How Businesses Can Protect Their Customers' Identities

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Headlines:

• "Microsoft Announces New AI-Powered Cybersecurity Solution to Protect Businesses" (Infosecurity Magazine, 2022)

• "Snapchat Introduces End-to-End Encryption for Private Chats with New 'Memories' Feature" (Engadget, 2022)

• "Tencent Holdings Invests $100M in Cybersecurity Startup to Boost Online Protection" (Financial Times, 2022) These news headlines highlight the increasing importance of businesses protecting their customers' identities and personal data in the digital age. By implementing enhanced encryption, cybersecurity measures, "and other safeguards.".. these companies demonstrate their commitment to safeguarding their users' sensitive information.

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How should organizations approach protecting customer/user identities in the era of AI? originally appeared on Quora : the place to gain and share knowledge, empowering people to learn from others and better understand the world.

The AI era has empowered fraudsters to embrace new sophisticated tactics that increasingly target businesses managing user data and transactions. According to a Regula survey , 88% of experts saw synthetic identity fraud as a genuine threat last year, while 46% already experienced it themselves or within their organization. In response to these threats, organizations must re-evaluate their exposure to these attacks and develop plans to keep their users and platforms safe. However, as businesses allocate massive budgets to fighting fraud through large-scale security systems and CAPTCHA tests, they do so at the risk of negatively impacting the customer experience. To make a new account online or log into an existing one, users are burdened with the responsibility of proving their identities, with a seemingly endless number of security measures that encourage them to abandon platform engagement altogether.

To fight fraud while maintaining the customer experience, businesses need to prioritize identity verification throughout the consumer journey – from the onboarding process, to authenticating transactions, and maintaining compliance. In the AI era, standard identity verification techniques are not enough to deter attackers. Traditional methods rely on image capture for authentication and are increasingly vulnerable to deepfake attacks. This presents a key issue: combating the evolving threat of AI-based fraud on an enterprise scale, without introducing friction or new barriers to entry for the consumer. Integrating modern identity technology, such as the Prove Link SDK , makes it faster and easier for any company to offer seamless and accurate identity management throughout the entire consumer lifecycle. Prove Link SDK simplifies IAM processes for businesses, and through orchestrated APIs and real-time Key Management, ensures the highest pass rates with the lowest fraud rates.