Technological advancements have contributed to numerous changes in the business landscape, allowing companies to be more efficient in their processes. Enterprises can now do online transactions, improving sales and building customer trust. This also made it easier for consumers to engage with brands and shop for various goods and services.
However, the increased media consumption of both businesses and customers has led to increased cyberattacks. Phishing and identity theft attacks have improved drastically since 2019, resulting in almost $7 billion in losses in different industries last year.
Common Threat to Modern Cybersecurity
To keep up with the ever-changing online security protocols, bad actors also improve their tricks to find loopholes in their target’s defenses. But there are instances when fraudsters do not need to employ tech-savvy techniques to conduct a successful attack. This is especially true if their target businesses implement vulnerable digital security measures, such as knowledge-based authentication.
Over-reliance on knowledge-based credentials, such as passwords and PINs, makes it easier for cybercriminals to penetrate their targets’ cybersecurity. Many consumers use the same password on all their online accounts, allowing swindlers to steal confidential information from their victims without difficulty. In addition, passwords are easy to forget, increasing the possibility of password reset and compromising user experience.
The growing number of online transactions also means that public and private organizations store more confidential information in their databases. This makes their networks enticing to fraudsters, especially if they are in complex industries like finance, e-commerce, and tech.
Investing in Biometrics
The need for a robust digital security tool in various sectors increased the adaptation of biometric identification in the past decade. This technology uses a user’s biological data to verify them before allowing them access to an account or finalizing a transaction. Fingerprints and face scans are usually hard to replicate, which is why biometrics is vital to FIDO authentication standards.
The FIDO (Fast Identity Online) Alliance comprises some of the most prominent companies worldwide. Its mission is to reduce the internet’s reliance on passwords and promote biometrics and multi-factor authentication. Following the FIDO standards will enable businesses of all sizes to have sophisticated solutions to their digital security needs.
As digital transactions continues to be the norm in many industries, implementing robust security measures like biometric verification can be a game changer for many firms. This would allow them to effectively protect their employee and customer accounts, mitigating the risk of potential reputational and financial damage.
Partnering with some of the top Onfido alternatives in the market, such as authID, can be a beneficial investment for modern businesses. Our solutions offer strong identity assurance by providing reliable, easy-to-use user authentication solutions. Book a demo by clicking here or calling +1 (516) 778-5639.