CAMBRIDGE, England, Jan. 25, 2024 /PRNewswire/ -- George Taylor, UK managing director of digital onboarding provider Zenoo, says the ID verification market is in a state of flux due to amalgamation and the malevolent use of AI.

Competition is having a particular influence on the market with a large number of vendors offering what appear to be similar core identity verification processes.

This is causing confusion among buyers and forcing vendors to offer additional features such as enhanced fraud detection and low-code integrations in order to differentiate.

This amalgamation of the ID market is set to continue as customers require a multiple solution for each KYC journey (document authentication, mobile authentication, email fraud risk checks etc ) so just providing one point solution ID is no longer valid for the market .

"Revenues will be under pressure as the race to the bottom for transaction fees gain momentum as this amalgamation continues," says Taylor.

The use of AI also stands as a key concern for ID verification providers as it becomes increasingly sophisticated, according to Taylor.

Although generative AI is not new, the accessibility of tools using this AI - commonly known as deepfakes - and the public awareness of its capabilities have accelerated massively.

Gartner recently reported a significant increase in clients asking about the integrity of the identity verification process now that attackers have the potential to use deepfakes.

Such attacks can broadly be carried out in two ways through 'presentation attacks' where the deepfake image or video is displayed on the screen of a secondary device and 'injection attacks' where the deepfake image or video is digitally inputted into the identity verification process.

Academic research shows that deepfakes are almost five times better at spoofing verification solutions. Traditional spoofing methods like printed photos placed in front of the camera or realistic 3D masks succeed in 17.3 % of cases. Meanwhile, deepfake-enabled spoofing techniques to succeed in 86% of cases.

Taylor concludes: "This is a new world problem and organisations need new world solutions to counteract them putting further pressure on the ID verification market."

About Zenoo

Zenoo specialises in the remote onboarding of customers for international companies to help them improve their conversion rates, breaking down barriers and making it easier for their customers to open accounts online.

Visit partner.zenoo.com for further information.

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Contact Bruce Ackland on +44 7884 076548 or email backland@wavelengthgroup.com

View original content:https://www.prnewswire.co.uk/news-releases/zenoo-amalgamation-and-ai-causing-flux-in-id-market-302044713.html

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