In today’s digital world, cybersecurity is essential, especially when it comes to protecting digital financial accounts, or digital wallets that hold crypto assets. Ensuring that only the authorized account owner(s) can access account information is as important as securing the network over which the data is transmitted. This is because, unlike bank accounts, there is no regulatory protection, such as the FDIC, in place for users who lose their crypto assets, or get their crypto assets stolen, due to their account or digital wallet getting hacked.

In this video, Brandon Krieger of Daily Cyber and CEO of LoginID, Simon Law discuss what passwordless authentication really means and how it is far more secure than using a traditional password. They also discuss the vulnerabilities of passwordless authentication and how with FIDO/FIDO2 certified strong customer authentication can eliminate them.

In this video, Brandon Krieger of Daily Cyber and CEO of LoginID, Simon Law talk about the future of passwords and how FIDO/FIDO2 certified strong customer authentication is a much more secure method of fraud prevention. LoginID’s free to try open SaaS passwordless authentication platform can be integrated with a website or app in just a few lines of code.

Biometric technology protects the world from identity theft and cybercrimes. It offers an unbreakable way for users to authenticate with their own unique biometric characteristics. Advances in science, software, hardware, encryption, and regulations have catapulted the integration of biology-based authentication—with no slowdown in sight.

The Coronavirus pandemic and its need for social distancing has encouraged a lot of businesses to go online. From selling goods over the internet to providing services and accepting payments online, companies all over the world have embraced this as a new norm. Unfortunately, the rise in cybercrime and cyberattacks have risen as well during this pandemic. Apart from worrying about how to transition their businesses online with as little disruption to customers as possible, companies’ cybersecurity teams are now under immense pressure to ensure their infrastructure, customer data and transactions are well protected against cyber threats.

A majority of online crimes, especially data breaches, have financial motivations. Nearly 80% of data breaches aim to obtain information such as financial account information, social security numbers, insurance information, and online banking details. Once this information is obtained, hackers misuse it to gain illegal access to bank accounts, defraud institutions, and other such financial and identity crimes.