Organisations rely on digital technology to improve and identify new opportunities using big data.
But while this offers significant advantages, it also injects more risk into operations. A successful cyber-attack can cause serious damage, and businesses must protect sensitive customer data to retain trust.
The Growing Dependence on Digital Technology
Organisations globally depend heavily on digital technology. This technology assists in enhancing customer services, improving internal efficiencies, and uncovering new opportunities through big data.
However, the more these businesses rely on technology, the greater the risks they encounter. Successful cyber-attacks can have severe financial, legal, and reputational repercussions. Protecting sensitive customer data is vital for maintaining trust.
Artificial Intelligence: A Double-Edged Sword
The introduction of artificial intelligence (AI), especially generative AI (genAI), has amplified both the reliance on technology and the associated risks. Over half of the businesses now engage with some form of AI.
AI can be harnessed to craft sophisticated cyber-attacks, including convincing deepfake videos and voice messages. Since the inception of ChatGPT, phishing attempts have surged by over 1,200 per cent.
Digital Fraud Trends
Businesses are urged to address digital fraud trends emerging from AI to preserve customer trust.
Generative AI facilitates the creation of more authentic-looking fraudulent emails, videos, and voice messages, leading to account takeovers. Such breaches provide access to customer card details and other vital information.
With multi-factor authentication (MFA) not active in around 99 per cent of successful attacks, businesses must make it a default setting. It’s crucial to train IT and other staff on the importance of MFA.
Combatting Fake Accounts
Fake accounts have become a frequent method for bad actors to perpetrate fraud. By embedding in social media platforms, they can damage brand reputations.
These accounts can propagate deepfakes, despite advancements in identifying and removing AI-generated content. Thus, implementing Know Your Customer (KYC) checks becomes essential for spotting fake accounts.
Importance of Digital Identity Systems
Every organisation must have access to robust and data-driven digital identity systems with multi-factor authentication. This ensures that individuals are who they claim to be.
“In our increasingly digital world, MFA is an essential safeguard,” asserts Christophe Van de Weyer, CEO of Telesign. Businesses must prioritise security to thwart cyber-attacks and data breaches.
Omnichannel Approach to Authentication
Telesign’s Verify API offers businesses the ability to verify identities across various channels, including messaging and voice. This allows security teams to select the optimal primary channel and an alternate for fallback.
The omnichannel approach ensures a smoother and more customer-friendly experience. Additionally, verified business accounts on platforms like WhatsApp and Viber help curb social engineering and phishing attacks.
Navigating the Era of AI
In today’s AI-driven era, businesses stand at a crossroads. They must adopt innovative technologies while fostering trust.
“Those who navigate this challenge successfully will emerge as beacons of trust in the digital world,” says Van de Weyer.
The digital era brings both opportunities and risks. Businesses must adopt robust security measures to mitigate cyber threats.
Only by navigating these challenges successfully can organisations foster and maintain customer trust in an AI-driven world.