Goode Intelligence releases White Paper on secure online identity
The question of how to effectively and securely identify people online and enable the safe performance of digital tasks is examined in a new White Paper from Goode Intelligence.
“The Digital Identity Problem – Solving the issue of trust” argues that digital identity and document verification services can solve an immediate problem by proving the identity of a given individual. The research firm and consultancy says the problem is “one of the fundamental questions of our time.” Key market drivers for these services include support for digital onboarding, age verification, meeting AML and KYC requirements, and building a foundation for trust in the sharing economy.
The White Paper is available for free download, and identifies four main areas of digital identity and document verification to determine if the user is real, authorized to use the data presented, eligible for the service provider to conduct business with, and the risk of doing business with the user. Genuine presence assurance, usually in the form of biometric liveness detection by a smartphone camera or webcam, is necessary, as is document capture, in which a trusted document is securely captured and its legitimacy is verified, corroboration and risk mitigation through validation of captured data and sometimes analysis of collected signals by a risk engine, and orchestration of the various technologies and data sources.
Daon President of EMEA & APAC Clive Bourke discusses the use of biometrics for genuine presence assurance in the new White Paper, and higher rates of accuracy are noted when biometric passports are leveraged as the user’s trusted document.
“The market for digital identity and document verification services is particularly buoyant with hundreds of millions of dollars of investment and intense activity from an M&A perspective,” says Goode Intelligence Founder and CEO Alan Goode. “With the market offering the ecosystem significant potential for growth opportunities, Goode Intelligence forecasts revenues of over US$15 billion by 2024 – a CAGR of 20 percent over the six-year period.”
The stats cited are taken from Goode Intelligence’ “Digital Identity & Document Verification Market & Technology Analysis & Forecasts 2019-2024 Analyst Report.”
Goode Intelligence also recently announced the return of its Biometric Summit to London this coming November.