Why most modern online fraud prevention methods are falling short Sponsored by jumio
that new account fraud went up 28% in 2019 compared to 2018 global reports, and more than 100% over 2014 levels. As cybercriminals fine-tune their impersonation efforts, it’s getting more difficult for modern enterprises to distinguish between high-risk and low-risk users — and this will only continue thanks to large-scale data breaches, the evolution of the dark web and the looming threat of identity theft.
Traditional methods like SMS-based 2FA and simple password authentication aren’t the only forms of authentication proving inadequate. Methods like fingerprint scanning have also come up short in recent months, proving hackable with little effort. Digital fingerprints are being sold in the Richlogs Marketplace according to a recent report from
. The report reveals that digital fingerprints which include the full fingerprinting of a user’s web browser and computer characteristics, allows an attacker to almost flawlessly impersonate the victim.that the fingerprint reader on Samsung’s flagship S10 and Note10 smartphones can be spoofed with a $3 screen protector. Unfortunately, this means any person can unlock the device and access its data and any other apps opened by the fingerprint-based biometric security.
The biggest issue is that these fingerprint sensors are easily duped and cannot be relied on for commercial authentication use cases, but this approach also suffers from several other limitations. Multiple people can register their fingerprints on the same device, which means it’s unclear which family member was behind a given commercial transaction. Also, if the device is lost or stolen, the ability to recover access to their online accounts is challenging.
For any organization looking for enterprise-grade security, spoof-proof detection and cross-device support, sophisticated face-based authentication is inherently superior to fingerprint-based, SMS-based 2FA and simple password methodologies. Certain cloud-based approaches can leverage the 3D face map of a user's face to alleviate some of the shortcomings of fingerprint-only authentication methods.
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