New research from Callcredit has been released this morning, which found that whilst 73% of fraud professionals think mobile devices will be the key facilitator of identification in the future, 60% feel they will present the biggest single point of compromise in the future. Ryan Wilk, Director at NuData Security commented below.
Ryan Wilk, Director at NuData Security:
“As we continue to move to a digital first world, it is vital that companies work to evolve consumer authentication in an effort to make it more secure, while assuring convenience for consumers. As we see in this Callcredit report, single data points used for authentication continue to be the greatest point of failure in the secure authentication chain.
“Many companies have placed the trust of authentication in a username / password or by binding the user’s credentials to a device. While these are effective means to stop the novice fraudster, these controls continue to fall short at the times they are truly needed.
“To ensure we can continue to have a trusted and secure authentication path in this digital first world, merchants and banks need to move away from simply trusting single data points or a device that can be spoofed or compromised and place the trust in their valued customer. This trusted environment can only be achieved through a holistic risk based authentication infrastructure that looks across multiple vectors of the user’s behavioural interaction such as Device, Connection, Behavioural Analytics, and Passive Biometrics powering a dynamic and intelligence step up authentication system. Doing this will allow merchants and banks to avoid the risk of authentication fraud while ensuring that their valued customers continue to receive a great experience.”