Regula Study Unveils Regional Expectations for Digital ID Fraud Reduction
2024年7月9日 - 4:00PM
ビジネスワイヤ(英語)
In its study “The New Imperative: Digital IDs,” Regula, a global
developer of forensic devices and identity verification solutions,
reveals that most organizations globally anticipate a notable
reduction in identity fraud after implementing digital IDs.
However, the study also highlights varying expectations across
different regions regarding the extent of this decrease in
fraudulent activity.
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Companies expect fraud reduction after
digital IDs implementation. Regula's study reveals that
expectations for fraud reduction vary depending on the region.
(Graphic: Regula)
Forrester Consulting, commissioned by Regula to conduct the 2024
study, points out promising global expectations for fraud reduction
through the implementation of digital IDs within organizations’
identity verification (IDV) processes. Globally, the largest group
of respondents, 27%, expects a reduction in fraud of 20% to 29%.
Additionally, 25% foresee a decrease in fraud of 30% to 39%, while
14% expect a reduction of 40% to 49%.
Regional Insights
- North America shows higher expectations, with 36% of
organizations expecting a 20% to 29% reduction in fraud, surpassing
the global rate. However, a more cautious 18% anticipate a 30% to
39% reduction, indicating a skeptical outlook compared to the
global average.
- Europe aligns closely with global trends, with 26% of
respondents expecting a 20% to 29% reduction in fraud. Slightly
higher hopes are seen as 16% foresee a 40% to 49% reduction in
fraud.
- The Middle East presents a more varied perspective. Only
18% anticipate a 20% to 29% reduction, indicating a conservative
outlook. Conversely, a significant 35% expect a 30% to 39%
reduction in fraud, showcasing a higher level of confidence in the
impact of digital IDs.
Surge in Identity Threats
The Forrester Consulting study highlights: “Digital IDs are set
to transform how transactions and customer data are secured,
addressing both current vulnerabilities and anticipating emerging
threats. The implementation of digital ID is not merely an upgrade,
it is a critical evolution that offers a strategic edge in the
ongoing battle against fraud.”
It’s not news that organizations have to deal with a constant
surge in identity threats. For instance, Regula’s global survey
conducted in 2023 revealed that every fourth bank had experienced
over 100 identity fraud incidents in the previous year. The median
cost of the identity fraud the Banking sector had suffered was
found to be over $310,000. With the rising number and growing
sophistication of identity threats, this financial burden has also
grown during the past years.
That survey also revealed that the most prevalent form of
fraudulent activity experienced by organizations was the use of
fake or modified physical documents. Still, the most alarming
threat was the rise of AI-generated identity fraud like deepfakes,
with 37% of organizations experiencing deepfake voice fraud and 29%
falling victim to deepfake videos.
“The results of the Forrester Consulting study prove that there
is a strong belief in the effectiveness of digital IDs in enhancing
security measures. That is true to a certain extent. For example,
by verifying the authenticity of issuing certificates and digital
signatures, it is rather reliable to prove the authenticity of a
digital ID. But no form of ID, physical or digital, can ensure that
you are dealing with a genuine person or even a person at all.
Sophisticated identity fraud, including deepfakes and other
AI-generated threats, is evolving rapidly, and to address this
challenge, we need continuous advancements in fraud detection
technologies and adaptive security measures,” says Ihar Kliashchou,
Chief Technology Officer at Regula.
If you are interested in getting more insights from the study,
“The New Imperative: Digital IDs,” please download a complimentary
copy from the Regula website.
Additional resources:
- 42% of companies globally are ready to implement Digital
ID
- Digital IDs are not going to replace physical documents
- EU Digital Identity Wallet: Exploring Its Current
Potential
About Regula
Regula is a global developer of forensic devices and identity
verification solutions. With our 30+ years of experience in
forensic research and the largest library of document templates in
the world, we create breakthrough technologies in document and
biometric verification. Our hardware and software solutions allow
over 1,000 organizations and 80 border control authorities globally
to provide top-notch client service without compromising safety,
security, or speed. Regula has been repeatedly named a
Representative Vendor in the Gartner® Market Guide for Identity
Verification.
Learn more at www.regulaforensics.com.
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Kristina – ks@regulaforensics.com