The economic effects of the COVID-19 pandemic in 2020 have changed the business landscape across many industries. The need for rapid digital transformation has led to businesses scrambling for modern solutions that can help them efficiently pivot to using online platforms for their services. Investment for robust fraud prevention tools rose as cybercriminals constantly evolved their strategies to exploit legacy security systems.
Having reliable online security measures like identity authentication is vital in protecting digital identity, which refers to the collection of classified data stored by companies in their networks. This often includes personally identifiable information (PII) like login credentials, social security numbers, and online bank accounts, among others. These types of data are at constant risk of getting compromised, as reflected by the country’s increasing number of identity theft and fraud cases.
This is highly important, with trust becoming a prevalent factor in customer engagement in recent years. Consumers entrust their confidential information to companies and expect it to be highly secured against bad actors. This will help build confidence between enterprises and their clients, crucial in the new normal where online transactions are expected to dominate industries.
Among the information under digital identity, passwords are some of the most sensitive ones. The reliance on passwords in protecting an online account has been used for decades, making it highly susceptible to phishing attacks at present. Improving online identity verification systems will significantly boost digital identity protection by decreasing the reliance on vulnerable knowledge-based credentials.
This contributed to the rising popularity of biometrics as an ideal identity proofing method implemented by numerous organizations. Using fingerprints and face algorithms can provide seamless verification of digital identity and helps authenticate users as legitimate account owners.