International Fraud Awareness Week is taking place this week from November 17th through 23rd. Identity fraud is growing at a rapid pace, and data breaches fuel a wide range of attack vectors, impacting big brands and their consumers on a daily basis. Online fraud losses are up >10% for more than half of FIs*.
This is a good time to evaluate new technologies that can bolster security and privacy while enhancing the user experience. The right technology choices can help enterprises achieve many of their strategic objectives and result in increased traffic, higher conversion rates, reduced fraud, simplified operations and streamlined compliance.
One of these key technologies is WebAuthn. WebAuthn, the W3C password-less MFA standard, will revolutionize the online experience in 2020 as it moves into widescale deployment. It supports device embedded cryptographic authenticators. This easy-to-use, strong multi-factor protocol frees users from having to remember passwords, provides a great user experience and mitigates over 99.9% on ATO fraud vectors.
WebAuthn provides an enhanced multi-factor authentication capability for the web – for browser, mobile web and mobile applications. It has several major benefits:
*Aite Group May 2019