About 1.4 million identity theft incidents were logged by the Federal Trade Commission in 2020, a figure that’s more than double the thefts from the year before. As banking becomes an increasingly digital practice, consumers are becoming increasingly aware of vulnerabilities in the system. A FICO report on how COVID-19 has fueled the financial sector’s digital shift found that American consumers have high expectations for identity verification. Sixty-two percent said they expect to verify their identity when opening an account digitally, while another 42% expect to set up biometric identification during the onboarding process.