Digital Identity Trends Taking Shape in 2024

Digital identity, the tools to verify it and the threats against it are constantly evolving.

But organizations can position themselves for success when they have a strong strategy for today, a clear view of what’s on the horizon and the flexibility to adjust to change. Trulioo can help with the “Five Trends Reshaping Digital Identity in 2024” report and companion on-demand webinar.

The report and webinar cover a broad range of developments around digital identity and business verification challenges and opportunities. Here’s a glimpse.

Digital ID Strategies Gain Clarity

Digital IDs can accelerate onboarding, ensure compliance, fight fraud, and establish trust and safety. They also enhance privacy by giving people control of the information they share.

But digital ID adoption also presents challenges for organizations that face a complex global landscape requiring contracts and integrations with dozens of issuers.

“Verifying people with digital IDs can lead organizations down a maze of integrations and contracts,” Trulioo CEO Steve Munford said in the report. “But a verification partner that delivers a network of issuers through one contract and one integration can enable enterprises to see past the clutter and focus on delivering their services to anyone in the world.”

The Response to Business Identity Theft

A Trulioo survey found that 79% of responding organizations experienced business identity theft.

The report and webinar explore how organizations are overcoming what traditionally has been a manual, time-consuming business verification process and establishing safeguards to prevent business identity theft.

“Business verification with automation and layered capabilities that integrate KYB and KYC through a single, flexible workflow can give organizations onboarding speed and high assurance they’re keeping business identity theft at bay,” Trulioo Chief Technology Officer Hal Lonas said in the report.

The Dual Power of AI

There are two sides to the AI coin.

Generative AI fuels deepfake technology that can make it more difficult to spot the difference between real and fraudulent identities. But AI, machine learning and predictive analytics also give organizations powerful tools to accelerate onboarding and defend against fraud.

The report and webinar explore how AI is evolving and the regulations that are forming around it.

“The key is to make sure every onboarding instance delivers optimized value for the organization and as little friction as possible for the customer,” Munford said in the report. “AI has given us extraordinary opportunities to do that quickly, efficiently and securely.”

New Integrations Expand Verification Needs.

Advanced integrations enable organizations to quickly add new services to their offerings. Those integrations can expand an organization’s market reach in less time at a reduced cost.

Expansion into new service domains, though, changes the requirements around identity and business verification.

“But those organizations,” Munford said in the report, “will still seek an onboarding balance of security, compliance and convenience.”

The coming year holds the potential to present new challenges and fresh opportunities across the worldwide digital economy. Success in that shifting digital identity landscape often depends on two factors: strong verification strategies and the flexibility to execute them.