Page 12 - Cyber Warnings

Facial Recognition: Killing the Password One Photo ID at a Time

By Stephen Stuut, CEO of Jumio

In today’s complex cyber security landscape, the notion of utilizing a password to validate a
user’s authenticity is rudimentary.

Cybercriminals can retrieve passwords through a variety of ways. One of the more common
processes is via a breached network or public Wi-Fi services found in public areas like
transportation venues and restaurants. And it’s a simple three-step process:
 The fraudster creates a Wi-Fi hub that’s identically named to the venue’s legitimate Wi-Fi
hotspot.
 Customers then log onto the fraudster’s hotspot, which contains malware that allows the
fraudster to access their machine.
 The fraudster then accesses the customer’s online accounts, at the same time hacking
their password using fraudster cryptography tools.

Recently, a large search engine provider experienced a major data breach in which a hacker
was able to steal login information for 200 million email accounts. The stolen records are
currently up for sale on a darknet marketplace that offers illegal goods. For 3 bitcoins, or $1,824,
anyone can buy the stolen records and, once retrieved, can likely access personal information
for each user. Passwords remain a vulnerability within the threat landscape. To combat this
threat, companies need to implement more secure means of verifying the person making the
transaction is in fact who they say they are. Biometric facial recognition with liveness combined
with a government issued form of identity is the next trend in securing individuals and
businesses.

A password is a secret string of letters, numbers, and symbols that validates someone’s identity,
and allows that user to access proprietary information such as email messages, medical
records, social media accounts and more. However, passwords remain targeted by
cybercriminals because of their value. When breaches occur by cybercriminals or hackers,
passwords are often released to their “dark” network and can be sold or purchased for malicious
intent. The cyber tech industry needs to do more to maximize consumers’ security; starting with
replacing passwords with facial recognition.

Facial recognition is quickly helping address fraud issues within a number of industries, such as
financial services, travel and transportation, businesses that fall within the shared economy,
online gaming and more.

With online and mobile transactions on the rise, there are more ways to pay than ever. Whether
it’s opening a new account, transferring money, or adding a payment card to an application
that’s used frequently (such as shared ride services), online and mobile payments are sky

12 Cyber Warnings E-Magazine – September 2016 Edition
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