Digital identities shaking up identity verification industry: Regula

The arrival of digital identities is shaking up how companies operate and verify identities.

Regula has published a survey with Forrester Consulting examining how businesses are implementing digital IDs and their expectations for the future. In a webinar conducted this week, the company went deeper into the research to find out what will be the impact of digital IDs on identity verification companies themselves.

One of the main topics discussed is the arrival of the European Union Digital Identity (EUDI) Wallet, the pan-European project to give each resident of the continent a digital wallet.

“It was imperative for us to find out if the introduction of digital identities will lead to the collapse of the market for IDV [identity verification] solutions,” says Henry Patishman, executive vice president of identity verification solutions at Regula.

To find out, Regula interviewed 226 decision-makers in identity verification in various industries on digital ID implementation, integration and whether they will replace physical documents.

“Digital IDs are not about replacing physical documents but enhancing them,” says Patishman. “Biometric checks are an important part of our IDV systems and must be done on the business side.”

According to the survey, digital IDs will make big impacts in sectors that rely heavily on secure and efficient identity verification, including online financial transactions, online account opening and e-commerce. The government sector is also expecting positive outcomes.

One of the key challenges, however, is that the existing standards in different countries and regions are not connected. Almost three-quarters of stakeholders emphasized that global digital ID standards are necessary to ensure interoperability, accuracy and consistency across borders.

The plan for the EUDI Wallet is to allow each European citizen to have access to a privacy-preserving digital ID by 2030 and for the continent to have a common cross-border solution. But this date may be “over-ambitious,” according to Nick Pope, director at Security & Standards Associates and chair of the Technical Committee on Electronic signatures and Trust Services at the European Telecommunications Standards Institute (ETSI)

“There’s lots of technical and security concerns,” says Pope. “Coming back home to biometrics there are still some difficult issues to solve. I think it will take a bit more time and experience to actually make it a full reality.”

Au10tix launches fraud risk assessment tool

Need a quick way to assess whether your company is in danger of identity scams? Identity verification firm Au10tix has launched a tool that helps businesses assess their risk of operational, security and identity fraud.

The free Risk Assessment Model was created based on billions of transactions and gives personalized insights and recommendations for vulnerabilities in identity verification. The tool is based on a survey of 10 questions.

“Our new Risk Assessment Model is designed to provide initial indicators of potential risks, offering companies a clear starting point for understanding how we can help them accommodate and mitigate these challenges effectively,” says Dan Yerushalmi, CEO of Au10Tix.

The company has recently added new features to its digital identity platform. The platform utilizes data discrepancy comparison to enhance security by identifying potential fraud.

Veratad to use OneID API

Age and identity verification software maker Veratad is adding API from the UK’s only bank-verified digital identity verification solution OneID to its reusable identity product IDMax.

Veratad says that the partnership with OneID will help businesses improve the accuracy, speed, and security of age and identity verification of their UK customers while minimizing data collection. This includes businesses working in fintech, finance, social media, gaming and age-restricted e-commerce.

“OneID’s ability to verify identities of UK citizens without needing physical documents presents a significant enhancement to our offerings,” says Veratad CEO John E. Ahrens.

The recently launched IDMax feature is available for the company’s biometric age and identity verification orchestration platform Veratad VX and is designed to help businesses accept third-party reusable digital identity credentials. OneID’s solution is available to all Veratad clients on Veratad’s VX alongside other verification methods from Veratad.

Article Topics

AU10TIX  |  biometrics  |  digital ID  |  identity verification  |  OneID  |  Regula  |  Veratad