Rodger Desai, the chief executive officer of New York startup Payfone, said that recent cyberattacks rely on individual consumers to operate. “Security today involves the consumer to secure themselves, and that’s the problem,” he told CNBC in a phone interview. “Whenever consumers are involved – and they’re always involved – people can socially engineer the consumer.”
Desai heads the fintech firm Payfone, which uses automated customer identity authentication technology, to remove the need for using passcodes or security questions.
“There are so many ways in which cyberattacks are getting more sophisticated,” he added. “What we realized when we started the company is that these kind of attacks would grow. For example, if I wanted to reset my password with the bank and I’d forgotten it, they’re going to send my phone a code. That could be someone else.”