A stronger identity verification service is the need of the hour to tackle rising frauds. The world is becoming more and more global with this digital age. Several transactions are happening in real-time with comparatively less face-to-face contact.
Data breaches have become a more common and widespread occurrence. According to research made by Pew Research 2 years ago, 70% of Americans believe that their personal data is now less secure. Another CISCO report confirms that 84% of people want more control over how their data is being used.
Reasons for a hike in Cyber Attacks
Working from home has become a new normal because of the COVID-19 pandemic. Most employees are working remotely, so that the companies continue to operate online this year. The organizations need to know that the customers logging in are those who say they are and not a fraudster. There is a need for enterprises to shift to stronger identity verification forms to protect sensitive data and ensure that user accounts are no longer accessed by anyone else. Most companies rely on databases, passwords, and security questions to verify identity, which is viable to get hacked. A survey by Forbes shows that around 31% of people are affected by Covid-19 related scams. The only way by which it can minimize is by tracking suspicious communications. But fraudsters and hackers are too smart to bypass these channels. To protect consumer data, it is important to impose stronger data privacy regulations.
What should companies do?
Organizations need to stop relying on passwords and security questions as cybercriminals can easily hack these things. Almost 71% of accounts are protected by the passwords used on multiple websites. Hackers can easily retrieve them by executing credential stuffing attacks that can steal users’ access, transfer funds, and even lock the user. Cybercrimes are so evident now that criminals even use AI to carry out advanced attacks. On the other hand, enterprises are preparing themselves to protect their user data from such attacks. Usually, cybercriminals target highly regulated industries because such industries carry the personal data of the users.
Nowadays, several verification systems have been introduced to prove a person’s identities with utmost certainty and maintain ownership and even control over their information. The traditional identity verification services are now not enough. Even the two-step verification services have been proven to be vulnerable. To tackle the cybercriminals at their own game and preventing them from taking control over user data, organizations need to improve their identity verification process using the latest AI and biometric technologies. These services must have the ability to detect and verify that the actual user is presently online at a particular transaction time. Earlier, only ID verification used to work, but now it is quite simple to produce a fake ID. It is important to opt for identity verification services that use advanced measures to verify an individual’s authorization. iDenfy is one such identity verification service provider that includes facial recognition, 24/7 human supervision, 3D liveness detection, and meets the regulatory requirements to meet AML compliance.