The on-demand economy is exploding. In fact, according to the Brookings Institution, the sharing economy is estimated to grow to $335 billion by 2025. However, when new markets emerge so do the opportunities to commit fraud around it.
Data Breach Boom Fuels Fraud
Data breaches typically fuel fraud across all industries and those numbers are growing at a frightening pace. According to digital market research firm, Juniper Research, 146 billion records will be breached from 2018 to 2023, jumping to 33 billion in 2023 from 12 billion in 2018. The Internet Society’s Online Trust Alliance estimates in 2018 there were 60,000 data breaches. These frightening statistics can be attributed to bad actors getting smarter and having ever-improving technology at their fingertips.
Identity Verification Coupled with Device Recognition
That’s why we have partnered with global identity verification provider Onfido to use device recognition and artificial intelligence-based technology to minimize friction, prevent fraud and uphold privacy for the sharing economy. Maintaining the balance between fraud and user experience, Onfido and iovation have streamlined the customer journey with a secure experience to give on-demand companies peace of mind about who is behind the device. Integrating a secure digital experience of identity verification and device profiling will improve trust with your customers allowing them to feel secure, in a frictionless journey. Enhancing trust in the customer journey with the combined solution is customizable to your needs and can happen at multiple integration points whether it is when a consumer is opening an account, making a purchase or contacting the call center.
To learn more about how to build trusted and secure connections with identity verification and digital profiling for the on-demand economy, watch this joint iovation and Onfido webinar.