It is no secret to anyone that the epidemic has contributed to a surge in bank scams. In recent times, One-Time Password (OTP) theft has been on the rise in Malaysia, prompting the country's central bank, Bank Negara Malaysia (BNM), to recommend that financial institutions stop using SMS OTP in favour of a more robust authentication strategy.
To put the gravity of SMS OTP scams into perspective, cybersecurity experts have cautioned that fraudsters now have access to sophisticated methods of circumventing bank security measures.
Biometrics are frequently the first thing that people think of when trying to determine the safest method of Two-Factor Authentication (2FA) or Multi-Factor Authentication (MFA). Due to the novelty of the technology, techniques for circumventing biometrics are still in their infancy, making it a more secure option. Does this indicate that biometrics will replace other forms of identity verification in the near future?
The term "biometric two-factor authentication" (or "biometric authentication") refers to a system that uses a user's unique physical characteristics to confirm their identification be it fingerprint, facial features, hand shape, iris structure, voice, or even typing behaviour.
These factors comprise a significant number of unique data points that need expensive technology to replicate, which most bad actors do not have access to. Therefore, many businesses consider biometric authentication to be the strongest form of identity verification.
The biggest impediment to the widespread adoption of biometric technologies is the cost, as any cutting-edge security system comes with a premium price tag. There are a few things to think about before allocating resources to be an early user of biometrics in your company.
Seamless Facial Recognition
Today, Spectrum Edge has been appointed as Incode's first Malaysian reseller after the two companies signed a Memorandum of Understanding (MOU) to offer Incode Omni, one of the world's most powerful identification solutions, to Malaysia as Incode continues to quickly expand across the Asia Pacific. The identification solution uses seamless facial recognition which allows users to verify themselves without entering a password. Incode uses its NIST-ranked facial recognition algorithm and its validated passive liveness with every authentication attempt.
Mr Eryin Halmen, Regional Sales Director – Southeast Asia, of Incode Technologies (left) and Mr Mohamad Reza Abdul Hamid, Managing Director, of Spectrum Edge in partnership to enhance the automated identity verification solution
Through an easy-to-use, impenetrable, and lightning-fast AI-based technology, Incode seeks to revolutionise how humans verify and authenticate their identities. When it comes to providing secure and private identity verification services to businesses throughout the world, Incode is said to be unrivalled. The top banks, governments, markets, hotels, and hospitals in the world use the Omni platform to personalise the user experience at scale while also significantly lowering the risk of fraud and security breaches. With Incode Omni, global companies like JumeirahTM Hotels, Rappi, and Citi can rest certain that they are in compliance with and secure to the highest standards thanks to the company's innovative passive liveness technology, world-class face recognition, and powerful deep learning algorithms.
Spectrum Edge, on the other hand, which is wholly Malaysian-owned and was born and raised in the country, has been active in the country's cybersecurity industry for over twenty years. They see themselves as a dependable business that places a premium on the happiness of clients, and as a result, have a sizable clientele among the world's leading banks, telecoms, government agencies, and multinational corporations. The cooperation between the two organisations can be viewed as a step forward to strengthen cybersecurity as a whole in Malaysia.
As the digital economy in Malaysia continues to expand, the country has become an important market for both Incode and Spectrum Edge in the Asia Pacific region. The Malaysian government's plan to stimulate the economy may involve making full use of digital technologies in order to generate a yearly economic value of MYR 257.2 billion by 2030. According to projections, by 2025, about 90% of Malaysians would have access to the web. The government of Malaysia has stated in 2021, that all citizens must have biometric identification in order to use the national registration system. This is part of the country's plan to become a digitally driven nation.
Mohamad Reza Ab Hamid, Managing Director, Spectrum Edge said during the event that their customers are constantly looking to accelerate their business growth by differentiating the customer experience digitally.
“Their urgency to explore advanced and secure identity verification and management solutions, as we emerge from the pandemic, has further intensified. From financial institutions that are looking to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations while simplifying and speeding up onboarding processes, to airlines planning to upgrade their liveness detection technology; We are excited and convinced that Incode’s best-of-breed solutions and disruptive technology are what our customers are looking to implement in their highly competitive sectors,” Mohamad Reza said.