The expansion of the digital world - in conjunction with an increase in cybercrime via sophisticated yet accessible technology - has led to a dramatic rise in identity fraud.
Subsequently, there is a growing need to authenticate and protect our identities, entitlements and assets. Biometric technology is viewed as a highly accurate means of identity protection across a range of application sectors.
In this article, we’ll look at how to protect against identity fraud and the importance of deploying robust human verification methods.
In recent years, fraud and identity theft have become prevalent. In 2022, the Federal Trade Commission received more than 1.1 million reports of identity theft. To put this another way - in the USA alone - consumers lost close to $8.8 billion.
Cybercriminals use a number of methods to access, steal and exploit sensitive personal data. This varies from rudimentary scams to highly elaborate and advanced strategies. Some of the issues include:
Traditional forms of identity and verification methods have security limitations which are amplified in the digital space. We need secure, accurate and trustworthy authentication: the right biometric technology offers such a solution.
In a recent Babbage Podcast, Kenneth Cukier - senior editor of The Economist - stated:
“It’s feasible that as generative artificial intelligence comes of age, spoofs of my face or voice could leave the door wide open to hackers. We have already seen the power of deepfake audio and videos. “As biometrics are being used more and more widely, and generative AI improves, what can be done to reduce the risks?”
We were honoured to have been invited to the UK’s and world’s first AI Safety Summit fraud event in London, organised by the Home Office. Along with senior industry and Government representatives, we focused on taking coordinated action to support the safe and responsible use of AI. We also explored potential fraud risks, the positive use of biometrics in the ecosystem as well as opportunities posed by the growing developments of AI.
Iris recognition technology is considered the safest and most accurate because iris patterns are totally unique and we remain committed to working with authorities to monitor the risk of advanced AI.
Katina Michael - a professor at Arizona State University who studies augmented intelligence and society - says that the barrier to access is lowering for the technology required to create accurate and effective spoofs:
“Duping a system, masquerading as someone, getting through defenses, is increasingly becoming possible – especially if we don’t have live detection in the biometrics.”
Liveness detection in our iris recognition solutions plays a crucial part in system integrity and preventing identity fraud. Liveness detection determines that the biometric sample is captured from a living, present person. And, since the iris cannot be faked or duplicated, it cannot be misused.
When deployed to protect against identity fraud, our patented iris recognition technology offers a number of key benefits:
The question of how to stop identity fraud affects a wide range of industries and sectors. Biometric technology has become increasingly popular, especially with the advent of two-factor authentication.
To date, we have successfully integrated our world-leading iris recognition technology in the following settings:
As an advanced authentication method, our iris recognition provides a robust solution for protecting against identity fraud. In real-time, we have the capability to 100% identify 1 in millions - far more effective than fingerprints or facial recognition.
To book a system demo or discuss any of our biometric identity authentication solutions, please call us today on +44 1908 991 683. If you'd like to receive our articles directly into your inbox, please subscribe here.