Reston, VA, April 23, 2024–(Business Wire)–In addition to the obvious risks, such as increased fraud, attracting new foreign customers also presents less obvious challenges, such as a lack of standardized documentation and language barriers. These are the results of a global survey conducted by. regulara global developer of forensic devices and identity verification solutions.
Key challenges for business
When it comes to verifying the identity of international customers, including the growing community of digital nomads, organizations across industries participating in Regula's research tend to point to the following challenges:
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Lack of uniform documentation standards. 41% of decision makers across all sectors report that the lack of standardized identification is a major challenge. This mismatch impacts the efficiency and speed of the IDV process. When it comes to government services, the problem appears to be even worse, with 48% of respondents in this sector citing this issue as their main challenge.
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Increase in fraud. Identity-related fraud continues to be a major concern, affecting 40% of all businesses. A greater impact of fraud is observed in banking and financial services (48% of respondents said it was a major issue) and retail (44% of respondents).
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Language barrier. Complexity due to language differences is reported by 36% of companies. For the healthcare and insurance industries, this is an even bigger concern, with 41% and 39% of respondents ranking it in their top three challenges as well.
Handling new identity documents and facing new risks, organizations are striving for high levels of identity verification (IDV) security and accuracy, with one-third of organizations maximizing their IDV budget. They have expressed the need for an increase of 20%.
“As the world begins to pilot the concept of digital ID, it is likely that some level of standardization of identity documents will be achieved in the near future, which means that some of the current challenges in international identity verification ,” said Henry Patishman, executive vice president of identity verification solutions at Regula. “In the meantime, both businesses and IDV providers must focus on tackling fraud and language barriers. Our experience shows that there are two effective ways to address these issues. One way is to strengthen the set of documentation and biometric checks in any language and to identify discrepancies that may indicate fraud. We're focused on strengthening our unique document knowledge database to help you read any document correctly.
Big concerns for customers
Meanwhile, digital nomads who settle abroad for short or long periods of time also face identity verification challenges. Their concerns primarily revolve around the validity of documents with expiration dates and proof of occupancy, such as rental agreements and utility bills. Each of these issues is a challenge for her 19% of Regula survey respondents.
Separately, 18% of digital nomads travel frequently or change locations, making it difficult to verify their identity, which can lead to inconsistencies in the information provided, leading to delays or denials of identity verification. there is. Furthermore, he said 18% of respondents felt they lacked trust and confidence from their educational institutions due to their unconventional lifestyles and work arrangements.
When it comes to language barriers, 70% of digital nomads said they encountered language issues understanding instructions during the verification process. However, only 16% of nomads cited language barriers as their biggest frustration during the ID verification process. At the same time, twice as many digital nomads (36%) are frustrated by internet connection issues. Primarily relying on public Wi-Fi networks, which increases the risk of cybersecurity threats and data breaches during the verification process.
The survey also shows that only 29% of nomads are very comfortable providing sensitive identity documents online while in a foreign country.
To learn more about the concerns and frustrations of both businesses and digital nomads, read the full research report. To learn how to address various issues during the identity verification process, visit Regula's solutions page to learn about advanced technology for document and biometric checks.
*This study was launched by Regula and conducted in September 2023 by Sapio Research, targeting digital nomads and anti-fraud decision makers in software/technology, financial and banking services, technology, telecommunications, travel and hospitality sectors, etc. It was conducted using an online survey. Respondent geographies included the United States, United Kingdom, Germany, Spain, UAE, and Mexico.
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About regular
Regula is a global developer of forensic devices and identity verification solutions. With over 30 years of experience in forensic research and the world's largest library of document templates, we create breakthrough technology in document and biometric verification. Our hardware and software solutions enable more than 1,000 organizations and 80 border authorities around the world to deliver first-class client service without sacrificing safety, security or speed. . Regula has been repeatedly named a leading vendor in the Gartner® Identity Verification Market Guide.
For more information, please visit www.regulaforensics.com.
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