The staggering pace of digital innovation requires enterprises and consumers alike to adapt in order to thrive in the modern marketplace. However, in much the same way you would secure growth for your company with the most effective new account fraud prevention and detection strategy, it’s best to take a proactive approach, rather than being reactive to technological evolution.
Whether you’re a single parent, sole proprietor, or Fortune 1000 COO, it pays to keep up with the latest developments in digital identity. It’s not just about e-commerce—digital identity is on track to become a cornerstone of our increasingly global society. How quickly that happens is up for debate, but there are a few clear trends that can help inspired businesses and individuals alike keep up with this unprecedented advancement.
Here are three evidence-based predictions about how digital identity will grow and change in the near future and how these transformations could impact your daily life.
Digital Wallets Are Inevitable
In the 2010s, as social media platforms hit their stride, developers moved rapidly to make their products available on mobile devices. To many observers, the advent of digital wallets seemed almost like a toothless byproduct. However, mobile digital wallets are decidedly here to stay, and the last crypto boom proved it.
With any new technology, adoption tends to pose a significant hurdle. But when people are adequately motivated to adopt a new product or service—as was the case with the rapid success some crypto companies experienced before widespread deflation—exponential user base growth can become a reality.
While the advantages of digital wallets have not yet been sufficiently demonstrated to the public, look for them to become even more common within the next few years—especially as other innovations enter the spotlight.
AI Will Contribute to Both Fraud and Fraud Detection
Phishing schemes, account opening fraud, and a wide range of other digital threats pose significant hazards to companies and consumers alike. As they have with so many other well-intentioned tools throughout history, the bad guys will start using artificial intelligence tools and innovations that don’t yet exist to further their agenda at the expense of individuals and highly respected organizations.
Whether they use deepfakes, automated bots, or other means, fraudsters are already leveraging AI to carry out devastating attacks against organizations and individuals. What once was science fiction has become a challenging reality, endangering profits, livelihoods, and even public systems, including infrastructure and data storage.
The Future Belongs to Behavioral Analytics Software
A proactive approach to problem-solving involves confronting issues head-on, at the source. When it comes to fraud detection, there’s no better option than tools that harness the power of behavioral analytics software. Behavioral analytics systems passively read the digital body language of each user as they interact with forms on a website, watching their clicks and keystrokes for signs that they aren’t familiar with the information they’re inputting.
A static, PII-based fraud detection system uses only the PII in each form field for ID verification. But with so much stolen, compromised PII available for purchase on the darknet, fraud ring leaders and other bad actors have more than enough information to forge synthetic identities and outwit these outdated systems. That’s why behavioral analytics has become such an important development and will see broader adoption as fraud becomes a more lucrative industry throughout the next decade.
About NeuroID
With compromised PII and devious strategies like synthetic identities at their disposal, digital fraudsters are more cunning and aggressive than ever before. That’s why leadership teams are turning to NeuroID for a proactive approach to fraud detection that leverages cutting-edge technology. That way, you can catch would-be fraudsters at the point of attack. Instead of relying on PII to verify identity, NeuroID harnesses the power of behavioral analytics, passively monitoring every user’s taps, swipes, and keystrokes as they interact with your site forms in real time. By reading the digital body language of each user to spot risky activity, NeuroID delivers superior ID verification based on behavior to help your organization stay ahead of fraud activity.
Fortify your digital platforms and secure growth with tools from NeuroID at https://www.neuro-id.com/
Original Source: https://bit.ly/3XY5bkR
