Regula has reached a significant milestone in its mission to make identity verification more accessible and secure worldwide. As of the start of 2024, the company proudly announces that it has surpassed 100 million online users globally. This achievement highlights a remarkable growth rate of 135% from last year, effectively more than doubling their user base within a single year.
RESTON, Va.–(BUSINESS WIRE)–#identity–Regula’s expansion has been notably significant in three key markets: the United States, the United Arab Emirates, and Great Britain, which collectively account for over 35% of its global user base. The growth rates in these regions have been particularly impressive: United States – 216%; United Arab Emirates – 321%; United Kingdom – 95%.
Not only do these figures highlight Regula’s increasing prominence in these markets, but also underscore the global trust in the company’s technologies for secure and reliable identity verification. What sets Regula apart is its independence from third-party solutions, with all technologies developed internally. Regula offers a single-vendor solution for identity verification, combining biometric (Regula Face SDK) and document (Regula Document Reader SDK) checks with advanced authenticity validation, as well as forensic tools for detailed analysis.
The rise of full authenticity checks
The results of the survey conducted by Regula at the beginning of 2023 highlight an increase in identity fraud. The most prevalent form of fraudulent activity experienced by organizations was the use of fake or modified physical documents. 26% of small and medium businesses (SMBs) and 38% of enterprises experienced more than 50 identity fraud incidents during the previous year. The cost was also significant, with 64% of all businesses reporting losses of at least $120,000, and 37% of the world’s largest businesses reporting losses of at least $480,000.
In response to the evolving landscape of digital fraud, Regula has intensively focused on enhancing its techniques aimed at validating document authenticity. Its advanced authentication method facilitates verification of ID security features, as well as document liveness validation. This processing scenario has seen astounding growth rates in the United States (367%), United Arab Emirates (400%), and United Kingdom (86%).
Strengthening security with cross-validation
Regula also reports a steady increase in the adoption of its cross-validation checks, which provide maximum confidence in the consistency and authenticity of identity document data. These checks help ensure data integrity by cross-comparing personal details or biometric information provided on an identification document.
Growth rates in this area are equally remarkable: United States – 156%, United Arab Emirates – 257%, United Kingdom – 244%.
Regula’s extensive proprietary database, which includes more than 13,600 document templates from 249 countries and territories and supports over 138 languages, is central to the success of these checks.
Diverse user engagement across platforms
A key advantage of Regula’s identity verification solutions is their compatibility across various platforms, allowing for seamless ID verification processes, whether on mobile, web, desktop, or passport reading devices.
The company’s success is demonstrated through its provision of hardware and software solutions for digital identity verification, serving a worldwide network of more than 1,000 organizations and 80 border control authorities. Some of the world’s most innovative and reputable organizations rely on Regula’s hardware and software solutions to solve a range of challenges. For example:
- UBS, the largest private bank in the world, has applied a robust customer onboarding system thanks to Regula’s comprehensive identity verification solutions.
- FREENOW, a Mobility Super App, employs a set of Regula solutions to enable proper taxi driver identity verification to secure its ride-hailing services.
- WizzAir and AirAsia use Regula solutions to expedite flight onboarding.
- The Portuguese Immigration and Border Service has facilitated travel document verification by developing a mobile app based on Regula Document Reader SDK.
- Pearson VUE, a global online testing giant, identifies users with the help of Regula technologies to grant admission to remotely administered professional exams.
“In this fiercely competitive market, it is imperative for all vendors to maintain a razor-sharp focus on delivering unwavering value to their users, ensuring that their services become indispensable components of daily operations,” remarked Henry Patishman, Executive VP of Identity Verification Solutions at Regula. “Leveraging our deep-rooted expertise in both hardware and software, coupled with our strong and enduring connections within the forensic community, Regula has crafted a unique proposition. This combination of cutting-edge technology and forensic expertise allows us to deliver a deeply enriching experience for a wide range of applications to streamline onboarding and prevent identity fraud. Consequently, we have witnessed robust user adoption, a testament to our strategic investment in creating solutions that not only meet but exceed the expectations of our users in today’s dynamic environment.”
For more information about Regula and its services, please visit Regula’s website.
About Regula
With our 30+ years of experience in forensic research and the largest library of document templates in the world, we create breakthrough technologies in document and biometric verification. Our hardware and software solutions allow over 1,000 organizations and 80 border control authorities globally to provide top-notch client service without compromising safety, security, or speed.
Regula was named a Representative Vendor in the Gartner® Market Guide for Identity Verification in 2023.
Learn more at regulaforensics.com.
Contacts
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