BANDAR SUNWAY – Are passwords alone truly safe? Reports state otherwise, with 81% of data breaches are caused by compromised, weak, and reused passwords, according to the Verizon Data Breach Investigations Report. The resulting identity fraud cases have resulted in a loss of US$56 billion globally in 2020, with no signs of slowing down.
This has given rise to a safer and reliable way of securing accounts — multi-factor authentication (MFA).
Users have no doubt experienced MFA one way or another, especially when conducting online banking transactions. Beyond usernames and passwords, we are also required to insert a 6-digit number sent via SMS through two-factor authentication (2FA) systems.
Such systems have vastly improved the state of identity security — requiring cybercriminals to at least have access to the victim’s phone. However, 2FA systems do have their flaws:
Biometric MFA is the answer to many of these problems. The technology is not exactly new either, with Japanese banks incorporating palm-scanning features in their ATMs since 2012 and facial recognition features in 2019.
Although not exactly novel, rapid advances in smartphone technology have now made it possible to incorporate biometric MFA features into devices that can fit our everyday pockets. These solutions were not feasible just a decade ago, but are now commonplace thanks to modern e-KYC implementation.
It all started with Apple introducing the Touch ID feature on their iPhones in 2014. Maybank and several other banks incorporated it as a security feature on their apps in 2015 shortly after, and the local e-KYC industry bloomed from then onwards.
Instead of waiting several seconds for the 6-digit codes to arrive (some never do), users now only need to scan their fingerprints or facial features to gain access to their online bank accounts.
Users might also notice that these biometric authentication services are only limited to only account logins. Conducting banking transactions still utilises the traditional 2FA authentication methods. More time, research and case studies need to be done in order to ensure that e-KYC technology is as secure and reliable as the existing systems we have in place.
This is why WISE AI is proud to announce that we have been accepted as part of the National Technology and Innovation Sandbox (NTIS) programme hosted by the Ministry of Science, Technology and Innovation (MOSTI).
NTIS enables us to push the limitations of e-KYC technology and its use cases, as well as identify any weaknesses in security implementation.
We have already perfected an MFA solution that involves facial recognition and liveness detection systems, a technology used to combat spoofing attempts. Unlike most active systems which require users to tilt and turn their heads, our proprietary liveness detection system is passive and runs on advanced machine learning algorithms.
In fact, studies have shown that passive liveness detection is not only safe, but also has a much higher user conversion rate compared to its active counterpart, with 99.9% of users completing this step in under one second, according to Innovatrics.
Our advanced artificial intelligence and e-KYC technology have already been widely adopted by financial institutions, telecommunication companies and local authorities. Within the next few months, our solutions can be optimised to serve higher-value transactions with greater risks, significantly expanding its current use cases.
Our aim is to ramp up our current security standards, operations and procedures to allow e-KYC technology to be used for everyday transactions for personal and business purposes. There will be more exciting company updates in the months to come! Click here to register for the company newsletter to receive the latest news: https://wiseai.tech/newsroom/