‘Stronger’ Strong Customer Authentication Boosts Fraud Prevention
Technological innovations provided a pathway to the development and usage of digital wallets and mobile payments in recent years. Consequently, when the COVID-19 pandemic broke out, there was a surge in the utilization of digital wallets for online payments as the demand for remote services increased.
The sudden changes prompted businesses and other organizations to shore up their capabilities to implement these features into their platforms and provide their customerswith a better digital experience. However, as enterprises respond to the abrupt increase in consumer demand for remote services, they are also faced with a challenge to bolster their defenses against fraud.
Cybercriminals are taking advantage of every opportunity to defraud brick-and-mortar businesses and online merchants. They use modern tools to easily circumvent systems with weak fraud prevention measures. In addition, they also try to develop sophisticated tactics, such as social engineering and SIM swapping, to infiltrate other networks.
Fraudulent activities of cybercriminals can cost businesses their reputation, revenues, and customer trust. Therefore, online merchants must replace conventional identity verification systems with modern solutions to keep malicious actors at bay. They can utilize FIDO 2.0-compliant identity proofing solutions, which use mobile and biometric technology for stronger authentication.
FIDO2 authentication solutions use a combination of knowledge-based authentication (KBA) factors (PIN or swipe pattern) and other authentication credentials. Thus, afido2 keyis not easily stolen or circumvented.
By leveraging FIDO login solutions, enterprises can allow convenient authentication and boost the security of their operation. They can also have the confidence that they are onboarding good customers and processing transactions of their actual customers.
Identity assurance is paramount to businesses operating in the virtual world. Online merchants can prevent malicious actors from infiltrating and defrauding their systems by implementing more robust identity verification methods. This infographic from LoginID details how enterprises can leverage secure, private authentication for the future.
