Institutions take on identify theft with multi-step authentication
Implications - Taking the growing concerns over identify theft into account, institutions and government services are turning to more elaborate security measures for protection. Implementing everything from biometric technology to hack-proof software and multi-step authentication, services are not only seeking to thwart on-going threats, but they're doing so in a way that combines various technological solutions.
Workshop Question - With growing paranoia around information sharing, how can you earn the trust of your consumers via digital engagement?
Trend Themes
1. Biometric Authentication - Business professionals in the banking and ID verification industries can explore innovations in biometric authentication using fingerprint, facial voice, and thumbprint recognition for more secure, streamlined customer experiences.
2. Token-based Security - Opportunities in cybersecurity can be found in creating hardware or software solutions like USB dongles or blockchain-based technology for multifactor authentication, reducing the need for passwords to protect online identities.
3. Vibration-based Authentication - Startups and researchers can look into lower-cost vibration-based authentication methods for securing digital identities, such as finger vibration-based authentication or biometric authentication platforms.
Industry Implications
1. Banking - Banking professionals can explore opportunities to incorporate biometric authentication and token-based security measures to provide customers with more secure, user-friendly mobile banking experiences.
2. ID Verification - Governments and corporations can look into integrating biometric authentication and blockchain-based technology to enhance ID verification processes in areas such as immigration, drivers license issuing, and residency cards.
3. Cybersecurity - Professionals in cybersecurity can create token-based security solutions like USB dongles, and blockchain-based authentication to replace passwords while also exploring alternative authentication methods like finger-vibration based authentication.
