B-FY lands in the education sector to stop the increasing fraud in online training
- Identifying students with omnichannel identification technology reduces the possibility of cyberattacks by more than 50%.
- According to Gartner, implementing passwordless identification is a priority for companies globally.
- As online tests and educational procedures become more popular every day, verifying the identity of people is continuously more essential.
Madrid, October 27, 2022 – The Spanish technology firm B-FY has developed a solution that uses people’s biometric patterns to fight fraud in online training. According to a report by Global Market Insights, 27% of citizens between 16- and 74-years in the EU, use online training. Online education’s growing popularity makes it difficult to maintain security standards adapted to the current situation. Fraud is easier if the student loses their passwords, putting the company’s data security is at risk. Paying one registration fee to give access to training to several people or impersonating someone at online tests stand out as the most frequent cases of identity fraud in online education services.
The new B-FY biometric identification protocol —the product of more than five years of R&D by the company previously named Biocryptology , universally identifies students, eliminates the growing risks of identity theft fraud, and offers the maximum protection guarantees and privacy of user data. By using the personal biometric data that we have already stored in our mobile devices, it enables access to those services that require a previous identification, quickly and without risk of impersonation or loss of passwords.
Worldwide, cybersecurity incidents are the order of the day generating millions of losses for companies. According to the annual balance of Incibe (National Cybersecurity Institute), last year, in Spain, a total of 109,126 cybersecurity incidents were managed. Almost a third of them (28.60%) were fraud cases, including identity theft and use of technological services by unauthorized users. Furthermore, in the last year, the cost of cyberattacks has doubled, rounding 105,000 euros on average for companies, causing a temporal cease of operations and loss of clients. In Gartner’s report “Impact Radar for 2022” on emerging technologies and digital trends, it states Passwordless Authentication as an implementation priority for companies globally.
The paradigm shift and the pandemic have transformed learning pathways at breakneck speed. Most institutions in the Educational Services Industry are adopting a hybrid system that combines face-to-face and remote classes. Unfortunately, their online structures often have limited resources to protect their platforms, making it difficult to identify unauthorized individuals infiltrating the network. Hence the importance of security solutions that guarantee the protection and privacy of user data.
With B-FY, biometric data does not travel, it always remains in the mobile, thus greatly diminishing the risk of sensitive data theft. By keeping the biometric data in the mobile device, the risk of cyberattacks falls by at least 50%. B-FY allows educational centers to truly identify the people enrolled in their courses when taking online tests, track their attendance, and improve enrollment processes as well as other secure applications.
“This total experience strategy, based on precise and easy identification, will be a differentiating factor in the education industry”, said B-FY’s CEO Miguel Abreu during the first professional meeting TECH & eLEARNING SUMMIT, held at the Institute of Stock Market Studies of Madrid. For Abreu, identification is key “because if it is not possible to know who the person is with whom you are interacting, it will be difficult to maintain security standards adapted to the current situation.”
B-FY’s Passwordless Identification as a Service (IDaaS) has already proved effective in other industries. For example, in the health industry it allows patients to access all their services with a simple biometric verification from their mobile device, which can be used throughout the medical care cycle. In the case of financial services, both online and traditional banking, the company provides secure access to electronic services, physical branches, and mobile applications, as well as a non-invasive customer experience.
B-FY is a new access protocol that universally identifies customers, eliminates fraud and protects data privacy. Its identification as a Service (IDaaS) solution uses the biometric recognition capabilities that mobile devices provide today to reliably identify people. The identification protocol used offers the maximum guarantees of protection and privacy of the user’s data with the aim of eliminating identity theft fraud, by unequivocally identifying people. Its CEO, Miguel Abreu, has more than 21 years of experience in the technology field and in the last 14 years has held leadership positions in fast-growing software manufacturers. More information at www.b-fy.com