A new Javelin Research study finds authentication at crossroads, password reliance continuing, and better options increasing. NuData Security commented below.
Lisa Baergen, APR, MCC, Marketing Director at NuData Security Inc.,:
“Passwords, static questions, and SMS one-time passwords can evaluate if the data is right or wrong but can’t dynamically verify who the person behind the device really is. The Identity Theft Resource Center has reported that since 2005, nearly 8,000 breaches with access to more than one billion records had occurred, representing a 630 percent increase from the previous historic high of 1,093, recorded just in 2016. High-assurance authentication is one step forward, but it is not enough to stop forms of fraud that require consumer data or use techniques such as phishing or man-in-the-middle. The only way businesses can gain the trust of their customers is by implementing a multi-layered authentication framework that incorporates new technologies to be able to verify the person behind the device based on their behaviors that can’t be mimicked. Leveraging new behavior identifiers makes passwords, credentials, and SMS passwords valueless to hackers.”