The Cyber Defense eMagazine August Edition for 2023

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Tech-Forward Strategies to Effectively Fight Fraud By Blair Cohen, Founder and President, AuthenticID Not only has digital transformation completely reshaped the way we conduct business, but it has also introduced an onslaught of fraudulent attacks on both organizations and consumers alike. In fact, more than half (53%) of consumers today have had their identity compromised at some point. As we continue down the path of digital transformation, cyberattacks will only increase in volume and complexity. As a result, identity-proofing will remain a critical piece of the fraud-prevention puzzle. With the total cost of cybercrime expected to reach $8 trillion this year, there are several next-gen authentication methods business leaders should consider implementing to help protect both their company and their customers from harm. The Value of Stateless and Biometric Authentication in Fighting Fraud Stateless authentication – also known as token-based authentication – verifies users through tokens, most frequently a JSON Web Token (JWT), which are used for managing authorization. With this authentication method, information is stored within the token, allowing a user to access what they need without being required to provide their username or password. Cyber Defense eMagazine – August 2023 Edition 120 Copyright © 2023, Cyber Defense Magazine. All rights reserved worldwide.
Token-based authentication offers another layer of security beyond password and other single-factor authentication methods; giving only administrative users control over the actions needed for verification. As hackers have grown to realize, passwords are often repeated or slightly changed across accounts over time, making them easily accessible and, in some cases, putting multiple accounts at risk. Adding token-based authentication is an important step in preventing fraud as it ensures that any user must have access to an external account or device that will verify their identity through a uniquelygenerated, cryptographically- signed token or code. While this is a smart route to bolster security, this approach can be further strengthened to enable passwordless access through the use of biometric authentication. New technology has enabled fraudsters to reroute text messages and easily gain access to a person’s sensitive information via an account takeover or by remotely accessing their IoT devices. Biometric authentication includes facial, fingerprint, iris, and voice biometric data that can be used to prove someone’s identity. For example, a person’s face is instantly compared to and matched with a database of existing users to prevent one user from making multiple accounts. Today, behavioral biometric technology is being used to detect behaviors like keystrokes or touchscreen behavior to continuously authenticate a user, leading to even stronger authentication. Unfortunately, today’s fraudsters have the benefit of new technologies like generative AI that make it much easier to spoof someone’s biometric information. To effectively deter fraud, organizations need to implement solutions with biometric algorithms that aren’t vulnerable to generative AI and injection attacks, in addition to moving away from KBA and SMS authentication methods, which are becoming easier and easier for bad actors to break through in our increasingly digital world. Next-generation authentication like this provides a winning balance between security and convenience. Deploying future-forward biometric and/or stateless authentication methods will ensure that the person attempting to access an account or perform a transaction actually is who they say they are. Identity Verification Driven by AI and Machine Learning Current methods of identity fraud vary from creating fake IDs and passports to the use of more advanced, hard-to-spot deepfake technology. Even the technology available to cybercriminals is advanced enough to create replica ID cards that could fool the most experienced expert. A lot of solutions today only run around ten tests on an identity document, thus requiring manual review from humans, while top-of-theline solutions using machine learning are able to run hundreds of tests, which decreases user friction while increasing verification accuracy. Utilizing AI and ML is necessary for accurate and secure ID verification because people can’t learn all of the intricacies of identity documents. AI and ML offer a replacement for manual ID verification and can process data much faster than humans, resulting in the ability to quickly spot suspicious patterns, while also making sure visual aspects of the ID are in the right place. This would take much longer for a person Cyber Defense eMagazine – August 2023 Edition 121 Copyright © 2023, Cyber Defense Magazine. All rights reserved worldwide.
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@MILIEFSKY From the Publisher… De
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eport to the CISO. The key to makin
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About the Author Gizem Yılmaz is t
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wild west of the late 19 th century
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Bot Security: The Hunt for Vulnerab
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sophisticated bot attacks and fraud
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Conclusion: Evolution of Dynamic Bo
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While making this progress, agencie
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Securing the Cloud Organizational D
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Implementing BYOK requires a transf
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Will Zero Trust Replace SD-WAN? By
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To conclude, in the ever-evolving l
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computing landscape, ensuring their
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In order to modernize outdated IT i
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Employee burnout in the cybersecuri
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Six Must-Focus Cybersecurity Areas
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About the Author Zachary Folk curre
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Create a Cybersecurity Incident Res
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Lessons Learned: Cyberattack Shutte
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It doesn’t have to be. First, we
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With the increasing use of AI in di
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