Passwords Need To Make Room For Advanced Authentication Methods

April 16, 2020 by Birger Thorburn, Chief Technology Officer, Global Decision Analytics

New authentication technologies combine active and passive verification

In today’s technology-driven world, online security for customers is more important than ever. However, that also means that it is more vulnerable than ever. I had the opportunity to publish an article on Forbes Technology Council, entitled “How Advanced Authentication Technology Is Changing the Way We Protect Ourselves,” where we explore the effectiveness, efficiency and evolution of the password. We examine the current challenges facing business’ current online authentication security measures, as well as how new technologies can better protect our customers and ourselves.

I believe that the simple password no longer cuts it in today’s high-tech world. Credential stuffing and other fraudulent tactics make passwords easily accessible to hackers and fraudsters. Rather, businesses must adapt new authentication technologies that utilise aggregated digital data, passive device information and biometric measures and network characteristics. Alone, these tools may not be enough to identify an individual. But together, they can identify risk and stop hacks at an unprecedented level. In addition, the password creates frustration for customers and even can lead to abandoned transactions.

Also, I don’t believe the password is going to go away. It will be here for a while and it will continue to evolve, but businesses will need to combine multiple authentications methods and security measures. This multi-layered approach will provide a stronger defence against fraud attacks while still delivering a superior experience for the customer.
You can read the full article here.

online payment fraud