According to Javelin Strategy & Research 2017 Identity Fraud Study, the overall fraud incidents in the US have affected 15.4 million citizens in 2015. This value grew by 16% in 2016. Frauds types have grown too. Among them card-not-present fraud and Account-takeover losses increased by 60%. Overall, $16 billion was stolen by fraudsters in 2016 which is an increase of $1 billion from the previous year.

This problem is widespread in the developing countries. The identity of a Chinese man was stolen in 2012 and it was later found that his name was registered in 32 legal proceedings and 80 million Yuan of debt was pending in his name. . In India, often known as the IT capital, the cybercrime has become no less than a routine, so much that the identity theft hardly creates a headline. Yes, almost 1001 cases were registered alone in the year 2015, which comes out to be approximately 3 cases daily. Most of the complaints related to ‘cheating by impersonation’, followed by those of identity theft.

Identity Verification Services effectively solves all these challenges. That is why, many corporations, financial institutions, and government organizations are aggressively implementing IDV services. In the future, we believe that there would be a continuous demand for identity verification services.