Today’s report from the Royal United Services Institute (RUSI) should come as no surprise. Fraudsters don’t stop their crimes because of a pandemic. In fact, they often seize the immense change that comes with an event like this to ramp up their activity – changing tactics and targeting individuals and businesses whilst they are at their most vulnerable and least protected in order to manipulate their data and steal their personal information.

 

This is why biometrics such as voice and behavioural recognition, fingerprints, and eye scans are critical to a secure online presence. Thanks to years of interacting with smart devices, customers often already feel comfortable with fingerprint ID and facial recognition. Unfortunately, most of these device-side biometric authentication methods don’t have any real impact on stopping fraudsters. This is because, firstly, it is challenging to determine who has created the biometric print, and secondly, the prints are limited to a specific device, making them difficult to leverage across multiple channels and impossible to port from one device to the next. It is therefore server-side biometrics, such as voice biometrics, that will have result in both significant fraud prevention and frictionless, secure, convenient customer experiences.

 

When it comes to fraud, prevention is always better than a cure. In today's landscape consumers are more aware than ever of the importance to protect their own information, and they will hold accountable the organisations that don’t do enough to protect the information they share with them. Without question, we need to be one step ahead and education around the most effective security solutions- like biometrics- is key.

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This year’s International Fraud Awareness Week acts as a timely reminder to businesses and consumers alike that fraud prevention tools are no longer optional. From social engineering to email phishing and the creation of bogus websites, fraudsters are taking advantage of any lowered defenses during our current pandemic. Now more than ever it is essential to look to experienced security and fraud solutions that demonstrate a strong track record of protection against cyber threats. Traditionally, we’ve relied on knowledge-based credentials to prove we are who we say we are – the use of names and addresses or passwords or PINs, for example. Yet these means of identification are even more susceptible to social engineering in today’s climate. Biometric technologies could provide an answer for organisations looking to keep malicious actors at bay and ensure the security of both their customers and employees. For example, voice biometrics are able to leverage more than 1000 unique speech characteristics - from pronunciation to the size and shape of your nasal passage. Meanwhile behavioural biometrics measure minute details - such as how a person holds their phone or even how they pause once they finish a task. Security systems that incorporate these authentication tools are considerably less susceptible to hacking. When it comes to fraud, prevention is always better than a cure. Without question, businesses and consumers need to be one step ahead and education around the most effective security solutions - like biometrics - is key.  Read Less