It is estimated that the cost of identity fraud to the UK economy is £5.4billion and that cybercrime and fraud make up almost 50% of reported crime. Your identity is arguably your most valuable asset, but how often are you aware of all the ways that you use it to transact? With the lines of physical and digital identity becoming increasingly blurred, it’s more important than ever to safeguard your identity during transactions.
Are you doing enough to ensure you’re keeping your personal information (and your customers’ information) safe from fraudsters? Let’s explore a typical day to see how easily one can expose their ID information to considerable security risks.
- On their way to work, a person may decide to check the balance of their bank account on their phone, because like 67% of Millennials, they use a mobile app to access their banking information.
- They use the local coffee shop’s free Wi-Fi and as they’re on an open network, tap in their ID, password and perhaps other KYC information, as required by AML regulations.
- Because this person is now running late to work, they use their credit card to engage a bike-sharing service (1,000 cities and counting have them), a market that is expected to be worth $6.1 billion by 2021.
- After work they make use of Uber, which reported 75 million riders and 3 million drivers worldwide in 2020.
- Incidentally, over 20,000 fake driving licences were seized at Chicago’s O’Hare International airport in June 2020 – a method of verification that taxi & car-rental agencies routinely use to complete transactions; archaically photocopying an ID.
- They finally head back to the Airbnb listing they’re renting. Before the coronavirus pandemic, Airbnb had an estimated worth of $38 billion.
You can see from the growth some of these companies have experienced just how many people are active users, and how our identities are being verified on transactions we take for granted. Check out our infographic below where we explore just where your identity takes you in a day:
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How we can help
These are just a handful of ways your identity can be used to transact during a typical day. With use of our product suite and single, universal API, you can securely verify up to 68% more customers than with traditional identity verification methods.
Hello Soda’s one simple, global solution, Sodium enables customer verification in real-time. Utilise a single element or multiple processes – it’s entirely up to you. Learn more about how we can help to automate and simplify your verification processes to help you gain a better understanding of your customers.
Book a demo today and see for yourself how powerful our suite of solutions are.