July 7, 2017 -
The UK government has published a new report entitled 2016 Cyber Security Breaches Survey that forecasts a significant spike in the use of biometric products, as more organizations seek to prevent fraud and protect themselves from organized cybercrime groups, according to SC Magazine.
The report finds 65 percent of large organizations in the UK detected a cybersecurity breach or attack in the past year.
“In 2015 Cifas member organisations recorded 170,000 cases of identity fraud,” Sandra Peaston, assistant director of insight at Cifas, said in the report. “Clearly, the Personally Identifiable Information (PII) that is still the standard (names, address, birthdates, phone numbers etc.) and the ‘what you know’ element of the identification/authentication process is in the hands of fraudsters and being exploited.”
The Callcredit Information Group says in its Fraud & Risk report that while 75 percent of those surveyed are highly confident about their ability to prevent fraud, the number obscures the challenges of fraud prevention.
Based on these findings, Peaston says “it’s unsurprising that organizations are looking to biometrics to help overcome this problem.”
Fraud cases, such as phishing attacks, allow criminals to access a company’s network, which are some of the biggest concerns of companies surveyed.
The report also states that 29 percent of respondents cite a lack of investment in fraud prevention technology by their organizations while 28 percent said there is a lack of employee education about security threats.
“With cyber-attacks costing UK firms £30 billion in 2016, and with major global breaches reported in the first half of this year, leveraging technological advancements has never been more important for organizations’ to instantly verify customers, identify risks, and ultimately stay ahead of the fraudsters,” John Cannon, commercial director, fraud & ID at Callcredit Information Group, said.
“By allowing customers to complete document verification online, technology can also help simplify and improve the digital customer experience. Ultimately helping businesses onboard consumers as quickly, cost-effectively and seamlessly as possible.”
The research also found that 74 percent of organizations are finding it difficult to manage the potential conflict that exists between customer acquisition and the need to verify identities of customers when they interact with them.