Security News > 2024 > May > Only 45% of organizations use MFA to protect against fraud

Most businesses struggle with identity verification and have concerns over ability to protect against AI, according to Ping Identity.

The report, based on responses from 700 IT decision-makers across the US, UK, France, Germany, Australia, and Singapore, reveals a pressing need for organizations to enhance their identity protection strategies, with 97% having challenges with identity verification and 48% lacking confidence they have the technology in place to defend against AI-related attacks.

"To stand a chance against advancing identity fraud tactics, businesses must leverage more advanced technologies," said Patrick Harding, Chief Architect at Ping Identity.

"Fraud is on the rise, and it's getting worse with AI. Smart leaders know that they need to level up yet so many organizations don't have the right guardrails in place to mitigate or prevent these kinds of threats. The longer they go without, the more they put themselves in harm's way. Acting against tomorrow's attacks means planning - and getting started - now," said Jamie Smith, Decentralized Identity Expert and founder of Customer Futures.

49% admit their current fraud prevention strategy is somewhat or not at all effective at protecting against credential compromise, with only 45% using two-factor/multi-factor identification verification to protect against fraud, and even less using biometrics.

54% of respondents are very concerned that AI technology will increase identity fraud, and only 52% expressed high confidence in their ability to detect a deepfake of their CEO. 48% are not very confident they have technology in place to defend against AI-attacks, with only 27% of healthcare organizations having implemented a strategy to protect against AI threats.

News URL

https://www.helpnetsecurity.com/2024/05/07/identity-verification-ai-concerns/