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Fighting Biometric Fraud on the Blockchain
Biometrics may seem like a high concept to many people. Retina eye scanners and handprint door locks evoke images of Netflix sci-fi dramas, but biometric technology is taking place right now. From facial recognition airport security, the latest iPhone fingerprint sensor to desktop computer software, biometric authentication uses unique facial, retinal or fingerprint recognition to confirm a user's identity, and is being increasingly used to establish bank payments and online transactions.
From an online security perspective, the days of weak passwords such as “Password123” and “qwerty2018” are nearly over. Single-factor authentication is vulnerable to phishing attacks and malicious malware, even two factor SMS authentication is proving insecure. From this perspective, not only are traditional passwords obsolete and inefficient, but they also pose a huge cybersecurity risk.
The Decline of the Password
Weak online security has led to severe data breaches in the past few years. With hackers operating on the dark Web for serious money, card data theft is a commonplace occurrence. In 2013, retail giant Target Corporation was subject to a malware hack that compromised 40 million customer credit and debit cards. Hackers were able to gain access to Target's internal network by infiltrating a third-party contractor. The data breach ended up costing the corporation a reported $148 million, according to The New York Times.
Alas, they are not alone. Other retailers, such as eBay and TJ Max, had 145 million and 95 million, respectively, customer cards stolen by criminal gangs. Such a gross violation of customer security is unsustainable. While multi-factor authentication has led to some improvement, the current system is a burden for users.
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