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Identity verification trends of 2024 and the role of WiseBOS eCV

Identity verification has become an invaluable asset for secure and efficient business operations and is currently evolving rapidly with innovative trends expected to enhance how businesses verify identities more effectively.

According to recent reports, the estimated size of the identity verification market is EUR 12.11 billion in 2024, and it is expected to reach EUR 21.56 billion by 2029, growing at a CAGR of 12.64% during the forecast period (2024-2029). A Juniper Research study also highlights that digital identity verification checks are anticipated to exceed 70 billion in 2024, a 16% increase from the previous year.

With the increased regulatory scrutiny and the growing emphasis on preventing fraud and money laundering, Electronic Customer Verification (eCV) has become crucial and the importance of solutions such as eBOS’s WiseBOS eCV is in more demand, driven by key trends shaping the financial industry today:

1
New use cases:

Identity Verification has expanded beyond conventional KYC procedures, adopting a pivotal role as a robust anti-fraud measure and a means to elevate the customer experience across industries. This evolution aligns with the core function of WiseBOS eCV, which aims to facilitate an efficient and seamless onboarding process by integrating this real-time ID verification solution. The comprehensive features of WiseBOS eCV include a sophisticated liveness check, which determines the “similarity rate” of the profile picture on the ID document with the selfie taken by the user. Furthermore, is performs an automated age verification, adding an extra layer of security to the verification process.

2
Mass migration:

The surge in digital nomadism has led global organisations to revamp their identity verification processes, adjusting to the needs of this growing community while ensuring strong fraud prevention measures. Beyond handling a broader array of IDs, organisations are actively addressing language barriers. Recognising the importance of supporting a large number of identity documents, more than 12 thousand to be precise, WiseBOS eCV stands out as it supports over 240 countries and territories and over 138 languages.

3
Ease and speed of deployment:

WiseBOS eCV, equipped with The World’s Largest ID Documents Database, not only offers a secure path to digital transformation through electronic identification and eKYC but also addresses the critical factors of ease and speed in deploying and integrating an Identity Verification solution into existing infrastructures. WiseBOS eCV’s capability for real-time ID and Face verification in seconds significantly reduces fraud exposure, thus mitigating financial risks for organisations.

4
Digital Passports/e-IDs:

Throughout 2024, the EU aims to make cross-border e-ID a reality, with every member state providing a Digital Identity Wallet to citizens. The progression towards Digital ID represents a logical step in the evolution of identity document development. However, it appears to be more locally focused, primarily due to its close association with government databases. As for Digital Passports, Finland takes the lead as the first developed nation to explore digital travel documents. The core concept is to improve verification convenience by leveraging technologies such as built-in mobile NFC while mitigating the risks associated with document forgeries.

WiseBOS eCV, featuring The World’s Largest ID Documents Database, provides businesses with a secure avenue for digital transformation through electronic identification and eKYC. By leveraging advanced technology, eIDv enables these businesses to establish the authenticity of their customers’ identities automatically by verifying government-issued IDs in real time.

Enhance your business with eBOS’s WiseBOS eCV, a leading solution in identity verification. WiseBOS eCV is especially valuable for financial and non-financial institutions, tackling challenges and preventing fraud through real-time customer identity verification, ensuring a smooth and secure onboarding process.

Get in contact with our team of experts

For more information on how eBOS’ WiseBOS eCV can help your business navigate these trends, contact us for a demo today