Gen Digital Inc, Thales SA, CrowdStrike Holdings Ltd, McAfee Corp, and Bitdefender SRL –Prominent Market Participants in APAC & MEA Identity Theft Protection and Verification Market
Identity theft is a criminal act whereby an unauthorized person uses valuable information for monetary benefits. The US National Institute of Standards and Technology defines identity verification as the process of confirming or denying that a claimed identity is correct. It compares the credentials of a person requesting access with those stored in the Personal Identity Verification card (or a derived PIV credential). Identity theft protection and verification solutions and services help in detecting potential fraud early and restoring the identity during fraudulent activities.
The high adoption rate of digital transactions is the primary driver of the APAC & MEA identity theft protection and verification market. Technological advancements in mobile payments, greater usage of digital wallets, and telecom penetration in rural areas are contributing to the rise in digital transactions. Also, several government authorities have been taking measures to bolster the digitalization of financial services. Such steps have been strongly aided by the proliferation of mobile technology and the increasing mobile internet penetration in both the regions. In the process, digital transactions have fueled identity thefts and digital frauds, leading to a rise in the demand for various identity theft protection and verification solutions and services. In all, the high demand for digital transactions is driving the APAC & MEA identity theft protection and verification market.