To users convenience is more important than security - Weekly Mobile ID Roundup #003

September 17, 2018
1 minute read
Category: Mobile Identity
Author: IPification Team

Welcome to the third installment of our Weekly Mobile Identity Roundup in which we collect news related to user security, data breaches, digital and mobile identity… from around the world.

This week there are no big breaches occupying the headlines, but that doesn’t mean there are no important stories to cover. We’ll start you off with a research that shows why what we are doing at IPification is a key to a more secure future.

Convenience trumps security

Last week PYMNTS published research results that show one of the crucial problems with user authentication and authorization. 

Over 70% of financial services users prefer easy to use authentication, while 60% prefere when it is convenient. Only 45% stated they prefer authentication with tight security.

Although we are not happy users prefer convenience to security, we understand it. It’s logical. We are used to doing everything quickly, without much hassle. Once we are burnt, we are willing to do an extra authentication step. But most people haven’t been burnt and don’t really think about it.

This is where we come in perfectly. Our solution is quick and easy to use, while also being more secure than tradition two-factor authentication, and more private than biometrics.

Mobile frauds at an all time high

While we are talking about habits of financial services users, a research by ThreatMetrix shows that only during the first six months of 2018 there were over 150 million attacks on mobile transactions.

This is 24% higher than during the same period last year to last year. Mobile fraud attacks now account for a third of all global fraud attacks.

The need for mobile devices to be more secure, especially when accessing financial, shopping, and work-related apps is clear. This is also confirmed by top 100 UK security experts. Almost 60% of them state personal devices being used for work as the biggest threat.

Mobile operators replacing passwords

One of the initiatives that aim to improve user authentication in the world where passwords are not enough, and other solutions usually not required by apps is Project Verify by AT&T, Sprint, T-Mobile and Verizon.

We welcome their initiative that relies on using several unique signals and capabilities that only mobile operators have access to. This includes knowing the approximate real-time location of the user, how long they have been a customer and used the device in question, as well as information about components inside the customer’s phone that are only accessible to the carriers themselves, such as cryptographic signatures tied to the device’s SIM card.

Our solution for mobile operators can certainly fit well into their plans.

This week’s roundup we are finishing with a story related to the news about Instagram and their two-factor authentication implementation. No, there no new developments regarding one of the favorite social media apps.

But if you are using it you can find some solace in the reports that your account is more secure than that of an average US State Department employee.