Mobile ID firm predicts rise in behavioral biometrics, two-factor authentication

The vast majority of security professionals believe usernames and passwords alone no longer provide sufficient security, and behavioural biometrics and two-factor authentication should take their place, according to a new survey commissioned by mobile identity firm TeleSign. TeleSign revealed the findings in a new report called “Beyond the Password: The Future of Account Security” with 69 percent of respondents believing usernames and passwords are insecure and 72 percent predicting passwords will be phased out within nine years.”The vast majority of security professionals no longer trust the password to do its job”, said Ryan Disraeli, Co-Founder of TeleSign. “Thankfully, most companies aren't resigning themselves or their users to password-only account security. They are implementing two-factor authentication in droves and newer technologies such as behavioral biometrics are emerging to address many of the concerns developers have around adding new tech to their applications.”The report also found that 79% of security professionals are extremely or very concerned about account takeovers (ATOs).Costs were higher for companies who had experienced ATOs in the past year,with 51 percent experiencing financial losses, 42 percent experiencing loss of customers or users, 42 percent experiencing damage to the company brand and 45 percent experiencing increased employee time to correct the fraud.In terms of biometrics-based solutions, nine in 10 companies in the Telesign survey said behavioral biometrics would be extremely or very valuable for increasing security and 8 in 10 say it would increase security without degrading the user experience.More than half of companies (54 percent) plan to implement behavioral biometrics in 2016 or later.”The business of fraud has become public enemy number one for mobile and online companies,” Disraeli continued. “Cybercrime such as account takeover is affecting businesses of all sizes by incurring financial losses, loss of customers and users and ultimately brand damage. In order to address the failing password, enterprises need to add additional account security technologies to keep user accounts safe. Behavioral biometrics technology and two-factor authentication are emerging as leading candidates to bridge the gap.”Commissioned by TeleSign and conducted by Lawless Research, the study surveyed 600 security professionals across 15 industries in the U.S. and revealed that securing consumer accounts is a top concern for businesses.

Also in the news:

WorldReach employs Cognitec’s face recognition tech Australian cafe lets customers pay with face recognition Homeland Security seeks US$65.8 million for new biometric system