The Pandemic Causes a Transformation in Identity Verification

As the financial world has moved to digital it is has created challenges for those institutions that relied on physical identity verification; PYMNTS interviewed the CTO of Mitek, Stephen Ritter, who said that his company has found that the percentage of banking products consumers access through digital channels has jumped from 43 percent to 76 percent over just the past two years and about 90 percent of those products can be opened from mobile devices; at the same time we are seeing the fraudsters increase their activity to take advantage of this shift; facial biometrics is an important tool to combat fraud in the digital world as a user takes a selfie and submits an identity document; the pandemic is causing renewed interest from banks to get their house in order when it comes to digital identity verification. PYMNTS.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.