This week’s warning – that online fraud attempts will hit epidemic levels if the government fails to act – should come as no surprise. As we transition into the post-pandemic era of hybrid working, online shopping and socialising, the government must be tougher on both the fraudsters behind these crimes and the businesses not doing enough to protect their customers. Awareness around effective cybersecurity solutions and fraud prevention tools is no longer optional.
Whilst there is no silver bullet for fighting fraud, biometrics have been proven as an effective fraud prevention tool. By authenticating people based on who they are, rather than what they know, businesses can utilise biometric technology to protect their customers against fraud in any channel, regardless of whatever new tactics the fraudsters are using.
When it comes to fraud, prevention is always better than a cure. The government needs to encourage businesses to be one step ahead and modern technologies – such as biometrics – are a key part of this.