COVID-19 has significantly accelerated the adoption of digital technologies across industries. Be it digital account opening, mobile banking, multiplayer gaming, e-commerce, or mobile payments—the pandemic has forced organizations and consumers to go digital.
The explosive growth in digital engagement has also led to an undesirable outcome: a sharp increase in cyber fraud. Scamsters are increasingly prying on unsuspecting first-time digital users. Identity fraud—derived on the back of credentials stolen through a massive number of phishing attacks—has gone up significantly compared to previous years. SIM swaps and account takeovers are now more common than ever before.
Here are some telling numbers on cyber fraud seen rising since the onset of COVID-19.
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The stakes for businesses in ensuring trust and security in digital interactions are higher than ever.
This blog post outlines best practices for integrating identity verification APIs to enhance security, compliance, and user experience in digital interactions.
Identity verification is crucial for developers to prioritize in their applications to ensure a secure and trustworthy online environment for all parties involved.
