‘Stronger’ Strong Customer Authentication Boosts Fraud Prevention
With the increase in usage of digital platforms today, more enterprises are taking the opportunity to transition their business operations online. This enables them to make their brand known to people using the internet and generate leads and revenues.
However, the move to the virtual world posed challenges to businesses – they must implement strong authentication methods to reduce their risk against fraud. Fraudulent individuals use the same digital tools organizations use to operate in the modern business landscape. They are also developing more sophisticated tactics to circumvent networks and conduct illegal activities.
Cybercrime attacks, fraud vulnerabilities, and lost revenue make it imperative for enterprises to implement effective fraud prevention measures and more robust customer authentication protocols into their online enrollment and checkout processes. In addition, they also must provide their customers with a seamless yet secure way to access their digital wallet to process payments.
Conventional authentication methods such as knowledge-based authentication (KBA) are no longer effective in preventing malicious actors from evading a system’s defenses. Thus, merchants need to replace ineffective authentication systems with modern authentication solutions that support biometric authentication.
Bio-authentication compares a person’s biology (or metric) to a stored version of the metric, such as fingerprints, retinal patterns, voice, keystroke dynamics, and signatures. This authentication method offers customers a frictionless user experience as they can use their biometric, such as digital signature API, to authorize sensitive transactions securely.
Online merchants can invest in biometric authentication solutions to add another layer of defense into their systems. By doing so, they can ensure that they are transacting with their actual customers and ensure compliance with relevant regulations. In addition, with modern identity proofing methods, customers can also secure their personal and payment information.
To know more about how businesses can implement secure, private authentication for the future, see this infographic by LoginID.