Biometric Authentication Becomes Priority to Combat Crypto Fraud

Todaysgist, News – The development of digitalization cannot be stopped. Crypto assets have become one of the most sought-after financial instruments in this digital development. However, the security risks of Crypto assets have also increased significantly.

The increasing number of hacking incidents on digital platforms, including in the crypto sector, provides an important warning for digital asset owners to take stronger protective measures.

VIDA Founder and CEO Niki Luhur explained that traditional protection measures are no longer adequate to deal with the complexity of digital threats.

“In a situation where cyber attacks on digital assets are increasingly sophisticated, proactive security measures are essential. Biometric authentication is a key solution to ensure the security of digital transactions, especially to protect digital wallets from unauthorized access,” he said in a written statement, Saturday (14/9/2024).

In addition to digital fraud in the crypto sector, there are four other types of fraud that are also on the rise:

1. AI-Generated Fraud: Threats such as deepfakes and fake content generated by artificial intelligence.
2. Social Engineering: Psychological manipulation performed to gain illegal access to a user’s account.
3. Account Takeover: Identity theft to gain unauthorized access to digital accounts.
4. Document and Signature Forgery: Forgery of electronic documents and digital signatures is often a tool of fraud.