Security News > 2024 > January > Digital nomads amplify identity fraud risks

The result is that digital nomads come across systems for identity verification more often than most people do.

Identity verification of digital nomads can be a tricky task for many businesses as their established processes are not designed for such a large variety of foreign IDs, and thus require revamping.

40% of business decision-makers highlight the increase in fraud as a primary challenge when it comes to identity verification for digital nomads.

The average growth in identity document fraud is stated to be 14%; however, in the Insurance industry, it is 22%, and in the Financial and Banking Services it is nearly 19%. Identity verification with e-docs.

Businesses need to be able to verify the identities of digital nomads without opening themselves up to undue risk of fraud.

"Identity fraud is flourishing, and overall digitalization, along with mass people movement and relocation are creating new pitfalls for businesses, which are trying to keep pace. In this changing world, organizations inevitably need to start adopting new technologies to enable robust and reliable verification, especially for remote processes. They will also be interested in the possibilities to scale and adapt their IDV processes to new scenarios and requirements," says Henry Patishman, Executive VP, Identity Verification Solutions at Regula.

News URL

https://www.helpnetsecurity.com/2024/01/19/foreign-document-verification/