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Pindrop, a global provider in voice technology,  released its report on the 2023 authentication landscape and top trends that will impact highly regulated industries including banking, insurance and healthcare.

In today's digital world, organizations must balance security with customer experience when it comes to authentication. Creating a simple, frictionless authentication process that crosses channels and upholds a higher level of account security is key to protecting and retaining customers. When evaluating and adjusting authentication strategies, Pindrop researchers find that organizations should focus on these factors:

Flexibility: Customer experience is often the first thing to be impacted when security measures are implemented. Password-related problems are the most frustrating obstacles; in fact, 92% of users reportedly just leave a website instead of recovering their account.

Multifactor authentication (MFA) is no longer optional: Organizations today must move beyond just passwords and prioritize multifactor requirements and investigate more convenient yet secure authentication methods like biometrics.

One-time password (OTP) risks make contact center authentication more important: OTPs are often used as part of MFA, but they carry risks. As companies look to mitigate SMS/OTP fraud risk, they're directing more calls to the call center – prompting the need for strong call center authentication.
Deepfakes require a new approach: As conversational AI and deepfakes increase in sophistication and become easier to use, they bring major risks that organizations must account for in their authentication strategy.

Rise of voice assistants demands new security methods: Securing a voice assistant is generally done by linking a smart speaker or other technology to an authenticated account. While that account is attached to one user, the assistant may be used by multiple users, which can make it more difficult to authenticate who is using it. Multi-user households, especially those with children, have already seen purchases being made without authorization.

According to an Insider Intelligence report, around 123.5 million US adults used voice assistants at least once per month in 2022. By 2026, there is an expected predicted growth of more than 48%. As this trend rises, authentication and fraud detection must take center stage. Organizations need to find ways to balance security with customer experience, but finding a simple, frictionless authentication process that does this and crosses channels is a challenge.

Amit Gupta, VP, product - authentication, Pindrop, said: "As organizations adopt the conversational AI and voice assistant technologies, they are hard pressed to balance security with customer experience. Not only that, legacy authentication methods typically don't work for these technologies, and they can impede extracting the most value from these tools. With the advancement in technology for multifactor authentication leveraging biometrics, there are better ways to validate a user's identity without treating them as criminals on every interaction."

Ian Mitchell, co-founder, Mission Omega and founder, The Knoble, said: "Many financial services organizations are still struggling with authentication and account takeover. The biggest gaps we see are dated tools and infrastructure as well as an inconsistent application of fraud-fighting procedures and controls across all channels. Modernizing technology and moving away from OTPs is a must for long-term growth and sustainability."

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Posted by Veronica Silva Cusi, news correspondent
Source: https://www.prnewswire.com

Date Posted: Tuesday, March 7, 2023