Cybercrime and its countermeasures are in a heated race: Each side is advancing the boundaries of technology in an attempt to edge out the other. In this digital age, one of the first barriers that can protect your clients and data from theft or attack is by authenticating the entities you transact with.
Industries That Rely on Electronic Identity Verification
Governmental departments that handle classified information must be certain that they only give access to people they trust and who are who they say they are. In fact, fraud attempts have become so widespread that even agencies and Crown corporations with lower security standards should employ ID verification methods.
Almost everything is always about money, and the financial industry is likely under the most strain to uphold pristine security standards. This trickles down into the e-commerce sector, where online retail servers store credit card and banking data for millions of customers.
Cybercriminals are inventive; even seemingly harmless online platforms and apps could be a sandbox for mayhem if your authentication procedures are substandard or outdated.
Identity Authentication for a Range of Security Levels
There are two global regulatory programs that regulate identity authentication standards: “Anti-Money Laundering,” which combats white-collar crimes; and “Know Your Customer,” which stands against organized crime factions. Depending on your industry, data sensitivity and local regulations, you may choose to implement any of the following methods.
Knowledge-Based Authentication
“What was your high school mascot?” After entering a username and password, individuals can confirm their identity with the correct answer to one or more of these questions. Although phishing scams and social media profiles can easily provide this type of information to a malicious third party, tactics such as routinely requiring updates and imposing time limits can add more protection.
Two-Factor Authentication
Another simple verification method that is frequently used by financial institutions requires the user to enter a time-sensitive code sent to the email or mobile number on file. Businesses also have the option of issuing physical tokens that cycle through codes. The clients must enter the numbers visible as they log in.
Credit Bureau-Based Authentication
Verification by comparing information given with records held by credit bureaus works well with client bases that have established credit histories. Since credit records span many years and contain historical data like previous names and addresses, the information doesn’t have to be a 100% match; the method provides authentication based on an overall score.
Database ID Methods
Industries that don’t have the personnel resources to process the volume of authentications can access a number of databases to verify the information on an individual’s issued ID. However, a final review by a human is really the only way to confirm that the person is using their own identification card and not one stolen.
Online ID Verification
Although users may complain about it being an imposition, one of the most secure verification methods requires individuals to submit an electronic image of themselves holding their ID issued by the government. The image is then assessed by a human or authenticated with means such as artificial intelligence.
Biometric Authentication
Biometrics use a person’s unique physical traits to verify his or her identity. These include:
- Fingerprints
- Voice recognition
- Retina scans
- Iris recognition
- Facial characteristics
While not completely secure — it is possible to steal fingerprint, digital image and voice records — hacking the system is not an entry-level feat, and the individual need not worry about forgetting security questions or passwords or bringing identity documentation.
A Firewall To Secure Your Business’s Integrity
In modern industries, data breaches happen quickly, and your exposure could be colossal. Protect your customers, your business and your reputation by implementing identification verification programs.
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