Identity verification and onboarding are traditionally based on paper processes. They aren’t secure enough and can lead to identity fraud through data counterfeiting or disclosure.
In the US in 2016, the cost of identity theft for banks and corporations reached the incredible sum of US$56 billion. And, the estimated amount of money laundered globally each year is between $800 billion and $2 trillion. Confronted by these issues, governments are issuing legal constraints in an effort to minimize security breaches created by digital processes.