Consumer Acceptance of Biometrics Opens Path to Confront Threat of AI Digital Fraud
December 12 2023 - 8:00AM
Business Wire
People who use biometrics to access online accounts more
satisfied than those who don’t, new research says
A new International Data Corporation (IDC) InfoBrief, sponsored
by Mitek (NASDAQ: MITK), Biometrics Key to Customer Satisfaction
and Combating AI-Generated Fraud*, was released today. The
research finds that people who use biometrics to access online
accounts register higher rates of satisfaction than those who
don’t. Consumer acceptance of biometrics when used for identity
protection means companies can confidently deploy multi-layered
biometric authentication, the most powerful technology available to
combat online fraud, while also increasing consumer
satisfaction.
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Digital payment fraud losses are projected to surpass $362
billion globally between 2023 and 2028, according to Juniper
Research. Amidst the rising threat of AI-powered fraud, new data
from IDC reveals that 83 percent of organizations surveyed said
they have made investments in improving consumer authentication
technology and processes. Additionally, 60 percent of company
respondents said they are in the process of enabling multi-layered
authentication while another one in three said they plan to deploy
multi-layered authentication “in the next year or two.”
These more secure systems use multiple layers of biometrics,
such as facial recognition combined with voice and fingerprint or
other biometric, to authenticate a person’s identity. In addition
to offering greater security, they have little to no maintenance
overhead and eliminate today’s unpopular password-based
authentication systems.
Key findings from IDC’s research into the consumer
perspective:
- 77 percent of consumer respondents who use biometrics on their
smartphone or tablet said they are satisfied with the use of
biometric identity authentication.
- 25 percent of consumers surveyed said they have had one of
their online accounts hacked or taken over by online
criminals.
- More than a third said they had switched to another company
because of an unsatisfactory resolution to an online account
hacking incident.
- Consumers in general are unsatisfied with current
username/password processes: one in three said that having to
remember multiple usernames and passwords is their biggest
authentication headache.
“Companies have dual responsibilities in the face of mounting
online threats: reduce corporate risk and keep their customers safe
and secure,” said IDC Associate Research Director Mark Child. “Our
research confirms that consumers are ready to support – and in many
cases prefer – biometric identity authentication systems when they
enhance online safety.”
“Today’s commonly used authentication methods have become easier
to circumvent and no longer provide adequate security for users,”
said Adam Bacia, Senior Director of Product at Mitek. “We have to
confront emerging threats – everything from voice clones and facial
image spoofing to emerging AI-generated fraud – by using tools and
technology capable of instantly spotting and blocking these
threats.”
Access the IDC InfoBrief here. To learn more about the types of
multimodal biometric identity authentication systems that offer
enterprise-grade security, visit Mitek MiPass.
*Source: doc #EUR251382023, December 2023
About Mitek
Mitek (NASDAQ: MITK) is a global leader in digital access,
founded to bridge the physical and digital worlds. Mitek’s advanced
identity verification technologies and global platform make digital
access faster and more secure than ever, providing companies new
levels of control, deployment ease and operation, while protecting
the entire customer journey. Trusted by 99% of U.S. banks for
mobile check deposits and 7,900 of the world’s largest
organizations, Mitek helps companies reduce risk and meet
regulatory requirements. Learn more at www.miteksystems.com.
Follow Mitek on LinkedIn, X and YouTube, and read Mitek’s latest
blog posts here.
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Media inquiries: Angela Romei, Mitek Senior Director
pr@miteksystems.com
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