Digital fraud, ranging from phishing to synthetic identity fraud, is becoming more common and complex. It is more important than ever for startups to defend themselves using biometric authentication, which analyzes photos using AI and machine learning — but how strong is verification technology, and where is it headed?
- Digital verification is a constantly evolving area.
When emerging innovations are developed and embraced, bad actors’ tactics for defrauding or extorting companies and their clients are rapidly evolving. To keep their customers’ data secure, startups must continuously iterate with the new encryption technologies, such as near-field communication (NFC) chips, which store our biometric data in our smartphones.
- Startups must choose the best biometric for their device.
The trick to effectively incorporating authentication is to ensure that it aligns with the needs of your product and userbase. Ritter recommends using a variety of biometric authentication points, such as facial, iris, or voice recognition, that mirror your onboarding process to minimize UX friction and keep your customer engaged.
3. Today’s technology is capable of much greater security.
Our panelists also agreed that the technology needed for greater biometric authentication is now in place to a large extent. Dr. Coleman, for example, says that retina verification is now feasible with new mobile technologies. While there is currently little need for this technology, the persistent threat of cyberattacks, as well as the proliferation of mimicking applications such as deep fakes, would generate a need for more advanced authentication in the coming years.
4. When it comes to biometric data, data protection is much more important.
Customers are being more savvy and critical of who they offer their sensitive information to, making data regulation an urgent topic. According to Ritter, anonymity is much more important when it comes to biometric evidence, such as photos taken by digital authentication technology, since a password can be quickly modified but your face cannot. He insists that companies must go beyond and above the provisions of regulation to ensure that consumers understand precisely what biometric data is being collected from them and how it is being safely stored.
5. Occasional violations are unavoidable.
Technology alone cannot necessarily detect malicious activities or prevent individual violations. According to Ritter, even with facial recognition technologies and machine learning, detecting and preventing 100 percent biometric fraud would take years, and humans will still be needed. It requires security analysts poring over data to analyze breaches, detect unwanted behavior, and ensure that a similar attack does not occur again.
6. Wellbeing is the next frontier for biometric authentication.
What is the next frontier for biometric authentication now that facial recognition is widely used as a layer of security? even identical twins do not have the same retinal nerve pattern — but that the technique will also enable people to better consider the condition of their eyes, thereby minimizing preventable blindness.