Rise of the machines in the fight against cybercrime

It’s no secret that incidences of fraud are increasing, with the Government reporting that it is now one of the most prominent crimes in the UK. Our Fraud & Risk report found that in 2016, two-thirds (65%) of large organisations detected a cybersecurity breach. In addition, the biggest concern cited by UK businesses in our report was organised cybercrime (75%).  With global ransomware costing British consumers £4.5 million per year, leveraging technological advancements has never been more important to enable organisations’ to instantly verify customers, identify risks, and ultimately stay ahead of the fraudsters.   Identify theft – a growing threat  The question about how to identify and authenticate customers with confidence is not new – but is becoming increasingly important. Cifas member organisations recorded 173,000 cases of identify fraud in 2016 alone. It’s clear that the Personally Identifiable Information (PII) that is still standard for identity verification across the industry – such as names, addresses, birth dates and phone numbers – and the ‘what you know’ element of the process often falls into the hands of fraudsters and is being exploited. 50% of the fraud professionals we surveyed believe that name and address data will not need to be provided as a verification measure in the future as companies move towards the linkage of digital attributes such as email addresses and devices to physical identity. Our research also shows that organisations are looking to biometric technology to help add security and convenience to authentication processes with 53% of organisations expecting to significantly increase their investment in biometric tools such as voice recognition systems.

 

Source: Rise of the machines in the fight against cybercrime | ITProPortal