Businesses providing digital products and services exploded at the onset of the COVID-19 pandemic as people increasingly turned to online options for healthcare, financial products and services, retail detail, etc This meteoric rise has also led to a significant increase in cybercrime – up 40% in the past two years. A group of telecommunications and technology industry experts representing @T-Mobile, @AuthenticIDInc, @iconectivand @telesign joined a sign today at Mobile World Congress in Las Vegas to discuss the issue of cybercrime and how industry collaboration on various customer authentication solutions can help the industry fight back.
Panelists discussed the wide variety of customer authentication and verification solutions now available to businesses, including linking digital profiles (i.e. online account activity) to offline characteristics. line (i.e. name, address, date of birth); use biometric information for authentication; and leveraging fraud prevention APIs powered by device and network identifiers, among others. These tools can be used in a variety of use cases, including account authorizations, form filling, SIM card exchanges, and payments. The panel also discussed authentication against calls and the deployment of STIR/SHAKEN for call authentication. A critical point that panelists agreed on was that there is no single silver bullet to stem the tide of cybercrime, and these tools must be combined to effectively protect and mitigate fraud and identity theft.
Panelists also agreed that while the industry has made progress in tackling well-funded cybercriminal groups, there is still a lot of work to be done. Specifically, the group noted that there is a need for: stronger proof of identity; more frequent use of biometrics for high-risk authentication use cases; and simpler solutions that consumers can adopt and trust.