Most businesses struggle with identity verification and have concerns over ability to protect against AI

DENVER, April 30, 2024 /PRNewswire/ -- Ping Identity, a leading provider of seamless and secure digital experiences, released the findings of its new survey, shedding light on the state of identity fraud prevention in today's AI-driven digital world. The report, based on responses from 700 IT decision-makers across the U.S., U.K., France, Germany, Australia, and Singapore, reveals a pressing need for organizations to enhance their identity protection strategies, with most (97%) having challenges with identity verification and nearly half (48%) lacking confidence they have the technology in place to defend against AI-related attacks.

Read the Survey: Fighting The Next Major Digital Threat: AI and Identity Fraud Protection Take Priority

"To stand a chance against advancing identity fraud tactics, businesses must leverage more advanced technologies," said Patrick Harding, Chief Architect at Ping Identity. "If less than half of organizations are implementing multi-factor authentication (MFA), they are leaving themselves critically exposed, and less resilient against cybercriminals who are leveraging increasingly sophisticated AI tactics."

"Fraud is on the rise, and it's getting worse with AI. Smart leaders know that they need to level up yet so many organizations 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." — Jamie Smith, Decentralized Identity Expert, and founder of Customer Futures.

Organizations admit they are not using proper protections against identity fraud.

• 97% of organizations are experiencing challenges with identity verification.
• 52% are very concerned about credential compromise, followed by account takeover (50%).
• 49% admit their current fraud prevention strategy is somewhat or not at all effective at protecting against credential compromise, with only 45% using two-factor/multi-factor identification verification to protect against fraud, and even less (44%) using biometrics.

Organizations are concerned about their ability to defend against AI threats.

• 54% are very concerned that AI technology will increase identity fraud.
• Only 52% expressed high confidence in their ability to detect a deepfake of their CEO.
• 48% are not very confident they have technology in place to defend against AI-attacks, with only 27% of healthcare organizations having implemented a strategy to protect against AI threats.
• 41% expect cybercriminals' use of AI to significantly increase identity threats over the next year.

Decentralized Identity (DCI) is an untapped opportunity for identity protection.

• While only 38% have implemented a strategy to use DCI as a protection against fraud for both customers and employees, this is an increase from last year when only 13% had implemented.
• Manufacturing and government organizations are well on their way to wider strategy adoption, with both around 50%, while finance reports the lowest strategy adoption at only 26%.

Additional resources

• The Ultimate Guide to Online Fraud Prevention
• Reducing Fraud with Verifiable Credentials White Paper
• Identifying and Countering AI Threats in a New Era of Cybercrime 
• 2023 KuppingerCole Leadership Compass for Reusable Verified Identity

Survey Methodology
Ping Identity and Vanson Bourne surveyed 700 IT decision-makers between February and March 2024 from the U.S., U.K., France, Germany, Australia, and Singapore. These respondents came from organizations with at least 500 employees and U.S. $100 million in global revenue, and represented a range of sectors.

About Ping Identity
Ping delivers unforgettable user experiences and uncompromising security. We make crafting digital experiences simple for any type of user—partners, customers, employees, and beyond. We are anti-lock-in. That means integration with existing ecosystems, clouds, and on-prem technologies is simple. Out-of-the-box templates let businesses leverage our identity expertise to give their users frictionless experiences. Whether they're building a foundation of modern digital identity, or out-innovating their competitors with cutting-edge services like digital credentials, AI-driven fraud prevention and governance, Ping is the one-stop shop for game-changing digital identity.

Media Contact:
Megan Johnson
press@pingidentity.com 

SOURCE Ping Identity