In 2023 alone, there were over one million identity theft reports to the UK Federal Trade Commission (FTC). With AI-driven, synthetic identity fraud on the rise, victim losses continue to skyrocket with each personal data leak.
The impact of this sees consumers left vulnerable because businesses are not adapting their defences to these new hacking methods.
Furthermore, as Info Security Magazine points out: “Identity compromise is one of the top cyber threats to organizations, prompting cybersecurity professionals to encourage better identity management hygiene across industries.”
If the fight against AI-driven fraud becomes an “arms race” between businesses and fraudsters, how can security teams safeguard consumer data?
In light of Identity Management Day on April 9, 2024, Digital Journal caught up with Bala Kumar, Chief Product Officer, Jumio.
Kumar places generative AI at the centre of his analysis, noting: “The growing accessibility of generative AI has left businesses and individuals at heightened risk of identity theft. With AI-driven tools like FraudGPT, cybercriminals only need seconds to launch sophisticated attacks involving synthetic identities or vocal and facial deepfakes to bypass traditional security measures”
Putting the context of data-related issues in context, Kumar pulls out the statistic: “Ninety percent of organizations have suffered identity-related breaches, calling for new solutions to combat these threats.”
Digital identity management refers to the idea of exercising care and caution in relation to network access, account access, and social media sharing
To address these concerns, the companies need to adopt ne approaches and measures. Kumar recommends: “Businesses must adopt stricter biometric verification strategies that incorporate liveness detection and AI-powered analytics to recognize fraud patterns as they emerge before fraudsters have the chance to strike more broadly.”
Kumar further advises: “Investing in threat intelligence technology, like AI-predictive fraud analytics, is a fraction of the cost of the damages associated with a breach. By implementing a multilayered defence against identity theft, security teams can not only stop fraud, but prevent breaches.”
Good corporate governance is also essential, observes Kumar: “Businesses have a responsibility to protect themselves and their customers with robust defences or risk paying the price.”
