Digital Identity Verification Gaps Cost Global Businesses $95 Billion Annually, Study Finds
Companies worldwide are losing nearly $95 billion annually due to insufficient digital identity verification systems, new research indicates. The study reveals that “good enough” identity solutions are creating revenue traps beyond just fraud losses. Businesses using global identity platforms reportedly achieve better performance and competitive advantages.
The $95 Billion Digital Identity Problem
Global businesses are reportedly losing approximately $95 billion annually due to inadequate digital identity verification systems, according to new research from PYMNTS Intelligence conducted in collaboration with Trulioo. The study suggests these verification gaps are costing companies an average of 3.1% of their annual revenue through multiple channels beyond just direct fraud losses.