We're proud to announce Keyless has taken home three separate awards in the 

We’re thrilled to be recognized in the 2023 Infosec Global Awards – winning one award is a huge achievement; winning three is a testament to our technology and the dedication and talent within our team. We hope these awards highlight the potential for emerging biometric solutions in helping to improve security, fight fraud and protect privacy,” 

said Andrea Carmignani, Co-Founder and CEO at Keyless. 

The Global InfoSec Awards honor global innovators in the cybersecurity industry who have a unique and compelling value proposition. The judges included CISSP, FMDHS, CEH, and certified security professionals, who voted based on their independent review of all nominees.

 world-first biometric authentication solutions

 that leverage privacy-enhancing cryptography to provide a secure, convenient, and privacy-focused way for users to authenticate their identity online. 

These winners are the most innovative, forward-thinking and proactive cyber security companies and service providers on the planet who are working to bring tomorrow’s cybersecurity solutions to market, today,

 said Gary S. Miliefsky, Publisher of Cyber Defense Magazine.

The complete list of this year's winners can be found here: 

Keyless stands out in 2023 Global Infosec Awards

What is Spoofing? Definition, Types, and Key Insights

Strengthening an organization's security requires all the major stakeholders to be familiar with the common techniques attackers use. Spoofing is one of the techniques that attackers commonly use to tempt their target into sharing sensitive information. A recent study revealed that over 

84% of organizations faced at least one phishing attempt in 2022

, a 15% increase from the previous year, with most attacks using spoofing techniques to target victims.

To help protect organizations from these attacks, this article will explore everything you need to know about spoofing, including the common types, how it relates to phishing, and how you can prevent it using various solutions. Let’s start with the basics of spoofing to ensure we are all up to speed.

What is Spoofing? Definition and What Does It Mean

In simple terms, spoofing refers to the act of impersonating another individual or system to compromise targets into sharing the information needed by attackers. This fraudulent tactic has been around for more than two decades and is used by attackers to manipulate identity verification processes, often leading to unauthorized access to sensitive information of the victims. Such information can include login credentials to online accounts, credit card information, and more. 

To successfully execute a spoofing attack, hackers masquerade as a trusted source to trick victims into revealing personal details, clicking on malicious links, or downloading harmful software. This is usually done using several channels, including email, SMS, phone calls, and more. Understanding spoofing is crucial for implementing effective security protocols, especially in industries such as banking and finance, which have become major targets in the last couple of years. 

What is the Difference Between Phishing and Spoofing?

Phishing and spoofing are closely related tactics used by cybercriminals, but they have distinct differences. Phishing specifically involves fraudulent attempts to acquire sensitive information by masquerading as a trustworthy entity, often through emails or messages designed to lure victims into revealing personal data. 

On the other hand, spoofing includes a broader range of deceptive techniques, including the manipulation of caller ID, email headers, or IP addresses to impersonate legitimate sources. While phishing often uses spoofing methods to increase its effectiveness, not all spoofing is related to phishing. 

There are several types of spoofing, each using different methods based on what the attacker believes will be most effective for their targeted victims. Let’s explore the nine common types of spoofing that most organizations face. 

IP address spoofing is when an attacker changes the IP address to make it seem like their computer is trusted. This tricks other computers or networks into thinking the data comes from a safe source, allowing the attacker to gain access or avoid detection. Attackers use this technique to avoid being blocked by security systems that may have already blacklisted their IP addresses. 

This lets attackers get around security checks and launch denial-of-service attacks. A denial-of-service attack (DoS) floods a system with too much traffic, making it slow or unusable for real users. The first line of defense that most security tools use to deal with attacks like phishing is to blacklist the IP addresses that are known to be from malicious attackers. So, attackers use IP address spoofing to bypass such measures. 

MAC address spoofing is when the attacker changes the unique ID (called a MAC address) assigned to a device's network connection. This technique allows attackers to bypass security measures that rely on MAC address filtering, such as those used in corporate networks. For example, an attacker can alter their device's MAC address to mimic the MAC address of one of the devices on the internal network, potentially leading to unauthorized access and stealing sensitive information.

This type of spoofing occurs when an attacker corrupts the Domain Name System (DNS) cache of a device or server to redirect users to fraudulent websites instead of the legitimate ones they intended to visit. The goal of DNS spoofing is to make victims think they have accessed a legitimate website and then share their sensitive information, such as login information, when trying to create an account or payment information if the site involves some sort of payment. 

Email spoofing is a common technique where attackers send emails that appear to originate from a legitimate source but are, in fact, fraudulent. This method is commonly used in phishing attacks, where attackers try to deceive recipients into revealing sensitive information or clicking on malicious links. Real-world examples of email spoofing in banking include instances where customers receive emails that appear to be from their bank, prompting them to update their passwords or verify their accounts through fake links. 

SMS spoofing involves attackers sending text messages that appear to come from a legitimate source, such as a bank or financial institution. These messages often contain links or prompts that trick recipients into revealing personal information or downloading malicious software, which attackers can later use to steal data or even take control of the device. It is important to note that most companies in the banking sector still use SMS to update their users, so attackers exploit this to carry out spoofing attacks.

With this type of spoofing, attackers use sophisticated tools to manipulate the caller ID information transmitted to the recipient's phone, making it appear as though the call is coming from a trusted source. Once the victim is deceived, they may easily share sensitive information over the phone, such as banking details or personal identification numbers. Attackers often gather enough information about their victims to make the conversation seem more convincing.

Identity document spoofing is a tactic used by attackers to create counterfeit identification documents that appear authentic. This process often involves using advanced printing techniques and software to replicate the look of legitimate documents, such as driver's licenses or passports. Attackers may obtain personal information about their targets through social engineering or data breaches, allowing them to forge highly convincing documents. Attackers may then use these spoofed IDs to bypass identity verification processes at banks or financial institutions, allowing them to commit fraud, open accounts, or access sensitive information.

With this technique, attackers use high-quality photos, videos, or 3D masks of their victims to trick facial recognition systems into believing they are legitimate users. For example, an attacker might use a 3D mask that mimics their target’s face in front of a camera used for 

, hoping to gain access to secure systems or accounts. This can compromise security, especially in sectors like banking, where some organizations still use facial recognition systems that lack advanced features like liveness detection.

Voice biometrics spoofing involves techniques that attackers use to mimic a person's voice to bypass voice recognition systems. Attackers can execute these attacks by recording the target's voice and using audio manipulation software to recreate it or generating synthetic voice patterns using advanced algorithms. These spoofing tactics can pose significant challenges to maintaining security with voice recognition systems, particularly in financial institutions where voice biometrics may be used for customer authentication. 

Organizations can detect and avoid spoofing by implementing the following strategies:

Preventing spoofing requires organizations to adopt best practices that focus on strengthening their security frameworks, such as: 

We hope this article has helped you understand the basics of spoofing and how organizations can implement measures to detect and prevent it. Recognizing the different types of spoofing is crucial for effectively combating these attacks. With this knowledge, organizations can adopt the appropriate strategies to address potential threats. For example, organizations that rely heavily on email communication should implement strict measures to ensure only legitimate emails reach their team’s mailboxes. Similarly, those using facial recognition for authentication should choose systems that incorporate liveness detection to prevent facial biometrics spoofing attacks.

Understanding the Risks of One-Time Passcode (OTP) Authentication

Since the 2000s, One-Time Passcode (OTP) authentication has been a popular method for verifying online transactions in the banking, finance, and fintech industries. By generating a unique code for each transaction or login attempt, OTPs add an extra layer of security (usually in the form of two-factor authentication or 2FA) beyond traditional passwords. Another reason for the popularity of OTP was its convenience for users. 

However, as cyberattacks become more sophisticated, OTP authentication—particularly when delivered via SMS is becoming increasingly vulnerable to threats like SIM swapping. Recent data shows that SIM-swapping complaints to the 

 have doubled, increasing from 275 in 2020 to 550 in 2023. These growing risks raise concerns about the reliability of OTPs as a secure authentication method, especially in sensitive sectors like finance and banking. 

In today’s article, we will discuss the security vulnerabilities of OTPs. We will also explore why alternative authentication methods like biometric verification are a more secure solution for protecting sensitive transactions. Let’s kick things off with the basics of one-time passwords to ensure everyone is up to speed. 

OTP (One-Time Passcode) authentication is a security method used to verify a user's identity during online transactions. OTPs are typically used in combination with another authentication method like a password, making it a form of two-factor authentication (2FA). Unlike traditional passwords which remain the same until changed, an OTP is a unique code that is generated for a single use. 

To generate an OTP, a secure algorithm is used to create a random string of characters that are hard to guess. This code is then sent to the user through a delivery method such as SMS, email, or a dedicated app. Once the user enters this code, it becomes invalid and cannot be reused for future verification. These passcodes also have a time limit within which they can be used after which they become invalid—a feature that was introduced to further enhance their security. 

There are different ways OTPs can be delivered to users, each with its own advantages and limitations. Let’s explore some of the common methods used in the banking/finance industries:

Despite their popularity, one-time passcodes are associated with many risks, especially when delivered via SMS and email. Let’s explore the common risks associated with OTP authentication.

The Limitations of SMS-Based OTPs in Banking

SMS-based OTPs, though widely used in banking and fintech, come with significant limitations that reduce their effectiveness in securing financial transactions.

Due to security risks surrounding OTP authentication and other limitations like the high costs, efforts have been put in place over the years to come up with better alternatives. Two of the most promising alternatives are biometric verification and passwordless authentication. Let’s explore them in detail. 

Biometric Verification with Liveness Detection

Biometric authentication uses unique human characteristics like fingerprints, facial recognition, voice patterns, or iris recognition to verify a user's identity. These methods offer higher security because they are based on traits that are unique to each individual and difficult to replicate. It has been proven that even twins have some differences in the physical structure of fingerprints, faces, or irises. Unlike OTPs, which can be intercepted or stolen, biometric data is much harder for attackers to compromise.

However, one of the drawbacks of using biometric authentication methods like facial recognition is that attackers can attempt to spoof biometrics using photos, videos, or voice recordings of legitimate users. This is where liveness detection comes into play. Liveness detection ensures that the biometric input is coming from a real person who is physically present at the time of authentication. Biometrics with liveness detection can be an effective and secure authentication method that can be used alone or in combination with passwords for 2FA. 

Passwordless authentication is an emerging security technique that allows users to verify their identity without the need for traditional passwords or OTPs. In a passwordless system, users authenticate themselves through methods such as biometrics, security keys, or links sent to trusted devices or apps. This eliminates the need to remember or manage passwords, which reduces risks like phishing attacks that are associated with passwords and OTPs. 

The Future of Secure Authentication in Banking

With the increasing threats associated with passwords and one-time passcodes, it’s clear that financial institutions need to adopt more advanced authentication techniques. Banks and fintech companies should consider moving from OTPs and passwords to adopt advanced authentication solutions like biometric verification and other passwordless authentication methods for both primary and multi-factor authentication (MFA). 

Multi-factor authentication, which requires users to provide two or more verification factors, offers a higher level of security. MFA can be used with adaptive intelligence—where authentication methods adjust based on user behavior, device information, or risk level. 

Players in the banking and fintech sectors can also adopt biometric verification with liveness detection. This method provides a robust defense against many of the current vulnerabilities faced by OTPs. The good news is that most of the modern consumer devices support fingerprint scanning and have advanced cameras that can be effective for facial recognition with liveliness. 

However, it is also crucial for different players to consider privacy and security concerns with biometrics in the event that attackers gain access to a user’s biometric data that is stored on servers. That’s where more advanced methods like 

 technology come in. With this technology, users can access their accounts using facial recognition but without having their data stored anywhere on the internet. 

One-Time Passcodes (OTPs) were once a popular and convenient method for securing online transactions. However, as cyberattacks have become more sophisticated, their vulnerabilities have become increasingly evident, particularly when delivered via SMS. Threats like SIM swapping and SS7 protocol attacks have made OTPs less reliable, especially for companies in sensitive sectors like finance and banking.

To address these risks, financial institutions should consider alternatives like biometric verification with liveness detection and passwordless authentication. These methods offer stronger security, improved user experience, and reduced costs compared to OTPs. By adopting advanced authentication techniques, banks and fintech companies can better protect their customer's sensitive information and stay ahead of evolving cyber threats.

How Passwordless Authentication Works: A Complete Guide

Verizon's 2023 Data Breach Investigations Report

, over 80% of data breaches are caused by weak or compromised passwords. This risk is even greater in industries like banking and fintech, which are frequent targets of cyberattacks. 

That's where passwordless authentication comes in. Several studies have proved that businesses using passwordless solutions can significantly reduce authentication-related breaches while also enhancing user experience. If you want to learn more about passwordless authentication and how it works, you're in the right place. By the end of this article, you will understand how passwordless authentication works and why it is the best solution for protecting your business's digital assets.

Passwordless authentication is a security method that allows users to access their online accounts and other digital assets without using traditional passwords. With passwordless authentication, users validate their identity through other methods such as using their fingerprints, facial recognition, and security keys. Passwordless authentication is considered more secure because it eliminates most of the knowledge-based risks associated with traditional passwords. 

How Does Passwordless Authentication Work?

 factors to verify a user's identity without requiring them to recall or input a password.

However, it doesn’t mean that knowledge factors can’t be used. Most organizations will still use a password or PIN as the first authentication factor, but then use a second, passwordless factor as an added security layer. This is known as multi-factor authentication (MFA).

Benefits of Passwordless Authentication 

Some of the benefits for the adoption of passwordless authentication solutions include: 

Challenges of Passwordless Authentication

Passwordless authentication can be implemented in various ways depending on the hardware options available to the target users. Let’s explore some of the popular types of passwordless authentication, along with their pros and cons.

Possession factors are authentication methods that rely on something the user physically has. Common examples include: 

Biometric authentication uses unique physical characteristics of the user to verify identity. Common forms include fingerprint, face, and iris recognition. These methods leverage the uniqueness of individuals to provide a high level of security. Let’s explore how each of these methods works. 

As discussed throughout this article, traditional passwords are becoming increasingly vulnerable to modern cyber threats. For this reason, passwordless authentication solutions have emerged as a powerful solution. Passwordless authentication eliminates the reliance on easily compromised passwords, providing enhanced security, improved user experience, and reduced costs for businesses. But just like another new technology, passwordless authentication solutions present challenges like adoption barriers and potential user privacy risks. However, their overall benefits significantly outweigh the drawbacks. 

Keyless stands out in 2023 Global Infosec Awards

Related posts

Get In Touch