Security News > 2023 > May > Digital nomads drive changes in identity verification

Over the past year, 4 in 5 financial companies had experienced an increase in the number of verification cases involving foreign documents, according to Regula.

It appears that Financial Services companies are grappling with a surge in foreign document verification cases, with 80% of them reporting an increase, particularly in countries like France, Turkey, and the USA-the country most visited by digital nomads as of March 2023.

"The expansion of the global migration and digital nomad community in particular has highlighted the need for businesses to work with extended databases with a wide range of document templates, including rare specimens. Failure to do so may increase the risk of fraud since the lack of templates may lead to less accurate and thorough document verification checks, says Henry Patishman, EVP of Identity Verification Solutions at Regula."

The size and diversity of the document template database provided by the solution: A tool which features a database with detailed information on all present documents issued in different countries, their security parameters, and verification methods, can perform fast and comprehensive ID checks.

The availability of liveness checks in the document verification flow: The solution must encompass both document verification and biometric verification to provide strong protection against fraud, verifying both the document and the liveness of the individual.

Face comparison and matching of a selfie to the photo in an ID document: To mitigate identity fraud online, the solution should compare an image of the user's identity document and the portrait from the identity document, e.g., from the chip or MRZ..

News URL

https://www.helpnetsecurity.com/2023/05/29/digital-nomad-community-migration/