- Digital identity verification technology will advance rapidly in 2023, driven by innovation and regulation in many other areas.
- However, they will also take advantage of larger cyber threats such as deepfakes, device counterfeiting and cybercrime in the metaverse.
- These are the 10 predictions iProov shared with Business Insider Mexico for digital identity and biometrics in 2023.
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Cyber security has become an increasingly relevant topic for individuals and companies; Specifically around issues such as the vulnerability of digital identity and how to find the right technology to protect it.
Cyber attacks have evolved dramatically in 2022, leading to a rapid increase in demand for better protection against identity theft and other cybercrimes. According to iProov, a company specializing in biometrics, both public and private sector organizations around the world have significantly ramped up their identity verification programs; But this is still not enough.
According to the company, digital identity verification technology will advance at an even faster pace in 2023, driven by innovation and regulation in many other areas; However, newer and bigger cyber threats will also emerge.
These are the 10 predictions iProov shared with Business Insider Mexico to digital identity and biometrics in 2023.
1. The ‘biometric + device’ combination will replace the ‘password + device’ combination in two-factor authentication
Two-factor and multi-factor authentication will continue to be accepted; However, the “password + device” combination will give way to “device + biometric” as the preferred combination for maximum security and usability.
According to iProov, passwords and other knowledge-based techniques often don’t strike the right balance between security and ease of use. Instead, biometric-based security can provide the security needed to make these authentication tools more secure and easier to use.
2. Synthetic identity fraud will break records
iProov says synthetic identity fraud, where criminals create false identities using different real data to defraud governments and businesses, will skyrocket in 2022. States following this method.
The company says that almost every organization is at risk of inducting a fake person. This can result in financial loss, data theft, regulatory penalties or more.
3. Life Check to become mandatory for online identity verification in financial services
New guidelines from the European Banking Authority will make it mandatory for EU regulated financial service providers to complete biometric life verification when enrolling their customers remotely.
As Europe tightens its security and sees a drop in new account fraud, theft and money laundering, organizations and regulators in other markets will adapt as well.
4. Governments will prevent travel chaos by enabling remote ID checks
Border agencies will encourage travelers to complete advance document checks from home via smartphone, tablet or computer. They will also provide kiosks at travel centres.
Without prior checks, the crunch of increased entry requirements in some areas coupled with cuts in public sector spending will mean longer passenger processing times with inevitable delays and citizen frustration.
5. Government-backed digital identity programs to be expedited and interoperable to improve privacy
Consumers all over the world are realizing that they do not want to give away their addresses and other personal information to any place or service.
As demand for secure identity services grows, more state and federal governments will begin implementing interoperable digital ID programs, which use verifiable credentials to allow citizens to cryptographically confirm themselves .
6. Deepfakes will become ubiquitous
The technology to create deepfakes is now so widely available that even cyber attackers with minimal resources can cause serious damage.
Cybercriminals have already adopted advanced methods, and in 2023 we will see the proliferation of face swapping and 3D deep spoofing which are used to find security vulnerabilities and circumvent the protocols of organizations around the world.
Any organization that is not protecting its systems against deepfakes will need to do so urgently.
7. The metaverse will see an explosion of identity theft and other cybercrimes
Without safeguards to guard against identity theft and synthetic identity fraud, the metaverse will become a conduit for crime by 2023. In turn, these attacks will target a younger demographic and organizations without good security measures in place. Cyber security.
As a result, identity verification will be needed to prevent this, and biometrics will play a key role in protecting genuine users and holding bad guys accountable for their online actions.
8. Verified Identities Will Become a Defensive Tool for Internet Platforms
2023 will be a very important year for the way internet platforms – especially social networks – are regulated in the European Union, the United Kingdom and the United States.
Providers can be made more accountable for shared content and for algorithmically driven recommendations. If the provider is responsible, they will need to have firm control over who creates the content. Identity verification provides the necessary guarantees.
9. Appliance counterfeiting will increase rapidly
The growing reliance on devices as a security factor has attracted the attention of cybercriminals, who exploit vulnerabilities to steal data.
In 2023, we will see an increase in the sophistication of criminals who spoof metadata to disguise their attacks (for example, a laptop that looks like a mobile device) to circumvent enterprise security protocols.
In 2023, organizations—especially those that rely on mobile internet—will recognize the limits of data from once trusted devices. Because of this, they will be moving their verification services to the cloud.
10. There will be more regulation to protect critical infrastructure
Global economic and political unrest in 2022 raised questions about vulnerabilities in public infrastructure. In 2023, public sector agencies at all levels will see increased regulation of how their systems are secured and protected against bad actors.
now read: 7 trends in digital identity we’ll see in 2023
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