(San Francisco, CA) Javelin Strategy & Research, a leading provider of strategic insights for the digital financial world, today released its 2024 Authentication and Identity-Proofing Vendor Solutions Scorecard.
We are excited to unveil the 2024 Authentication and Identity-Proofing Vendor Solutions Scorecard, which presents a comprehensive analysis of the leading identity-proofing vendors on the market today. Persona Identities rose to the top as the 2024 overall Best in Class Authentication and Identity-Proofing Vendor and as a Leader in two categories: Product Features and Product Administration. Persona stands out for having the highest adoption points rating across the 168 criteria Javelin evaluated, followed by LexisNexis Risk Solutions and TransUnion.
To rank the 26 vendors, Javelin analysts evaluated each based on its aptitude across 168 criteria within the three separate categories of Product Vitals, Product Features, and Product Administration. While each category contributes to the overall viability of a vendor’s product, Javelin analysts identify Product Vitals as being the most critical, and, thus, the most-heavily weighted.
In this scorecard, Javelin uncovers that 81% of authentication and ID-proofing vendors are not ISO 20022 compliant and only 50% meet requirements for identity assurance certification as defined/outlined by the National Institute of Standards and Technology (NIST).
"As many authentication methods, like voice recognition and facial biometrics, are becoming unreliable in the face of AI advancements, fewer vendors are focusing on standards-based requirements " said Tracy Kitten, Director of the Fraud & Security Practice at Javelin. "Biometrics and static identity validation, such as using a physical address or driver’s license, remain crucial for identity-proofing. Vendors not adopting industry standards make evaluation and investment challenging for financial institutions, as standards guide budgetary decisions."
For more information on the full 2024 Authentication and Identity-Proofing Vendor Solutions Scorecard
About Javelin Strategy & Research
Javelin Strategy & Research, part of the Escalent family, helps its clients make informed decisions in a digital financial world. It provides strategic insights to financial institutions including banks, credit unions, brokerages and insurers, as well as payments companies, technology providers, fintechs and government agencies. Javelin’s independent insights result from a rigorous research process that assesses consumers, businesses, providers, and the transactions ecosystem. It conducts in-depth primary research studies to pinpoint dynamic risks and opportunities in digital banking, payments, fraud & security, lending, and wealth management. Learn more at javelinstrategy.com.