Celent Customer Identity and Authentication Report
"While it is important to confirm the authenticity of the document itself, it is just as important to verify that the person presenting the document is indeed its rightful owner. In the branch environment, a teller can simply do a visual check to match the customer’s face to the photo on the ID. In digital onboarding this is done using biometric facial recognition. "
Key takeaways from the report
There is no doubt that the importance of identity and authentication capabilities is growing. Consider the following:
- 14.7 billion data records have been lost or stolen since 2013; that is 5.9 millionrecords every day. Only 4% were “Secure Breaches” where encryption was used,and the stolen data was rendered useless.
- In the US, breaches hit a new record in 2017 with 1,632 breaches; the number ofrecords exposed in 2017 rose to nearly 198 million. In 2018, the number of breaches fell 23% from 2017 to 1,244 breaches, but the number of recordsexposed that contained sensitive personally identifiable information more than doubled to 447 million, a 126% increase.
- 33 percent of US respondents have experienced identity theft, more than twice the global average.
Celent Customer Identity and Authentication: Core Capabilities and Vendor Landscape, Zilvinas Bareisis, November 2019
This is an authorized excerpt from a Celent report. Although the reprint was prepared for Mitek Systems, the analysis has not been changed. For more information on the full report, please contact info@celent.com.