The development of digital identity solutions shows no signs of slowing in the new decade, with the mobile biometrics market expected to add $28.45 billion per year in incremental growth between 2018 and 2023. Facial authentication and cloud-based subscription services are particularly popular, with applications ranging from unlocking personal smartphones to providing secure access to top-secret government facilities.
A multitude of security issues continue to plague the space, however, despite this optimistic future of digital identity. Credit card payments are increasingly enabled via EMV chips rather than magnetic stripes, but these methods frequently suffer from a lack of diligent digital identity verification. U.S. retailers that once required signatures are increasingly foregoing authentication measures of any sort, for example, even though simple PIN code requirements could curb the use of lost or stolen cards.