Digital identity theft rates among businesses are on the rise, leading many to adopt phone verification techniques, says Prove. This company, boasting over a decade in promoting “digital identity”, sees this measure as a crucial defence against fraudsters. Tactics such as two-factor authentication and biometric verification are now being integrated into security protocols to fight fraudulent activities.
The importance of regular security training is emphasized by cybersecurity experts. Human error remains a significant factor in business identity theft, making comprehensive employee training a foolproof method of risk mitigation. Prove aims to provide businesses with secure platforms, endorsing robust security measures as a part of responsible digital citizenship.
Prove’s CEO recently demonstrated the ever-evolving threats businesses face by posing as a scammer asking for gift cards from his employees. This exercise was designed to underline the necessity of continuous education and constant adaptation to potential cyber threats.
Fraudsters are harnessing artificial intelligence for identity theft says Prove’s CEO, who was personally targeted. His suggestions for a potential defense against this misuse of AI and “deep fakes” is to utilize smartphones for secure identity confirmation.
The lack of robust protection at companies’ “digital doorsteps” is leading to an increase in business identity theft. The CEO recommends a shift in authentication methods and implementation of strategies for verifying caller identities.
Strengthening phone verification to combat business identity theft
Suggestions include real-time risk assessments and machine learning technology, coupled with employee training, for increased security.
Scam practices, such as counterfeit invoicing, cost European companies billions annually. US firms lost approximately $2.7 billion to fraud last year. These scams harm the credibility and financial stability of businesses. It’s time for companies to invest in advanced security infrastructures, employee education and stricter controls.
Scams often succeed because of the repetitive nature of corporate transactions. This makes it crucial for vigilant checks and balances to prevent unauthorized transactions. Businesses should regularly verify transactions and investigate any detail changes. By fostering a culture of attention and mindfulness, such scams can be more effectively countered.
Prove’s CEO advocates for strengthening authentication processes, regardless of communication medium. Prove uses phone identity tokens linked to specific numbers to ease the verification process for both suppliers and customers.
