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As we approach mid-2022, we dwell on changes in the identity verification industry and observe what sectors it is entering to enable everyone to participate in the digitized world. It seems that the Covid-19 pandemic has faded, but its consequences in the area of remote access to various services are still visible and have become part of our lives. Social distancing has forced the transformation of many industries into a form of remote participation, in which identity verification helps. Remote confirmation that a person is who they claim to be makes it easier to deal with the formalities of everyday life. The user will also require this convenience in the future. Hence identity verification becomes the key to business development.

Remote work

The Covid-19 pandemic has also reshuffled the labour market. Many organizations had to switch to remote or hybrid work models. Thus, their vulnerability to cyberattacks has been exposed. Individual employees have become the main target of criminals in the online space due to the possible use of personal devices at home, mobile in particular. However, new technologies have met the demand for anti-fraud tools. The authorization has grown into a significant challenge, leaving behind traditional passwords and knowledge-based solutions. As a result, multi-factor methods of authentications, supported by biometrics and smart cards, have arisen. 

According to Securing the New Hybrid Workplace report, there has been an increase in identity verification technologies within the work environment – 51% of organizations implemented the one-time passwords, and 40% use biometric authentication. Moreover, 36% use mobile verification, providing access to the company’s resources by mobile device authentication. All these activities create a new zero-trust concept based on the identity verification of employees working from home to protect a company’s data. 

Therefore, new solutions were introduced within the life-cycle of employees’ digital identities to enhance security by implementing more reliable registration and access procedures. The methods of authorization by e-mail or phone number used so far must be forgotten. It is estimated that by 2024, 30% of corporations will implement new identity verification tools, given the increase in remote interactions.

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Identity verification will play an essential role in the workforce because of the so-called culture of resignation, influenced by remote work and more significant workflow. Verification solutions will be irreplaceable in employees’ on- and offboarding. Moreover, through the physical dispersion of employees, the remote work model increases the risk of social engineering cyberattacks. What is expected is an increase in the organizations’ demand, efforts, and financial resources for identity verification services.

Contactless travel

The pandemic has also impacted the way we travel. The mobility and tourism sector adjustments will probably permanently affect our reality. Due to epidemiological safety and the attempt to protect passengers against Covid-19 and prepare the businesses for possible future pandemic threats, changes have become and will be necessary. However, it is not the only factor influencing our journeys. Many elements of this transformation have become both convenient and attractive to customers. An example is the possibility of avoiding queues at the airport thanks to online check-in. Balancing the safety with ease and comfort may create a competitive advantage. It will be an enormous asset in the near future, influenced by demographical shifts. We devoted more attention to this topic in the article about identity verification services for airlines. Moreover, such solutions will relieve customs and border services, whose efforts can focus more on emergencies and risk management. Certainly, the future will bring other solutions regarding digital travel documents, e-passports, and electronic authorization of travel entitlements.

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Demand for mobility

The Covid-19 pandemic has ushered us into a new reality of social distancing, which has led to an even greater demand for using mobile devices. The obligation to avoid direct contact with other people caused dealing with as many matters of everyday life as possible in the online space. More than half of global internet traffic goes through mobile devices. In some countries, this percentage is even higher. Statistics show that more than ⅓ of internet users do not have access to stationary devices. 

The growing trend toward mobile payments and solutions that allow users to register their accounts online will drive the market demand for identity verification providers. Due to the increasing number of industries where confirmation of customer identity plays a significant role, innovation will be crucial. One of its results should be an adaption of verification solutions to mobility conveniently for the user. 

However, it should be noted that the number of scams with the use of mobile devices is also growing. For now, the challenge is balancing protection against cybercriminals with comfort for the user.

NFT

2022 has revealed a new trend in the online art market. NFTs (non-fungible tokens) have become a way for new creators to enter the market and have attracted crowds of investors simultaneously. However, there are still no precise regulations governing this sector. NFTs are expected to become increasingly popular as there is a demand for a new concept of buying and selling legal rights to digital goods. Therefore, there is a great need to verify the identity of users in order to reduce fraud. 

The success of NFT is overshadowed by the problems with how platforms offering such tokens operate. Buyers do not fully understand what they buy, and sellers often do not own what they sell. To eliminate this problem, the platforms must immediately implement buyer protection. The first step should be verifying the seller’s identity and ensuring they have the right to sell each token. The platform must ensure that there is a verified and legitimate person on the other side of the transaction. You can read more about the role of identity verification in the NFT market here.

Remote higher education

With the covid-19 pandemic, there has been an unprecedented revolution in the higher education system. The initial rush in the transition to remote learning and adjusting to regulations related to social distancing will turn into permanent changes over time. Many universities have started offering online studies regardless of the pandemic. The introduction of this model of learning requires a new form of identity confirmation, which enables all formalities related to studies to be completed online. Remote identity verification came to the rescue. Students can now participate in recruitment, enroll in academic classes or take exams without leaving their homes. 

Universities can cooperate with external verification providers, thanks to which administrative costs and staff time are reduced, and the entire process meets regulatory compliance and ensures that the student is who they say they are. Verification solutions can help higher education entities in the future to extend the educational offer in the remote model, and this will allow more people to participate in courses. Fully-Verified has experience in providing identity verification solutions for students and candidates in continuous collaboration with Haaga-Helia University of Applied Sciences.

Identity verification service in Fully-Verified

Fully-Verified offers services that enable convenient identity verification online, and we are prepared to cooperate with various industries which have begun or are planning to implement solutions facilitating access to services traditionally reserved for face-to-face interactions. 

Confirmation of identity takes place during a video call with the help of a specialized operator. Our services incorporate technology, biometrics, artificial intelligence, and the process is supported by human intelligence in the form of two options:

  • Live-Verify: The verification takes place on the live video call. The verification specialist guides the user through all the steps and evaluates the technology-supported process.
  • Self-Verify: The user goes through the process on their own by following the instructions. Then the verification specialist evaluates the recorded process.

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Fully-Verified was created as answer to its founders collectively losing over $150 000 to various types of fraud in their eCommerce businesses.

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