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Enterprise Security Magazine | Tuesday, October 15, 2019
In a fast-moving world, enterprises chose authentication, which plays a major role in protecting people from fraudulent users.
FREMONT, CA: Currently, the world is equipped with smartphones that can be unlocked with the help of fingerprints and even simpler methods. In almost all these, the passwords are still the most commonly used technique of protection against online fraud and identity theft. It has become clear that the passwords no longer enable the user experience or security needed for the consumers today. Hackers have found ways to steal them and even to get around them. In addition to this, managing passwords can be frustrating. The average user has the awkward choice of having multiple passwords for different sites or running the risk of one password that is being known to the web. Credential stuffing has gained interest in the industry, with literally billions of attempts put forward each month. As the fraud continues to keep rising, the fraudsters are getting more sophisticated. Businesses need to get smarter about how they protect their customers.
An Increase in Advanced Authentication Tech
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A recent report on Global Identity and Fraud report mention how businesses around the globe are welcoming and embracing the changing tides, which is enabled by technology. Over 65 percent of the enterprises claim that they already have the up-to-date security measures for digital and mobile access, these enterprises present an openness in learning about the advanced authentication methods. According to another research by the Anti-Fraud Technology Benchmarking Report by the Association of Certified Fraud Examiners (ACFE), half of the businesses globally mentioned an unexpected hike in the fraud management budget. Furthermore, the consumers are enhancing and are becoming more comfortable with advanced authentication methods like the biometrics. Biometric technology is also used in airports for several years, where the passengers can walk into a booth and look into a camera. Their eyes and iris are scanned and matched to their details, which is already stored within an international database.
How Well do Businesses Protect their Customers?
This evolving and increased exposure to biometric technology has shaped the way people interact online. Consumers' desire for both convenience and security when the consumers transact online is not likely to be achieved without applying the modern authentication methods. Whenever new technologies are introduced, they may be clunky. Advanced authentication methods can always transform the customer experience. For instance, an organization can not only track a pin but also how the pin is typed. This might not be enough to identify the user completely, but when it is combined with many other signals, the access allowed can be finely tuned to know the risk of the action. If the style is immediately triggered, the user may not be stopped, but additional checks could be applied.
Enterprises need to ramp up their adoption of new fraud detection and prevention technologies. Unlike standard authentication, advanced authentication solutions combine digital data, including passive device information, behavioral biometrics, and network characteristics. These particular solutions can be applied to the right response by intelligently stepping up or down the level of authentication, which users need to complete based on each type of risk.
The best solutions will allow the client to add and evolve an advanced and innovative biometric technology without having to change the integration. Utilizing artificial intelligence and machine learning to tune continuously, which can be a risk . The customers may not see the passive security controls in play, but without those, it becomes easy for the fraudsters to break in. If the password is the only factor being used, the companies often enter a complex cycle of questions, answers, and other information from the customers. Moreover, when applied smartly, the adoption of advanced authentication technologies can offer a stronger defense against the fraud attacks while providing a superior experience for the users.
To deliver a good user experience by avoiding fraud and keeping consumers secure in today's world, businesses need to plan to combine multiple authentication methods and security measures. Those who do not apply these strategy risks will be left behind and will become the hunting ground for the fraudsters.
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