‘Stronger’ Strong Customer Authentication Boosts Fraud Prevention
When the COVID-19 pandemic broke out in the early months of 2020, governments worldwide implemented lockdown and quarantine protocols as well as social distancing measures to limit the spread of the virus. Consequently, these strict health regulations limited in-person processes for various brick and mortar businesses, causing consumers to migrate to the online world to acquire products and services.
As a result, eCommerce activities surged at the time. However, as online shopping activities increase, cybersecurity attacks also match the pace – and businesses with outdated cybersecurity measures are at higher risk of fraud. When criminals successfully infiltrate business systems, enterprises can lose their reputation, revenue, and customer trust.
Thus, it is imperative for online merchants to implement stronger customer authentication methods into their online enrollment and, especially, to their checkout processes. They can leverage modern identity proofing solutions that utilize biometric and mobile technology for more robust authentication.
Biometric technology is considered a viable replacement for outdated authentication systems as people can securely authorize login and transactions using their biometrics instead of typing passwords. In essence, businesses will integrate biometric hardware and scanners to enable their customers to conduct biometric authentication, which compares their biology (metric) to a stored version of the metric, such as fingerprints, retinal pattern, voice pattern, keystroke dynamics, and digital signature.
Enterprises can leverage digital signature authentication as one of the authentication factors for authorizing sensitive transactions of their customers on their platform. This can enable them to confirm that the individual trying to access their services is their actual customer and not a malicious actor.
Apart from reducing fraud risks, using biometrics for authentication can also enable businesses to bolster their network’s security and allow their users to securely and seamlessly complete their online transactions. For more information on how biometric authentication can help enterprises to leverage secure, private authentication for the future, read this infographic created by LoginID.
