AI AND BIOMETRICS KEY TO BUILDING TRUST IN A DIGITAL WORLD

With use of biometrics continuing to rise, identity verification software is increasingly using AI to help keep consumers safe and secure

In today’s digital world, passwords are simply not secure enough. According to Verizon’s 2022 Data Breach Investigations Report, stolen password credentials were involved in 61% of all company data breaches last year. In fact, with bots capable of attempting over 100 billion password combinations per second, the average eight-character password can be cracked in as little as 12 minutes.

Researchers from Stanford University and Tessian, Psychology of Human Error 2022, found that approximately 88% of all data breaches are caused by an employee mistake. As a result, it is evident that traditional authentication methods must be replaced with the latest biometric technology, such as specialised hardware sensors in mobile phones, fingerprint detectors, unique facial recognition cameras (3D), or iris recognition.

Biometric technology has become increasingly popular in recent years, especially with the advent of two-factor authentication for online banking. The global biometric market's revenue reached US$43bn in 2022 and is projected to hit US$83bn by 2027.

Biometrics provide increased levels of assurance to providers that a person is real by verifying a tangible, real-world trait as both something the user has and something the user is. “The use of passwords for user validation is heavily reliant on limited human memory capacity,” says Amanda Widdowson, Head of Human Factors Capability at Thales UK.

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