In the past six years identity thieves have stolen $112 billion, some victims reported experiencing more than one type of identity theft.
An overview of the top three of type of identity theft:
Government documents or benefits fraud
Credit Card fraud
Phone or Utility fraud
As by 2018, all shipments of smartphones will feature biometric technology. In addition, we will see the rise of mobile Payments, with almost $7 billion in transactions approved via biometric authentication expected annually by 2020.
As biometrics can be the answer to Identity theft and secure access,
its need to be stored in a secure way
Edwin Nicolaas, CEO | Qafis Biometrics
Of all the data that cybercriminals can steal, biometrical data is the worst hack.
You do not place your car in front of your house with the keys in the ignition and the doors open; it will not last long before your car is gone. You will lock your car, turn the alarm on or place the car in the garage. An extra layer of security is that your house has an alarm system, or even better a fence around it with a guard in front of it.
SMS-based Two-Factor Authentication has been declared insecure and soon it might be a thing of the past. The US National Institute of Standards and Technology (NIST) has released a new draft of its Digital Authentication Guideline that says SMS-based two-factor authentication should be banned in future due to security concerns.
NIST argues that SMS-based two-factor authentication is an insecure process because it’s too easy for anyone to obtain a phone and the website operator has no way to verify whether the person who receives the 2FA code is even the correct recipient.
National institute of Standards and Technology Suggests BIOMETRIC! But…
The DAG draft notes that two-factor authentication via a secure app or biometrics, like a fingerprint scanner, may still be used to secure your accounts. “Therefore, the use of biometrics for authentication is supported, with the following requirements and guidelines: Biometrics SHALL be used with another authentication factor (something you know or something you have),” the draft reads.
Well, Biometric-based two-factor authentication process would require companies to store one copy of your biometric data on their servers for verification.
A major issue is that many applications and institutions still store privacy data and biometrical data together and locally, or do we want to end up like the government hack last year where 5.6M fingerprints where stolen? If we do not change our biometric security protocols, the consequences are that we will lose more and more of our private information and become a victim of ID theft.
Unfortunately it usually takes an incident to force the realization security is a must,
it’s actually an investment in safety.
Safety of your data, your money, and most importantly your reputation.
We need less vulnerabilities and Stronger Encryption.
If we implement biometrics without protecting your identity, we haven’t learned anything from the past.
Also criminals are focused on new account fraud using stolen mobile phones.
Biometrics can be a answer to the ‘New’ rules and can help companies and their clients.
In a world of biometric security, YOU are the password.