Ping Identity Urges Businesses to Leverage More Advanced Technology to Fight Fraud
May 15, 2024

Ping Identity, the provider of seamless and secure digital experiences, released the findings of its new survey, highlighting the concerns of businesses over their fraud prevention strategies in countering AI threats.

The report, based on responses from 700 IT decision-makers across UK, the US, France, Germany, Australia, and Singapore, reveals 62 per cent of UK respondents are not very confident their organisation has the identity management tools to defend against bad actors’ use of AI – the lowest rate of confidence felt globally compared to 48 per cent of US respondents saying the same.

The urgency to manage AI-related identity risks, including deepfakes, is low in the UK with 35 per cent already having a strategy in place to manage threats of this nature, compared 55 per cent of French respondents and 42 per cent of German respondents.

With failure to adequately prepare leaving organisations exposed to identity cybercrime and reputational, financial, and regulatory repercussions, it’s positive that 58 per cent of UK executives are planning to increase their investments to keep up with new threats over the next 12 months.

Patrick Harding, chief product architect at Ping Identity, said: “To stand a chance against advancing identity fraud tactics, businesses must leverage more advanced technologies. Only 45 per cent of global organisations have implemented multi-factor authentication (MFA), meaning the majority have left themselves critically exposed to cybercriminals leveraging sophisticated AI tactics.”

Ping Identity’s research also found that decentralised identity (DCI) is an untapped opportunity globally, but better education is needed in the UK to improve adoption.

In fact, 95 per cent of global businesses (and 82 per cent in the UK) think decentralised identities would be valuable to their customers and employees - citing benefits like greater integration, quicker/faster identity verification and increased user control - but 46 per cent of UK respondents require improved training and education on it to encourage adoption more widely.

“Fraud is on the rise, and it’s getting worse with AI. Smart leaders know they need to level up yet so many organisations don’t have the right guardrails in place to mitigate or prevent these kinds of threats. The longer they go without, the more they put themselves in harm’s way. Acting against tomorrow’s attacks means planning – and getting started – now,” added Jamie Smith, decentralised identity expert.

Organisations have protections against identity fraud, but UK relies on multi-factor authentication in place of more advanced technologies.

Overall, 59 per cent of UK respondents have 2FA or MFA in place to protect employees and customers against fraud while half use biometrics to protect employees and customers against fraud. Forty per cent of UK organisations have one-time passcode authentication in place.

However, alarmingly, 32 per cent still use knowledge-based authentication, such as childhood pets, mother’s maiden name etc.

Priorities in the UK

The top business priorities for decision-makers in the UK are providing a good user experience (47 per cent), protecting sensitive data (43 per cent), and reducing financial/reputational loss (42 per cent).

With that, 43 per cent of UK respondents admit they struggle to balance security needs with the need to ensure users are not overburdened or experiencing friction in the user experience.

Meanwhile, 37 per cent of UK respondents admit to lacking the in-house skills needed to implement ID verification measures and therefore make the logging-in process more seamless.