Page 120 - Cyber Defense eMagazine August 2023

Tech-Forward Strategies to Effectively Fight

Fraud

By Blair Cohen, Founder and President, AuthenticID

Not only has digital transformation completely reshaped the way we conduct business, but it has also
introduced an onslaught of fraudulent attacks on both organizations and consumers alike. In fact, more
than half (53%) of consumers today have had their identity compromised at some point. As we continue
down the path of digital transformation, cyberattacks will only increase in volume and complexity. As a
result, identity-proofing will remain a critical piece of the fraud-prevention puzzle.

With the total cost of cybercrime expected to reach $8 trillion this year, there are several next-gen
authentication methods business leaders should consider implementing to help protect both their
company and their customers from harm.

The Value of Stateless and Biometric Authentication in Fighting Fraud

Stateless authentication – also known as token-based authentication – verifies users through tokens,
most frequently a JSON Web Token (JWT), which are used for managing authorization. With this
authentication method, information is stored within the token, allowing a user to access what they need
without being required to provide their username or password.

Cyber Defense eMagazine – August 2023 Edition 120
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