eKYCaaS
Credit Card Market
The Consumer Financial Protection Bureau (CFPB) estimates that 190.6 million of the 258.3 million adults in the United States (74 percent) had a credit card account in their name as of the end of 2021. The global digital identity solutions market size was estimated at USD 39.07 billion in 2024 and is projected to grow at a CAGR of 16.0% from 2025 to 2030. The market is rapidly expanding, driven by the growing need for secure and seamless authentication across various sectors such as finance, healthcare, government, and e-commerce. Digital identity solutions encompass technologies like biometric authentication, identity verification, and digital ID management, providing individuals and organizations with secure access to digital services to combat rising cyber threats, fraud, and data breaches.
User & Organization Issues
User Issues
- The intricate eKYC process poses challenges for users, particularly for those who are not tech-savvy or do not have access to stable internet and digital devices.
- Additionally, data breaches can compromise users' sensitive personal information, resulting in identity theft and other adverse outcomes.
- There is also a risk that eKYC vendors may exploit users' data for purposes beyond what was initially agreed upon, such as targeted advertising or unauthorized sharing with third parties.
Organization Issues
- The complex eKYC process may hinder a company's growth by presenting obstacles during customer onboarding, resulting in potential frustration and abandonment.
- The threat of data breaches poses a significant risk to a company’s reputation and can undermine customer trust, resulting in potential revenue losses and legal consequences.
- Costly Implementation and Maintenance: The deployment and upkeep of eKYC solutions can incur considerable expenses, necessitating substantial investments in technology, infrastructure, and staffing.
Our eKYCaaS Solution
In 2022, the financial sector faced a staggering loss of $33 billion USD attributed to card fraud, primarily driven by device and password breaches that compromised sensitive information. This alarming figure underscores the critical need for robust security measures in today's digital transactions. Our eKYCaaS (Electronic Know Your Customer as a Service) solution with InterLink ID is designed to address these vulnerabilities effectively. By implementing advanced identity verification processes and leveraging real-time data analytics, InterLink ID enhances security while streamlining user experiences. InterLink eKYCaaS offers businesses and customers alike peace of mind, fostering trust in digital interactions while protecting their assets against emerging threats.