Identity theft has surged significantly in H2 2024, with impacts seen on deposit accounts. SentiLink reported a rise from 2% to nearly 8% in identity fraud incidents. Entrust and ConnectID are implementing advanced biometric solutions for fraud prevention, enhancing user onboarding processes in various sectors, while ID.me reports widespread use of its verification services in…
Biometric technology is enhancing travel efficiency by digitizing identity credentials like mobile driver’s licenses and passports, addressing issues such as fraud and age verification. Despite potential, significant barriers to adoption include regulations and interoperability concerns. Recent trials indicate biometrics can reduce processing times, while ethical concerns in law enforcement highlight the need for responsible usage….
2024 has witnessed significant M&A activity in biometrics and digital identity, emphasizing consolidation and strategic acquisitions by companies to leverage biometric technologies in various sectors, particularly travel. As the industry evolves towards integrating physical and digital identity solutions, increased investments and innovations are anticipated in 2025, especially around digital wallets and identity verification technologies. As…
Gartner has published its first Magic Quadrant for Identity Verification, classifying 11 companies into Leaders, Challengers, Visionaries, and Niche Players. Leaders include Sumsub, Socure, and Entrust for their robust IDV products. Visionaries such as Mitek and Au10tix bring innovative strategies. Persona is noted as a Challenger, while Niche Players consist of 1Kosmos, GB Group, and…
