Time and time again, passwords and other outdated means of identity authentication have proven that they are no longer the industry standard in cybersecurity. Conventional identity verification processes have been used for decades to prevent fraudsters from infiltrating systems and carrying out illicit activities.
Passwords rely on the premise that only the real account owner knows the information. So, if someone else tries to access the account, they will be locked out if they cannot provide the right credential. However, with the progression of technology and the willingness of criminals to bypass security, passwords are no longer enough to safeguard the system.
If a fraudster obtains another person’s password, the network will not be able to detect that an unauthorized individual is accessing the account. As long as the credential is right, they can easily infiltrate the system.
The importance of strong identity verification measures becomes more pronounced because of these persistent cybersecurity threats. Accordingly, outdated authentication methods like passwords should be ruled out and replaced with stronger, more effective alternatives.
In relation, passwordless solutions that leverage biometric identity verification and FIDO2 authentication are ideal replacements to conventional identity proofing processes. When used together in multifactor authentication, these technologies provide a layered defense against fraudulent attempts, keeping the system secure.
The advantage of these modern cybersecurity solutions is that they are not easily stolen, forged, or lost, unlike passwords.
In the ever-evolving digital world, it becomes more imperative for industry players to shore up their digital defenses to improve their fraud prevention capacity. The rise of new markets is inevitable in the modern era, and enterprises must ensure they can protect the valuable data and assets they keep.
One industry that has been recently gaining traction is the Non-Fungible Token or NFT market. To learn more about it and the importance of robust cybersecurity in this sector, keep reading this infographic created by LoginID.
