A couple of months into 2021 and it is clear that this is a trend that is here to stay. Technologies underpinned by algorithms have become critical, whether it is to ask a chatbot about an online order or for banks to verify the identity of a customer trying to open a new bank account digitally. But while AI is becoming more commonplace, we're also still seeing teething problems and misuse which could lead to further issues if not addressed this year. We only need to look at the Ofqual exam grading fiasco to understand the need to address embedded bias, and in addition we're beginning to see analyst reports emerge that predict the likelihood of AI-fueled cyberattacks. So as we look ahead to the rest of the year, what are the key considerations for AI and the fine-tuning required to continue its successful range of use cases?
Many companies in the biometric, digital identity, and cybersecurity space have shared predictions for 2020 with Biometric Update, touching on many of the key themes of the past year, and reflecting the wealth of opportunity, as well as the anxieties at play in the industry. Those predictions most closely thematically related to biometrics and our top news stories are collected below. "The global market for mobile biometrics is forecast to grow at an impressive 31.14 percent CAGR, adding $28.45 billion per year in incremental growth between 2018 and 2023, despite the CAGR decelerating by 22 percent in the period," points out Robert Prigge, CEO of Jumio. "The growth forecasts in the latest set of market analyst reports that indicate widespread adoption of biometrics technology: 22 percent for mobile biometrics, 22 percent for 3D sensors, and 19 percent for healthcare biometrics Facial authentication is impacting the physical security market, cloud-based subscription services are becoming more popular for security, and the Pentagon is expected to remain a source of opportunity for companies offering advanced authentication technologies. Although we are still in the early stages of biometric-based identity proofing and authentication, its development will serve as a viable solution for the growing fraud epidemic."
With identity theft and account takeover on the rise, it's increasingly difficult for businesses to trust that someone is who they claim to be online. Join this exclusive interactive 1-2-1 interview where Robert Prigge, President, Jumio will share the latest identity verification and authentication trends and how you can leverage the power of biometrics, AI and the latest technologies to quickly verify the digital identities of new customers and existing users. Some questions to be tackled; What types of cybersecurity threats are on the rise? Is account takeover becoming a real threat in the financial services space? How will eKYC evolve over the next few years?
At the end of each year, eWEEK posts observations from IT thought leaders about what they think we should all expect in the coming year--new products, innovative services, trends to look for, and so on. Here are some perspectives from a selection of thought leaders across the IT world. Inclusive engineering will begin to make its way into the mainstream to support diversity. In order to ensure diversity is baked into their AI plans, companies must also commit the time and resources to practice inclusive engineering. This includes, but certainly isn't limited to, doing whatever it takes to collect and use diverse datasets.
In an age when Instagram filters and photoshopping have become standard, it has never been harder for organizations to verify a person's true identity online. Cybercriminals are deliberately using advanced technology to pull the wool over the eyes of organizations and defraud them. Deepfakes have recently emerged as a legitimate and scary fraud vector. A deepfake today uses AI to combine existing imagery to replace someone's likeness, closely replicating both their face and voice. Essentially, a deepfake can impersonate a real person, making them appear to say words they have never even spoken.