Technology offers convenience. That cannot be denied. Recent years have proven how beneficial the Internet and smart devices can be in making various activities easier. A good example of this is online shopping. In the United States alone, more than 70% of residents have switched to online shopping in 2021 driven in part by changes in consumer purchasing behavior due to the Covid pandemic.
Cyber Attacks: Fighting Risks
With the rise in the number of eCommerce users come risks in security. Add to this the increase in electronic payment use for various transactions, including P2P payments.
Today’s new trend in Trust and Safety means institutions that have been strengthening cyber security for their own enterprise benefit, are now starting to focus on protecting end-users and their data.
One way of doing this is by adopting modern authentication and security measures like FIDO-based biometric authentication. Generally, this type of user-centric authentication involves cryptographic keys and biometric methods including fingerprint use, voice authentication, and facial recognition, among others. In FIDO-based biometric authentication, user biometrics are under the control of the user and are never passed or stored by the enterprise.
Having modern authentication and security measures can prevent 80% of successful cyber breaches that according to Verizon’s 2021 annual security report, start with a man-in-the-middle or phishing attack, resulting in account take-overs, which are serious issues worldwide.
In the U.S., online fraud attempts involving card payments increased by 23%. The Feedzai reported that during the second quarter of 2021, 93% of banking fraud occurs online and 83% of card fraud was done online.
Purchase scams accounted for the top scam during the quarter based on volume. These happen when consumers are charged for products or services that they will not receive.
Among other scams that are common during the period is SMS phishing or what some call smishing.
Taking the Right Step With Biometrics
Modernizing the security of identity verification for online transactions and interactions is also a must. The best way to do that is by implementing FIDO biometric and key-based authentication. With this modern authentication and security, it is harder for bad actors to get access to accounts and data.
This is especially crucial for financial institutions. Protecting cyberspace will also protect user data and assets.
That said, shifting into and implementing FIDO key-based identity and authentication can be a bit challenging for beginners. So, it may help to work with a reliable industry expert like Nok Nok Inc that has already built a key-based identity and biometrics authentication platform trusted by some of the biggest banks, telcos and financial services brand in the world.
Nok Nok is a member of the FIDO Alliance and is an industry leader in the application of this modern security technology . Nok Nok also founded the association at the forefront of the fight against cyber threats and the over-reliance of people on passwords and other legacy knowledge-based authentication methods. In fact, the company offers multiple fast identity and passwordless authentication solutions like the incorporation of biometrics authentication including passwordless biometric authentication into consumer IoT devices.
You can check Nok Nok Products to find out more about multi-factor authentication and determine what is the best solution for your clients.