70% of financial services organisations take an approach to identity verification

Tuesday 9 March 2021 10:34 CET | News

A study has found that nearly three quarters (70%) of financial services organisations are taking a strategic approach to identity verification to combat financial crime.

A research was conducted in the UK and the US to explore how organisations are approaching identity verification during the COVID-19 crisis. According to it, over the last three years, there has been a shift in the way that businesses approach identity verification. It found that there has been a move away from ‘reactive identity verification’ - where identity verification is approached as a tactical and commoditised necessity to ensure compliance - to ‘positive identity verification’.

The research found one of the major drivers of change has been speed - 72% of financial services organisations now include speed within their measurement of identity verification performance.

According to this Statista study, there was a 47% increase in significant cyber fraud reported in August 2020. 

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Keywords: identity verification, financial services, cybercrime
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: United States
This article is part of category

Securing Transactions