The Urgency of Biometric Authentication in Combating Digital Fraud in the Crypto Sector

Jakarta, 13 September 2024 – As the digital era rapidly evolves, cryptocurrency has emerged as one of the most sought-after financial instruments. However, with its rising adoption, security risks have also increased significantly. The surge in hacking incidents targeting crypto platforms serves as a crucial reminder for digital asset holders to adopt stronger protection measures.

Niki Luhur, Founder and CEO of VIDA, emphasized that traditional security measures may no longer be sufficient to counter the increasingly complex digital threats. According to Niki, “In an environment where cyberattacks on digital assets are becoming more sophisticated, proactive security measures are essential. Biometric authentication is a key solution to ensure digital transaction security, particularly in safeguarding digital wallets from unauthorized access.”

In addition to crypto-related fraud, four other major types of digital fraud are also on the rise:

1. AI-Generated Fraud: Threats such as deepfakes and fake content produced by artificial intelligence.
2. Social Engineering: Psychological manipulation used to gain unauthorized access to user accounts.
3. Account Takeover: Identity theft to gain unauthorized control over digital accounts.
4. Document and Signature Forgery: The falsification of electronic documents and digital signatures often used as fraud tools.

To address these rising threats, VIDA has introduced the VIDA Identity Stack. In the crypto sector, VIDA's key solutions include:

• PhoneToken: This solution links user accounts to verified devices, ensuring that transactions can only be completed from authorized devices, thereby preventing unauthorized access.
• FaceToken: This solution replaces traditional verification methods like SMS with facial recognition technology, offering users enhanced security and ease of use.

These solutions not only strengthen digital transaction security but also give users full control over their accounts and digital assets.

As digital fraud threats continue to grow, solutions like the VIDA Identity Stack become increasingly relevant in safeguarding digital assets. Biometrics, supported by AI, enables real-time fraud detection, providing comprehensive protection for users' digital identities.

Niki Luhur added, “The VIDA Identity Stack not only builds trust and confidence for users within the digital ecosystem but also offers security that can prevent 99.9% of identity fraud caused by deepfakes and AI in Indonesia.”

Read more about VIDA Identity Stack https://vida.id/wtf-whitepaper.