID | biometric alertness detection | biometrics | counterfeits | digital identity | facial biometrics | fraud prevention | GBG | iDenfy | identity verification | market report | integration | Onfido | to verify

About Marion Browning

Check Also

Voter Apathy a Major Problem in Oyo State —Odekunle, Chairman of OYSIEC Forum

Dr. Olusegun Odekunle is the Chairman of the Oyo State Independent Electoral Commission (OYSIEC) Polling …