With digital platforms facilitating everything from ridesharing to renting out your home, companies from Uber to Google and Airbnb are redefining user experience. While the digital experience is tailored to be simple, quick and intuitive, users demand a more secure and streamlined process that could include a speedy digital identity verification process.

 

Nearly 4 out of every 5 customers trust organizations with their personal data - and believe that the businesses make the protection of their information a top priority. But it doesn’t just end with speed and a smooth user interface. 

 

There are several risks to transactions in the digital space. Personal data of customers may fall prey to data manipulation and identity theft - with fraudsters gaining access to knowledge-based authentication (KBA) responses, enabling them to work their way around traditional forms of identity verification. Moreover, SMS-based two-factor authentication (2FA) is pitched as vulnerable and the National Institute of Standards & Technology no longer endorses 2FA as a secure identity verification channel.