India, Sept. 6 -- Fake documents and rubber stamps are not the only things that can be used for identity theft. It has turned into deepfakes, fake IDs, and digital tricks that can get by human checks. As India's economy goes digital on a large scale, being able to reliably verify identity and documents has become significant.

By 2029, the global market for identity verification is expected to be worth $23.49 billion. The rise of digital transactions is only one aspect that is driving this expansion. There is also a need to safeguard people and businesses against fraud, which, in its absence, makes people lose faith in government and financial systems.

For banks, verification is both a way to protect themselves and a way to improve the c...