Advancements in technology are a constant occurrence. Announcements about new or old technological developments that have just gained traction will be on the news every year. Therefore, it is no longer surprising that chatbots are now becoming a thing.
A chatbot or chatterbot is a software application, a conversational artificial intelligence, that performs human-like conversations through text, text-to-speech, or both. Chatbots can easily be integrated into websites, messaging apps, or voice response systems, allowing them to help businesses in providing remote and fast customer assistance. The chatbot application can attend to customers round the clock, from answering inquiries, processing transactions, booking appointments, and performing other routine tasks.
Chatterbots have been in existence for years and have slowly gained popularity. Many companies are already utilizing this application, but following the world’s current situation, chatbots have become even more in demand. The chatbot adoption in many industries, such as financial technology (FinTech) and eCommerce, is in place of providing direct contact with a live human, allowing them to save more time and money in the process.
However, like any other technological development, chatbots also come with risks. You must remember that chatbots handle valuable information such as credit card data, bank account details, social security numbers (SSNs), and other personally identifiable information during sessions. And if criminals bypass a chatbot’s security, all these confidential pieces of data can be used for fraudulent purposes.
Because of these threats, many platforms use knowledge-based authentication (KBA) to keep their chatbots secure. Through KBA, the registered user will be required to provide their user ID and password for identity verification.
The premise of KBA is that only the actual owner knows the necessary information, thereby preventing unauthorized individuals from accessing their accounts. Other platforms require additional authentication, such as OTP, to be sent via SMS or email to support passwords and create more robust security. However, fraudsters continuously seek ways to improve their skills to perform illicit transactions, making passwords and any supplements ineffective in proving someone’s identity.
Given this, enterprises must replace outdated identity verification methods like KBA with something more robust and effective. Instead of sticking with passwords, companies can switch to biometric identification procedures, especially now that most iOS and Android systems are built to support biometric technology. You can find more helpful information about this new authentication method by checking out authID’s website.
Additionally, more detailed information about chatbots and how you can make them more secure for seamless customer identification can be found in this article created by authID.
