In today’s world, nearly everyone lives online.
They digitally shop and seek food, shelter, and entertainment. They also interact socially, buy tickets, and attend events online. McKinsey estimates that the global pandemic accelerated our online evolution by as much as four years. And there are now more than 30 billion internet-capable devices, six times as many as there are people online. This makes protecting digital identity information vitally important.
Cybercrime, specifically fraud, is rising nearly as fast as our global digital transformation. In 2021, the number of successful fraud attacks outnumbered those prevented. As regulatory oversight aimed at stopping financial fraud increases, so too does the friction generated by identity and credit checks built into customer onboarding processes.
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