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Identity Proofing Preventing Cyber Crimes In Banking Institutes

TaraCruz December 1, 2021

Cyber-attacks have increased a lot in the past few years. It is already predicted that the attacks will increase in 2021. This is mainly because of the pandemic situation. The uncertainty brought by Covid-19 is the prime cause behind the increase of this crime. Since the businesses have shifted online, the threat of attacks has grown too. Most of the organizations have not taken any proper strategy of information security e.g. identity proofing on their access credentials. This gives the hackers an open ground to perform their illicit activities.

Small and medium businesses suffer a lot due to these attacks. It happens because they aren’t prepared and well-equipped to counteract their attacks. Apart from that, they aren’t aware of how important identity proofing is in information security. The proper guidance and risk management should be a priority while starting an organization. If the organization deals with financial assets like banks, they need to be extra vigilant. 

The recovery from a cyber-attack requires a lot of financial resources and the downfall of the infrastructure takes forever to recover. It is necessary to introduce proper checks and balances in these financial organizations. Introducing identity proofing in the protection of digital assets can maintain a secure level of privacy against cybercrimes. Identity proofing methods like AI-powered biometric identification can reduce the harmful attempts targeting an organization.

Cyber Attacks: How Harmful are they?

Cyber attacks are the biggest concern in organizations. Attackers always try to hack an organization and harm the integrity, availability, and confidentiality of a system. The breaches of data and information cause huge damage to an organization. The organizations, mainly financial institutes, are required to follow proper security compliances related to the security of the customer’s information. Losing that will result in huge fines signed by the regulatory parties. Cyberattacks also cause the loss of reputation and trust in an organization, which is the main priority in businesses, especially in financial institutes. The lack of identity proofing and spoof detection gives an opportunity to the criminals, already gawking for an opening.

Why Banks Are the Biggest Target Of Cyber Attacks?

Identity proofing

What is identity proofing? Identity proofing is verifying and authenticating the user before giving them access to the system. The access of an unauthorized person can be blocked by the system.

Financial Institutes and cybercrimes

Financial institutes are now in grave danger due to these cyberattacks. Not only are the attacks increasing but they are advancing too. Banking institutes have become the main target of these crimes. Research shows that most of the cyber attacks are being done with financial motives behind them. Because banks are the main asset of monetary sources, proper control strategies should be taken against these attacks. The increase in digital threats to financial institutes requires the need for identity proofing in the system.

Identity Proofing Can Aid in Cyber Security

The fate of cyber security in the future relies on the advancement brought by artificial intelligence and machine learning. Since digital attacks are continuously advancing, the security controls against them should also be upgraded. The field of artificial intelligence is constantly making progress, incorporating AI in information security can result in a big improvement in protecting the assets of the institutes. 

Biometric Verification Online: Preventing Cyber Attacks on Login Credentials

The addition of biometric verification for identity proofing on login credentials can prevent hacking attempts. Especially in digital assets, the threat of cyberattacks increases. Criminals mostly come with forged identities and access the confidential records of the organizations. Hackers inject malicious code into the database of an organization and breach the assets. The system can misinterpret them as valid employees or authorized customers of the organization. If the companies start introducing identity proofing to authenticate their users before providing them access, then these attacks can be controlled. 

ID Card Verification Solution: Enhancing Cyber Security

How can the integration of facial verification help in identity proofing? Using government-authorized identity documents, we can perform the real-time identity verification of the user. The facial features of the user can be detected with 3D mapping and his skin texture can be recorded. The system then compares the generated digital picture with the identity card photo. If the comparison results in a higher similarity index ratio, then access will be provided. If the verification results of identity proofing come as a negative signal, then the access will be declined and the user will be blocked from accessing the system. 

Ending Statement On Identity Proofing

The increased threat of digital crimes demands an equal cybersecurity approach against them. ID verification can prevent attackers from harming the hardware, software, online records, and network of organizations. It can block unauthorized users from accessing the system and can reduce the intentional attempts of the hacker in disrupting the network and misdirecting the services.

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