ID authentication- A Necessary Component of your Fraud Prevention Tools – Wibmo Inc.

According to Cisco, 53% of organisations have hosted more than 50% of their technology infrastructure on cloud. Organisations across the board must strongly contemplate on adopting ID authentication as a part of their fraud prevention measures. Identity Authentication Service (iAS) is a common and efficient service provided by the Solution Delivery Division that delivers a suite of authentication and authorization services.Backlinks Image For Post

The global fraud detection and prevention market is predicted to be worth an astounding USD 38.2 billion by 2025. One of the driving forces behind the growth of this market is the large scale adoption of cloud by large enterprises. According to Cisco, 53% of organisations have hosted more than 50% of their technology infrastructure on cloud. 

Even consumers prefer online interactions. For instance, when it comes to consumers of financial institutions, more than 35% of respondents stated that they would prefer opening online accounts.

Although there are multiple benefits of adopting the cloud such as scalability and cost optimisation, organisations on the cloud also become susceptible to security breaches and fraudulent activities such as identity theft. Identity theft has emerged as one of the leading causes of fraud. In 2019, according to the Federal Trade Commission, identity theft comprised more than 20% of the 3.2 million fraud cases that were recorded. During the same year more than 160 million records of personal data were compromised through data breaches. 

Therefore, organisations across the board must strongly contemplate on adopting ID authentication as a part of their fraud prevention measures.

Authentication is the mechanism of recognising a user’s identity by validating incoming credentials against pre-existing identifying credentials of the same user stored in a database.

ID authentication- A Necessary Component of your Fraud Prevention Tools - Wibmo Inc. https://www.financetalk.net/id-authentication-a-necessary-component-of-your-fraud-prevention-tools/

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