▾ G11 Media Network: | ChannelCity | ImpresaCity | SecurityOpenLab | GreenCity | Italian Channel Awards | Italian Project Awards | ...
InnovationOpenLab

Regula Study Unveils Regional Expectations for Digital ID Fraud Reduction

#digital--In its study “The New Imperative: Digital IDs,” Regula, a global developer of forensic devices and identity verification solutions, reveals that most organizations globally anticipate a ...

Business Wire

RESTON, Va.: #digital--In its study “The New Imperative: Digital IDs,” Regula, a global developer of forensic devices and identity verification solutions, reveals that most organizations globally anticipate a notable reduction in identity fraud after implementing digital IDs. However, the study also highlights varying expectations across different regions regarding the extent of this decrease in fraudulent activity.

Forrester Consulting, commissioned by Regula to conduct the 2024 study, points out promising global expectations for fraud reduction through the implementation of digital IDs within organizations’ identity verification (IDV) processes. Globally, the largest group of respondents, 27%, expects a reduction in fraud of 20% to 29%. Additionally, 25% foresee a decrease in fraud of 30% to 39%, while 14% expect a reduction of 40% to 49%.

Regional Insights

  • North America shows higher expectations, with 36% of organizations expecting a 20% to 29% reduction in fraud, surpassing the global rate. However, a more cautious 18% anticipate a 30% to 39% reduction, indicating a skeptical outlook compared to the global average.
  • Europe aligns closely with global trends, with 26% of respondents expecting a 20% to 29% reduction in fraud. Slightly higher hopes are seen as 16% foresee a 40% to 49% reduction in fraud.
  • The Middle East presents a more varied perspective. Only 18% anticipate a 20% to 29% reduction, indicating a conservative outlook. Conversely, a significant 35% expect a 30% to 39% reduction in fraud, showcasing a higher level of confidence in the impact of digital IDs.

Surge in Identity Threats

The Forrester Consulting study highlights: “Digital IDs are set to transform how transactions and customer data are secured, addressing both current vulnerabilities and anticipating emerging threats. The implementation of digital ID is not merely an upgrade, it is a critical evolution that offers a strategic edge in the ongoing battle against fraud.”

It’s not news that organizations have to deal with a constant surge in identity threats. For instance, Regula’s global survey conducted in 2023 revealed that every fourth bank had experienced over 100 identity fraud incidents in the previous year. The median cost of the identity fraud the Banking sector had suffered was found to be over $310,000. With the rising number and growing sophistication of identity threats, this financial burden has also grown during the past years.

That survey also revealed that the most prevalent form of fraudulent activity experienced by organizations was the use of fake or modified physical documents. Still, the most alarming threat was the rise of AI-generated identity fraud like deepfakes, with 37% of organizations experiencing deepfake voice fraud and 29% falling victim to deepfake videos.

“The results of the Forrester Consulting study prove that there is a strong belief in the effectiveness of digital IDs in enhancing security measures. That is true to a certain extent. For example, by verifying the authenticity of issuing certificates and digital signatures, it is rather reliable to prove the authenticity of a digital ID. But no form of ID, physical or digital, can ensure that you are dealing with a genuine person or even a person at all. Sophisticated identity fraud, including deepfakes and other AI-generated threats, is evolving rapidly, and to address this challenge, we need continuous advancements in fraud detection technologies and adaptive security measures,” says Ihar Kliashchou, Chief Technology Officer at Regula.

If you are interested in getting more insights from the study, “The New Imperative: Digital IDs,” please download a complimentary copy from the Regula website.

Additional resources:

About Regula

Regula is a global developer of forensic devices and identity verification solutions. With our 30+ years of experience in forensic research and the largest library of document templates in the world, we create breakthrough technologies in document and biometric verification. Our hardware and software solutions allow over 1,000 organizations and 80 border control authorities globally to provide top-notch client service without compromising safety, security, or speed. Regula has been repeatedly named a Representative Vendor in the Gartner® Market Guide for Identity Verification.

Learn more at www.regulaforensics.com.

Fonte: Business Wire

If you liked this article and want to stay up to date with news from InnovationOpenLab.com subscribe to ours Free newsletter.

Related news

Last News

Sparkle works on environmentally sustainable content distribution

The Italian company partners with MainStreaming for high-performance, energy-efficient video streaming

Fintech: Links tests the use of exponential technologies in the banking…

Links Management and Technology just concluded the testing phase of a research project focused on banking transformation

Axyon AI: Italian Artificial Intelligence for Finance applications

Axyon AI offers an AI platform specifically designed for asset management, with several interesting strengths for those approaching machine/deep learning…

Italian Artificial Intelligence tackles medical emergencies at sea

Mermaid-AI is a telehealth platform at sea based on a visor equipped with an AR, medical Artificial Intelligence algorithms, satellite communications…

Most read

Sparkle works on environmentally sustainable content distribution

The Italian company partners with MainStreaming for high-performance, energy-efficient video streaming

Biostate AI Launches Total RNA Sequencing and Free Data Analysis AI

Biostate AI, the scalable biodata foundry startup, emerges from stealth today with the launch of two service products: Total RNA sequencing and Copilot…

ISG to Announce Second-Quarter Financial Results

$III #earnings--Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, said today it will release its…

GlassHive Announces Integration with ConnectWise to Elevate the ConnectWise…

#businessautomation--GlassHive, a trailblazer in sales and marketing automation, has announced an integration with ConnectWise, a leading provider of…

Newsletter signup

Join our mailing list to get weekly updates delivered to your inbox.

Sign me up!