According to a Juniper Research report, the rate of digital identity verification checks is on the rise. According to the report, the change is due to an increased adoption of biometric verification to improve account security.
The development of generative artificial intelligence (AI) and other technologies have made it easier for cybercriminals to impersonate individuals and gain access to account information. Financial institutions are looking for ways to increase security for consumers and their organization.
According to the report, digital-only banks were adopting identity verification measures faster than brick and mortar banks.
Read the full report here.