With the ever-increasing volume of online purchases and transactions, the need for sophisticated identity solutions is also growing exponentially. Although passwords are currently the most common secure method, the widespread recognition of more seamless digital ID measures could very well climb on top to surpass this security solution.
According to FindBiometrics, the digital identity verification market is projected to reach $12.8 billion by 2024. That also brings up the questions, “How can a digital identity be trusted?”, “Which challenges are card issuers and merchants facing?”, and “Which opportunities are there to be seized?”
On 25th of March, Holland Fintech had a chance to explore the possibilities of credit card identity in a digital world together with Mitek Systems, DataChecker and ICS. Observing from both business and technology perspectives, we were able to gain insights in the subject of biometric authentication, issuer’s & merchant’s responsibilities, and customer experience for e-commerce.
Our Panels Included:
Key topics discussed and key points addressed:
DataChecker provides smart online identification and verification solutions and aims to facilitate these solutions worldwide with a unique combination of usability, safety and support.
Walter Codee – CEO DataChecker – “We work on different cases and address the ICS deviation process to create safe and secure onboarding solutions to the end customers. It is important to create a picture to improve the customer service based on the high level of verification. The goal is to offer a one-time solution on different levels (server, customer acceptance and ICS monitoring) and to possess the ability to manage the procedure from A to Z. We can approach this by looking at the demographic factors such as age, education, or even physical traits and measure the degree of success in verification with these factors. We need to inform customers the goal and the purpose of the process, helping them understand what we are doing, why we are doing this to build trust and certainty with them”
Mitek works with identity verification including facial biometrics, image capture technology and ID card verification to enable customers to confidently onboard users, verify identities within seconds and strengthen security against cybercrimes.
Stephen Ritter – CTO Mitek – “Fraudsters are smart, well-funded and closely following the trends. Covid-19 pushed digital experience to another level. We see that customers are more engaged in shopping online than ever before and that digital transactions increased exponentially. For that, instead of working independently, we need to work with customers to study what is happening with their transactions, from which adjusting the cycle and developing the new tech to uncover the fake technology. Simultaneously, it is essential to build protection in the deep fake by putting on new defense and revamping cybersecurity.”
International Card Service (ICS) is the credit card specialist and market leader in issuing credit cards in the Netherlands.
Leonie van Heusden – Head of KYC center ICS: “Customers should also have responsibilities for protecting their own identity, and be willing to reach out to us who can provide them with relevant information and reliable support. The customer journey is based on trust level. Our solutions depend on the amount of time people spend online, their intention and buying behaviors, the level of verification they need. After that, we will ask ourselves how we can create verification to digitalize the process and how we can get the customers ready to make the program successful. Along with that, we will continue innovating and improving the products we are building”.
Digital Identification is believed to have far-reaching consequences for financial services institutions and changing customer’s behavior in the payment and banking space. Curious to find out other insights from the session? Check out the recording below!