Technological advancements paved the way for various industries to improve customer service. Social media and e-commerce platforms allowed businesses to better the supply chain. The web and mobile application also enabled customers to transact with companies at home, especially during unforeseen circumstances, such as COVID-19.
Unfortunately, the progress technology brought also opened opportunities for illicit activities to thrive on online platforms. Specifically, companies need to integrate robust identity authentication solutions, like authID, because of the following:
Fraudsters and Hackers Get Smarter
Technology gives businesses the opportunity to automate their processes, usually executed manually before. However, companies are also unsure if the person logging in on the other end is the actual account owner, given that most transactions are done remotely. Bad actors see this as the leeway to commit fraudulent activities and hack the unknowing user’s account.
Fraudsters and hackers have also learned to circumnavigate passwords and knowledge-based login credentials. Cybercriminals become technologically sophisticated, allowing them to phish passphrases and do the credential stuffing.
Hefty Cost of Data Breaches
Aside from the threats posed by culprits online, the other reason to invest in cutting-edge ID authentication is the expensive price companies must pay because of a data breach. Per the International Business Machines (IBM), the average data breach cost is more than $3 million, which is enough to halt some companies’ operations. As data breach incidents increase, businesses must bolster their user identity verification procedures.
No Technology is Safe from Cyberattacks
Cybercrooks do not only target accounts but also computers, websites, servers, and other code-based technologies. Various technological products and systems are at risk of unauthorized access and takeover, mainly if companies still rely on passwords as the primary login step.
Mitigating cybersecurity threats come by purchasing the best authentication products, particularly biometric-based user authentication. Instead of passphrases, companies can require users to log in using biometrics, either by their body parts or behavioral traits. Aside from high-level security, this identity verification solution only takes a couple of seconds to complete, making logins seamless.