As experts in biometric authentication, we are very fond of statistics here at iProov. Digital identity, online fraud, deepfakes… we love a stat on these and other very important topics. We thought we’d make a list of some of our favorites – and as it’s the Platinum Jubilee in the UK this weekend we decided to share 70 of them!
Biometric market size statistics
The market for biometrics is growing rapidly across the globe:
- Frost & Sullivan’s latest industry report predicts that due to the rising demand for automated authentication and identification, the biometrics market will reach $54.97 billion in revenue by 2025.
The disadvantages of passwords statistics
The bottom line is that businesses are losing money because of passwords, owing to increased abandonment rates. Face biometrics is the perfect solution to the problems caused by passwords. You can read more about the problems with passwords and how biometrics can help here.
- Forrester has spoken with several large US-based organizations in different verticals that allocate over $1 million annually just for password-related support costs.
- 80% of hacking-related breaches still involve compromised and weak credentials.
- Over 50% of users have abandoned online purchases because they forget their password and retrieving it took too long.
- 60% of consumers have had to change a password after a data breach.
- 75% of 18-24-year-olds have used someone else’s password to gain access to a service or device. 10% have done so without permission. Overall, 50% of people have use others’ passwords.
- 59% of respondents reuse passwords across sites, while 13% use the same one for everything.
- Only 9% of people use a strong suggested password if it is offered.
- 32% of global consumers have forgotten a password in the last 24 hours (iProov research from upcoming report).
- 46% remember passwords by writing them down.
Market demand for biometrics statistics
How do consumers feel about biometrics, and what proportion are actually using them in their everyday lives?
- Two-thirds of people have used biometrics and view them as easier and faster to use than traditional passwords according to Visa.
- More than half of credit cardholders (53%) say they would switch banks if their current bank doesn’t offer biometric authentication options.
- 81% of consumers see biometrics as a more secure method of identity verification.
- 80% of consumers are more likely to engage with an organization online if they have robust identity verification measures in place.
- 72% of consumers globally would rather use face biometrics than passwords for secure online processes (iProov research from upcoming report).
- 70% of people surveyed by iProov use or would like to use face authentication for mobile banking.
The deepfake threat is growing. Deepfakes are often shared on social media for entertainment, but they also pose a huge threat to online security. Luckily, iProov biometric technology offers advanced protection against deepfake crime. Read more on deepfakes here.
- 85% of consumers agree deepfakes will make it harder to trust what they see online.
- 75% would be more likely to use online services that protect against deepfakes.
- 72% believe the need to authenticate identity is more important than ever before.
- 81% believe biometrics will be used more in future to assure identity online.
- 88% of respondents believe online security threats are growing.
- 51% globally said they could tell the difference between a real video and a deepfake (it was 37% in 2019).
- 77% of cybersecurity experts in financial services say they are concerned about fraudulent use of deepfakes.
There are many benefits to a fully digital onboarding strategy: user experience, automation, and more. Face biometrics is the most suitable technology for digital onboarding, because the face is the identifier used on official government-ID documents.
- McKinsey says that the potential cost reduction in onboarding costs by using digital ID-enabled processes is 90%.
- Fenergo found that 36% of financial institutions have lost a client or prospective client due to inefficient or slow onboarding processes.
- Almost 330 million new bank accounts will be opened via digital onboarding in 2025, from 184 million in 2020.
- 18% of banking digital onboarding in 2025 globally will use AI systems, compared to under 4% in 2020.
- iProov found that 45% of the largest US banks can onboard a customer online within 30 minutes, while another 45% take 2 days or more.
- 65% of the largest US banks did not offer onboarding via mobile app.
- 20% of banks did not even allow users to set up an account online.
- 50% required three pieces of ID to open an account online.
- 45% of the accounts took more than two days to open and fund.
- 20% required the customer to come into a branch or complete the process over the phone – full online onboarding was not possible.
- 35% required more than 20 clicks for onboarding; one bank required 39 clicks, while another onboarded a customer in fewer than 10 clicks.
- 75% had four or more password requirements.
KYC & AML statistics
Many organizations are using biometrics to help achieve Know Your Customer and AML compliance online, without turning the digital experience into a nightmare for the user. Read more about iProov and KYC/AML here.
- KYC costs the average bank $60 million per year, with individual transactions ranging from $13.40 to $134 per identity check.
- 78% of organizations admit that they are currently unable to deliver an optimized digital experience for customers.
- A fully digital model of KYC will provide significant cost savings – expected to total over $460 million in banking onboarding alone.
Digital transformation in banking statistics
With the proper technology in place, citizens have easier online access to government services, while public sector agencies can pursue digital transformation strategies as securely as possible. The stats show the digital transformation is fully underway:
- 23% of banks introduced digital ID&V methods in 2020 due to COVID-19.
- 34% of banks implemented fully digital processes in 2020 due to COVID-19.
- 82% of internet users in the US access their bank accounts digitally at least once per month. This is higher than the projected 72%, owing largely to the pandemic. By 2023, a forecasted 207 million people in the US will use digital banking.
- Around 30% of people do all of their banking remotely on their mobile devices.
Digital identity statistics
- The global market for digital identity is expected to grow at a rate of 16% through to 2026.
- Europe’s Digital Decade has the goal of getting 80% of EU citizens to use digital identities by 2030.
Statistics on in-person appointments and digital services
- 42% of Americans have put off getting a Real ID because it required an in-person appointment.
- 86% of respondents said they would either definitely pay to renew a driver’s license or ID online or would consider it.
- 31% of Americans said they have driven with an expired driver’s license because they were avoiding having to book an in-person appointment at the DMV.
- When asked if the DMV should provide a digital identity service to citizens, only 12% said no.
- Biometrics was the preferred option for how the DMV can protect citizen identity more securely (45% selected biometrics).
- 90% of Americans would pay extra to renew a driver’s license online (and iProov technology makes it possible).
The stats show that fraud is on the rise:
- Fraud is increasing: estimates from the Crime Survey for England and Wales show a 14% increase in total crime, driven by a 47% increase in fraud and computer misuse’ as of January 2022.
- Identity fraud cases increased by nearly a quarter (22%) in 2021 when compared to 2020.
- 91% of identity fraud cases occurred via an online channel.
- New account fraud increased 109% in 2021 compared to the year before. You can read more about new account fraud here.
- Account takeover losses increased 90% as criminals highjacked victims’ online lives. You can read more about account takeover fraud here.
- The individual impact of identity fraud grew more severe in 2021, as the average per-victim loss from traditional identity fraud rose by $201 to $1,551.
- Victims spent an average of nine hours resolving their identity fraud issues in 2021.
- Identity theft is a huge problem in America. iProov data shows that a staggering 29% of Americans have been a victim of identity theft, compared with just 15% of Brits and 13% of Australians.
Payment and transactions statistics
Payments and transactions need to be secured by an authentication method. Biometric authentication is best suited to protect consumers from bad actors and fraud while maximizing user experience. These statistics highlight the demand for biometric authentication in the payments and transactions industry:
- 671 million people were already making payments with facial biometrics in 2020, and Juniper estimates a growth of this number up to 1.4 billion by 2025.
- Biometric authentication will be used to secure $2.5 trillion worth of mobile payment transactions by 2024. That’s an increase of almost 1,000% on the $228 billion transacted in 2019!
- Biometrics can be used to verify in-person and remote payments, but Juniper Research anticipates that over 60% of biometrically-verified payments will be made remotely by 2024.
- The number of contactless mobile transactions secured by biometrics will increase by over 520% between 2020 and 2025.
- The number of unique digital wallet users will exceed 4.4 billion globally in 2025, rising from 2.6 billion in 2020.
- 38% of people are already using their face to access their mobile banking app. An additional 32% of people would use face biometrics if they could.
And finally, some statistics on iProov’s journey so far:
- 20m users a month are authenticated by iProov.
- iProov was listed as the 21st fastest-growing company in the UK by Deloitte in 2021, and named the 57th fastest-growing company in Europe by the FT 1000 in 2022!
- iProov technology is unique and protected by 27 patents, which protect our methods for facial verification and anti-spoofing.
- 93% of people said onboarding and authenticating with iProov was easier to use than they expected.
- iProov’s revenue for 2021 tripled the year before’s results.
- During a single 10-day period in 2021, online verifications surpassed the number achieved in the whole of 2020. In addition, iProov delivered more than 1 million verifications in a single day several times throughout the year.
- iProov success rates are typically >98% across the board.
There you have it – 70 very useful biometric statistics from iProov! If you’d like access to more of our research, you can download our free reports:
If you’d like to see how iProov’s technology can bring effortless security to your onboarding and authentication processes, book an iProov demo here. We’d be happy to demonstrate why iProov’s market-leading technology is chosen by the world’s most security conscious organizations, such as the US Department of Homeland Security.