Research shows the rise of the machines in the fight against cybercrime
Biometric-based authentication is set to become more prevalent in the UK, as over half (53%) of organisations expect to significantly increase their investment in biometric technologies.
The Fraud & Risk report carried out by Callcredit Information Group, revealed the key biometric technologies organisations are planning to introduce in identity verification procedures over the next three years, as part of their ongoing fraud prevention efforts. These include;
- biometric screening techniques (26%)
- artificial intelligence systems (24%)
- voice recognition systems (23%)
Despite these aspirations, less than one in five organisations are currently regularly using artificial intelligence systems (18%) and voice recognition systems (17%). Instead, the most common identity verification techniques used by organisations are ‘document verification’ (44%) and ‘unique log in systems’ (41%).
John Cannon, Commercial Director Fraud & ID, Callcredit Information Group, commented: “With cyber-attacks costing UK firms £30bn in 2016, and with major global breaches reported in the first half of this year, leveraging technological advancements has never been more important for organisations’ to instantly verify customers, identify risks, and ultimately stay ahead of the fraudsters. Incorporating biometric and voice recognition technologies into their fraud prevention strategy will strengthen authentication process and reduce risks by allowing the verification of a person rather than just a credential, such as a password.”
The research also found that a majority (74%) of organisations are struggling to manage the potential conflict that exists between customer acquisition and the need to validate identities when customers interact with them.
Cannon continued: “By allowing customers to complete document verification online, technology can also help simplify and improve the digital customer experience. Ultimately helping businesses on-board consumers as quickly, cost effectively and seamlessly as possible. ”
Research Methodology 201 Fraud Prevention Managers and Directors working in companies with over 100 employees completed an online survey in August 2016. The research was carried out by London-based research agency Loudhouse.