IDV firms stake claims in $40B financial services biometrics market

Acuity Market Intelligence forecasts that biometrics for financial services will bring in $40 billion in revenue from 2024 to 2028, peaking at over $14.8 billion in the last year of the period. A new report from Acuity’s Prism Project delves into the transaction volumes and market forces driving the phenomenal growth expected in the sector.

Biometrics increasingly crucial for fraud prevention

Numbers from Juniper Research estimate that cumulative merchant losses to online fraud globally between 2023 and 2027 are estimated to exceed $343 billion. In a fraud-frazzled environment, biometric identity verification is becoming increasingly crucial for protection, but also as a springboard for partnerships.

Mastercard and Trulioo: you IDV me, I’ll IDV you

Mastercard and Trulioo have partnered up on identity verification, with the intent to streamline onboarding and add protection against fraud for both customers and merchants. A press release says Trulioo will leverage Mastercard’s identity toolkit to power its Person Match and Risk Intelligence products. These provide data insights and risk scores via a user-friendly dashboard – a first for the Trulioo suite in moving beyond API-based products.

Likewise, Trulioo will integrate its global business identity verification services into Mastercard’s Onboard Risk Check product, adding a layer of assurance to merchant and consumer onboarding solutions.

“The digital economy thrives when people trust it and trust each other,” says Dennis Gamiello, Mastercard’s executive vice president of identity products and innovation. “The ability to verify people are who they say they are instills confidence on both sides of digital interactions. Together with Trulioo, we are fueling the connections that make a vibrant digital economy possible.”

“As organizations navigate the complexities of the digital payments industry, fraud and business identity theft are constant threats,” says Steve Munford, CEO of Trulioo. “This is a pivotal milestone in our joint endeavor that will pave the way for a more secure global digital landscape.”

Public selects Clear for new account openings

Investment fintech Public has enlisted Clear to provide identity verification for new account openings. A release says the option to use Clear for identity services when opening a Public investment account comes with an added incentive for members of Clear Plus, the firm’s airport biometrics subscription service. Members who open a Public account will find it loaded with $100 in investment credit. Regular-tier Clear members will likewise receive $50 in initial funding when they sign up for an account.

“We believe that identity and security are integral to any financial platform and we are excited to expand our impact in the financial services industry with this partnership,” says Clear CEO, Caryn Seidman Becker. “Clear knows that you are always you and Public shares our core values of ensuring a secure, friction-free, and transparent experience at all levels of their platform.”

Public is pushing its AI investing tool, Alpha, as a way to invest in stocks, options, bonds, crypto and alternative assets.

Oz Forensics provides liveness detection for Uzbek payments firm

Uzbekistan-based digital payments platform Payme has deployed liveness detection from Oz Forensics. A case study says the biometric authentication system was used for account registration, mobile user authentication and transactions. Oz Liveness has logged more than 85,500 monthly facial liveness verifications, and sped up identity checks to four seconds.

Davron Adylkhodjaev, CIO/CTO of TBC Uzbekistan, which owns Payme, says using Oz Liveness also allowed the company to reduce successful biometric fraud attempts to zero. “Oz Liveness became a trust factor for our clients: now, they are sure that their financial operations are safe,” he says.

Article Topics

Acuity  |  biometric liveness detection  |  biometrics  |  CLEAR  |  identity verification  |  Juniper Research  |  Mastercard  |  onboarding  |  Oz Forensics  |  Prism Project  |  Trulioo