The Pandemic Causes a Transformation in Identity Verification

As the financial world has moved to digital it is has created challenges for those institutions that relied on physical identity verification; PYMNTS interviewed the CTO of Mitek, Stephen Ritter, who said that his company has found that the percentage of banking products consumers access through digital channels has jumped from 43 percent to 76 percent over just the past two years and about 90 percent of those products can be opened from mobile devices; at the same time we are seeing the fraudsters increase their activity to take advantage of this shift; facial biometrics is an important tool to combat fraud in the digital world as a user takes a selfie and submits an identity document; the pandemic is causing renewed interest from banks to get their house in order when it comes to digital identity verification. PYMNTS.