2024: A whole new world for identity technologies

Source: Jumio. Prigge.

The identity landscape will face a seismic upheaval in 2024, said Robert Prigge, CEO, Jumio. "The impending recession, budget cuts, business closures, increasing M&A activity and more caused sweeping changes to the identity space in 2023 that are still cutting in as we near the holiday season.

"In 2024, we can expect to see a flight to stability and consolidation in this market as vendors are bought out, forced to go out of business and continue to streamline operations. As a result, identity verification companies will be forced to innovate or risk losing their business," he said.

In Asia, Jumio's Frederic Ho, VP of Asia Pacific said that frauds and scams could become even more common due to AI in 2024. "Artificial intelligence (AI) is playing an increasingly significant role in enhancing organisational efficiency and automating processes. However, on the flip side of this technological revolution, there is an alarming trend where bad actors are harnessing AI to execute sophisticated fraud attacks.

"A recent incident in Hong Kong serves as a stark example — six people were arrested for their involvement in a fraud syndicate that utilised AI to fabricate images for loan scams targeting banks and money-lenders. This case marks the first instance where law enforcement in Hong Kong has made arrests linked to deepfake technology, and unfortunately, similar incidents will continue to occur across the region," he cautioned.

"Easy access to AI has empowered fraudsters. To stay ahead, we will see more organisations tapping onto AI solutions in the fight against AI-driven cyberthreats. Businesses must look to implement multimodal, biometric-based identity verification systems that can detect deepfakes and thwart the misuse of stolen personal credentials. This enables them to fortify their defences against sophisticated scams, ensuring highest levels of security while cultivating digital trust in this evolving age of disinformation."

Hear from Jumio and more in TechTrade Asia's 2023 tech roundup and 2024 predictions. Contributions are accepted up to mid-December.