Javelin Strategy & Research Releases 2024 Authentication and Identity-Proofing Vendor Solutions Scorecard

Names Persona Identities Best in Class; Recognizes Outstanding Performances by LexisNexis Risk Solutions and TransUnion

Javelin Strategy & Research, a leading provider of strategic insights for the digital financial world, released its 2024 Authentication and Identity-Proofing Vendor Solutions Scorecard. The Authentication and Identity-Proofing Vendor Solutions Scorecard evaluates and ranks 26 different authentication and identity-proofing vendors across product vitals, product features, and product administration.

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. 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.

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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).

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“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.”

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