New Technology
Over $50 billion is lost each year because of identity theft. Organizations still use passwords, security questions, and PINs to authenticate their customers
er authentication than PINs, passwords, and security questions. It integrates as an additional security factor for fraud prevention and risk management, or can be used as a standalone solution depending on requirements.
Biggest Adopters
Banks and insurance companies are the most heavily hit by identity theft and lose billions of dollars each year as a result. Three quarters of executives at 19 of the top 40 US financial institutions say that organized criminal rings are the primary fraud threat in their call centers. There were 17 million breaches of patient information in 2011 according to the US Department of Health and Human Services.
is often used when other methods are not successful. Most authentication methods today rely on knowledge factors such as PINs, usernames, and passwords to verify your identity. A study by DataGenetics examined over three million passwords and revealed the security flaws with knowledgebased authentication (KBA). More than 10 per cent of the passwords were ‘1234’ and people commonly 3434|Manafez |Manafez Dubai Dubai |December |December ٢٠١٤ ٢٠١٤ | |
used their birthdays as their 4-digit PINs. This makes it too easy for malicious individuals to compromise these accounts in the call center or online.
Security Risks
Biometrics such as voice, iris, fingerprint, and face offer the strongest form of identity assurance and are superior to knowledge-based authentication approaches. Voice biometrics clearly provides strong-
The economic consequences of medical identity theft were over $40 billion in the US alone. Healthcare providers are looking to secure access to electronic health records with voice biometrics. Voice authentication is being explored by governments to prevent identity theft and corruption in payment programs such as pension funds and social assistance programs which has the potential to save billions of dollars worldwide.