LoginID – Competitor Analysis (Infographic)

There has been a growing need for organizations to improve their authentication protocols to verify their users. The motivation behind this trend ranges from access control reasons and more about business purposes to safeguard vital information.

For the longest time, organizations have relied on passwords that are useless when it comes to fraud prevention. It is the most common authentication method and the oldest security tool when it comes to the world of software and the internet.

Creating a strong password includes a combination of letters, numbers, and even special characters. Unfortunately, they do not provide enough protection for a business as they are prone to phishing attacks and other fraudulent tactics that weaken effectiveness.

Moreover, many people tend to use one password for every account they own as it is easier to remember. In truth, 70 percent of employees reuse passwords at work, according to Verizon’s Data Breach Investigation Report. 

The bottom line is that passwords have many weaknesses and are not sufficient authentication methods for protecting online information. With sophisticated tactics, hackers can easily guess user credentials by guessing through all possible combinations until they find a match. 

Aside from the widespread use of passwords, there are several reasons behind the growth in demand for advanced authentication. Today, organizations increasingly rely on electronic data and computer networks for their daily operations.

Accordingly, the number of global internet users increased significantly and the quantity of financial and personal information shared online. There is also the increased adoption of mobile technology.

Consequently, enterprises find the most effective way to allow employees, partners, or other stakeholders to access platforms on any device and from any location. Many companies have already employed two-way authentication systems for online identity verification.

Considering multi-factor authentication and biometric authentication increase the confidence of organizations and users by adding multiple layers of security. Both are great defenses against most hacks.

Biometric Authentication

Employing biometric authentication technologies for a business means adopting a high level of security without creating friction for users. Common biometric authentication methods include facial recognition, fingerprint scanners, speaker recognition, and eye scanners.

When an individual uses a government-issued identity document for authentication, they must physically present the document to an employee. The worker will check the picture of the ID against the image on the person holding the ID. If the two match, the process is successful. If the two don’t match, they may be faked or tampered with. Regardless of the method, these verification processes are essential to a business’s safety.

The face-to-face process is more secure because the person can present the document in person. An employee will verify that the person in the ID matches the person holding the document. Using a face-to-face process requires an individual to visit an actual physical location. A real-life agent will verify the person in the ID picture against an ID photo. In some cases, the agent may make a copy of the ID or have the individual fill out a document.

Identity Verification

Using an online identity verification service can help prevent fraud by ensuring that the person is not on a government watchlist or using a fake Social Security number. It can also detect the presence of fraudulent accounts and identify prospective customers on government and international watchlists. Biometric Authentication can be expensive, but it can help protect a business from being hacked. By using an LoginID FIDO2 Solution, a business can confirm the authenticity of its customers.

Online Identity Verification is a key aspect of online security. Once a person’s identity is verified, they can access more services and products. For example, companies can check if a person is using a fake Social Security number. Additionally, it can check if the person is using a valid ID. A valid ID is the best way to protect your company from fraudulent transactions. This means that it must be able to provide you with a certificate of authenticity, which is the most secure way to authenticate your customer.

Want to learn more? Visit LoginID’s website.

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