For online merchants, knowing that the person on the other side of the transaction is who they say there are is of critical importance. Synthetic ID fraud remains a billion-dollar problem, and online commerce must walk the fine line between data privacy and data security. With the emergence of digital IDs to help tackle online fraud along with the systemic efforts of national governments, billions of unbanked individuals can gain access to the financial mainstream, as the latest edition of the Digital Identity Tracker has found.
2B: Estimated number of unbanked citizens across the globe.
$1B: The “balance” of synthetic fraud as of the Q2 of 2019.
81%: Share of Americans comfortable with using biometric authentication methods at airports.
40%: Portion of consumers who abandon online sign-up processes due to time required or inconvenience.
58%: Share of Android users in Australia whose software is compatible with the nation’s myGovID app.