Page 109 - Cyber Defense eMagazine Special RSA Conference Annual Edition for 2022
P. 109
Replacing Weak Authentication Methods with
Decentralized Security Infrastructure: The Move
Towards a Passwordless Future
By Frances Zelazny, CEO of Anonybit
Recent advancements in securing online accounts have effectively changed the way many of us envision
protecting our digital footprint - with top priorities of maintaining privacy and preserving online identity
security. While transformative, these advancements are not airtight means of security.
The continued flood of identity fraud within the past few years is insurmountable. In 2021 alone, 59% of
identity fraud victims attested to total account takeover, with an approximate average value of financial
losses of $12,000 across multiple accounts per victim. With $6 billion in personal losses each year,
account takeover has quickly become the leading form of fraud loss. As such, security experts across
the industry agree that the way forward is through strengthened authentication, starting with eliminating
passwords and replacing them with more secure factors, such as biometrics.
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