Keyless Featured in Liminal Research Report on ATO Prevention in Banking
22 May 2024

Keyless Featured in Liminal Research Report on ATO Prevention in Banking

22 May 2024

Keyless has been highlighted among the top ATO prevention vendors in the 2024 Market and Buyer's Guide for Account Takeover Prevention in Banking, authored by Digital Identity Strategy Firm Liminal. This report recognizes Keyless alongside industry leaders like Akamai Technologies, Feedzai, Fortinet, IBM, LexisNexis Risk Solutions, and Palo Alto Networks, each playing a pivotal role in fortifying the banking sector against the rising tide of account takeover incidents.

Report Highlights

Phishing is the most significant ATO threat vector, accounting for 26.7% of all account takeovers and standing as the most common method attackers use to access user accounts.

External Vendor Reliance: Despite the potential for in-house development, banks continue to prefer outsourcing ATO prevention solutions. Only 20% of fraud teams have plans to develop solutions internally, with half not expecting to undertake these developments for at least two years.

Top Priorities for Banking Executives:

  • Accuracy: A significant focus, with 90% of executives prioritizing accurate authentication processes.

  • User Experience: High on the agenda, with 86% underscoring its importance.

  • Ease of Product Integration: Essential for 84% of respondents, indicating a preference for seamless security solutions.

Preference for Biometric Authentication: Out of a wide range of authentication methods surveyed, including app-based authentication, data breach monitoring, SMS OTPs, Behavioral Biometrics, Risk Scoring, and Bot Detection, an overwhelming 88% of survey participants strongly prefer biometric authentication, marking it as a critical capability for combating account takeovers.

Market Analysis, Vendor Profiles, and Emerging Trends

Liminal's 2024 guide offers an in-depth analysis of current market dynamics in account takeover prevention, featuring detailed profiles of leading vendors including their strategic approaches to mitigating ATO risks. The report highlights the complexities of phishing attacks, mobile security vulnerabilities, and the regulatory landscapes affecting global markets. Additionally, it identifies emerging trends in the cybersecurity landscape, stressing the escalation of cyberattacks and the critical need for advanced digital defenses. The guide emphasizes the importance of adopting sophisticated security measures like continuous authentication and biometrics to combat these evolving threats effectively.

Highlighting Advanced Security Innovations

Liminal's 2024 guide on Account Takeover Prevention in Banking accentuates the critical role of innovative technologies in safeguarding against unauthorized access. Keyless distinguishes itself by implementing several advanced methods:

Employing Robust Authentication Factors

  • Traditional knowledge-based factors like passwords and SMS OTPs are susceptible to loss or theft. Keyless instead relies on possession and inherence—considered the most secure authentication factors. This approach significantly reduces the risk of unauthorized access.

Assuring Genuine Identity of Users

  • Keyless guarantees that the person authenticating originally set up the account by requiring simultaneous verification of the user’s device and facial identity. This dual authentication not only confirms the user's identity with a single glance but also strengthens security.

Defense Against Deepfake ATOs

  • As the prevalence of deepfake technology increases within the identity verification and biometric authentication sectors, Keyless is prepared to tackle the threat head-on. Keyless employs passive liveness detection rather than relying on active liveness, which deepfakes are now able to bypass. This technology scrutinizes subtle cues like color, patterns, and reflections to verify identity accurately. With Keyless, the likelihood of a successful deepfake ATO is drastically minimized since authenticity verification also requires possession of the initially enrolled device.

For more information, read our 2024 ATO Fraud Report.

Future Outlook

As the digital banking ecosystem continues to expand and evolve, so too does the landscape of security threats. Liminal’s 2024 Market and Buyer's Guide not only charts the current state of account takeover prevention but also projects future developments in the field. It is an indispensable resource for those committed to staying ahead of potential security threats in an increasingly digital world.

We encourage banking professionals and cybersecurity experts to read the full report to better understand how Keyless, together with other leaders in the field, are innovating and shaping the future of banking security.

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