In the second of a series of short blogs looking at how to combat the threat of fraud from the inside, I will explore how, in an environment where fraudsters continue using the latest tech to perpetrate their crime, fraud professionals can also use technological advancements to their advantage.
Biometric authentication is one good example of new technologies that are helping to tackle the fraud challenge for organisations. In our Fraud Insights survey, over half (53%) of businesses said they are planning to increase their investment in biometric technologies as a means of identity verification within the next three years, as well as the use of AI systems (24%) and voice recognition systems (23%). In fact, investment in biometric technologies ranked as the highest item on businesses’ anti-fraud expenditure list.
Implementing biometric technology could certainly help play a role in solving the problem of identity fraud – if you have two different entries of personal information, it can be difficult to know which one is authentic. But, if both are accompanied by a fingerprint, for example, an entry becomes harder to fraudulently replicate.
Whilst the advent of technology is undoubtedly a step in the right direction, thought will need to be given to the establishment of best practice and standards across the industry. This will help ensure that these powerful pieces of biometric information can be safely stored and reliably matched, in order to be leveraged to their fullest in the fight against identity fraud.
My next blog will look at how organisations can not only get ahead but stay ahead in the fight against cyber-fraud.
If you would like to find out more about the insider threat and fraud risks facing organisations, you can download our Fraud and Risk Report.
Author: John Cannon, Commercial Director, Fraud & ID