Page 9 - Cyber Defense Magazine RSA Edition for 2021

Regula Delivers Remote Identity

Verification for Everyone

A modern world requires modern solutions. Fraudsters constantly improve their skills;

do not let your services lag behind!

By Arif Mamedov, Ph.D., President of Regula Forensics, Inc.

Previously an opportunity, nowadays a necessity: digitalization is spreading on a daily basis. Together
with all the benefits it brings, organizations have to think one step ahead and mitigate the risks it brings.
A recent study by Javelin Strategy & Research showed that identity fraud was as high as $56 billion in
2020. Interestingly, almost 1/3 of victims said that their financial service vendors did not provide enough
safety measures and that this led to their decision to close their account with that particular vendor.

Considering that the average time spent on digital media in 2020 rose as high as more than 16 hours
daily according to The Wall Street Journal, there is no doubt that an ideal sign-up process in a modern
world should be: opening a web-page or a mobile application, scan, ready. Regardless of whether it is a
car sharing app, financial services or even governmental services, it should be as easy as that. However,
the aforementioned services require strict security as well as compliance with regulations.

That is where Regula’s ID and identity verification steps in and can play a vital role. Increased daily online
transactions require constant biometric verification, identity verification, fraud prevention and fraud
mitigation in order to blend efficiency and security together.

In a digital world, being one step ahead of competition means bringing seamless experience throughout
the entire customer journey. For instance, in aviation, travel and hospitality, delivering contactless check-
in with the help of biometric and identity verification solutions can be as easy as taking a selfie or scanning
a document.

9