Advancement in Biometric Acceptance Paves Way for Challenges in Countering AI-Driven Digital Fraud
In a bid to combat the escalating issue of digital payment fraud, companies worldwide are turning to multi-layered biometric authentication. According to a recent IDC InfoBrief, sponsored by Mitek, 83% of organisations have made investments in improving consumer authentication technology and processes.
The research, which can be accessed here, suggests that the use of biometrics can increase consumer satisfaction. People who use biometrics to access online accounts register higher rates of satisfaction than those who don't. This is evidenced by the fact that 77% of consumer respondents who use biometrics on their smartphones or tablets are satisfied with the use of biometric identity authentication.
Adam Bacia, Senior Director of Product at Mitek, emphasised the need for this shift, stating that today's commonly used authentication methods have become easier to circumvent and no longer provide adequate security for users. As a solution, several companies, including major tech firms like Apple, Google, and Microsoft, plan to implement multi-factor authentication systems based on biometrics within the next two years.
The use of multi-layered biometric authentication is seen as a powerful technology to combat online fraud. These more secure systems use multiple layers of biometrics, such as facial recognition combined with voice and fingerprint or other biometric. This multi-layered approach makes it more difficult for online criminals to gain unauthorised access, helping to reduce digital payment fraud losses, which are projected to surpass $362 billion globally between 2023 and 2028.
One of the main benefits of these systems is that they have little to no maintenance overhead and eliminate today's unpopular password-based authentication systems. One in three consumers stated that having to remember multiple usernames and passwords is their biggest authentication headache. By replacing these with biometric authentication, consumers no longer have to deal with the frustration of forgotten passwords or compromised accounts.
The research also found that more than a third of consumers had switched to another company because of an unsatisfactory resolution to an online account hacking incident. This underscores the importance of companies taking proactive steps to improve their authentication processes and protect their customers' data.
IDC Associate Research Director Mark Child stated that companies have dual responsibilities in the face of mounting online threats: reducing corporate risk and keeping their customers safe and secure. To combat emerging threats such as voice clones, facial image spoofing, and AI-generated fraud, companies should use tools and technology capable of instantly spotting and blocking these threats.
The adoption of multi-layered biometric authentication is on the rise, with 60% of company respondents stating they are in the process of enabling these systems. Another one in three said they plan to deploy multi-layered authentication 'in the next year or two'.
For businesses looking to learn more about multimodal biometric identity authentication systems that offer enterprise-grade security, visit Mitek MiPass. These systems are designed to provide a seamless and secure user experience, helping businesses to protect their customers and their bottom line.
Read also:
- Elon Musk Acquires 26,400 Megawatt Gas Turbines for Powering His AI Project, Overlooks Necessary Permits for Operation!
- U Power's strategic collaborator UNEX EV has inked a Letter of Intent with Didi Mobility to deploy UOTTA(TM) battery-swapping electric vehicles in Mexico.
- Commercial-grade hydrogen enhancement systems manufacturing initiated by H2i Technology
- Toyota strikes a deal in Shanghai for a solely owned Lexus electric vehicle production plant.
