In 2023, cybercrime will cost the world around 8 trillion dollars (€7.3 trillion), according to data from Cybersecurity Ventures. The majority of these attacks, on a global scale, involve identity theft and credential theft. IBM estimates that the average worldwide cost of a data breach has increased by 15% in the last 3 years, reaching 4.45 million dollars in 2023. To discuss these and other relevant cybersecurity topics, B-FY and SOLDIG, a leader in implementing cutting-edge technological solutions in Mexico, brought together some of the industry's most renowned experts at the "Innovation and Challenges in Credential Usurpation" event.
Fernando Thompson, CEO and Co-Founder of SOLDIG, as well as an expert in cybersecurity, opened the event by presenting B-FY's solution as an efficient and effective response to credential usurpation. "It's about moving beyond keys and passwords to focus on a solution that is one hundred percent biometric and secure," said Thompson.
Humberto Medina Benavides, Sales Director at SOLDIG, explained that organized cybercrime currently represents the third global power in terms of revenue. Medina emphasized that B-FY's system adheres to the EU General Data Protection Regulation, enacted in 2016, that has become an international standard for data protection.
He explained that B-FY is a decentralized biometric solution that does not collect or store users' biometric data in a hackable database. "This implies a paradigm shift," he noted, adding that the user's biometric data always stays on their phone, and identification can only occur from the registered device with the user's unique biometric patterns.
He also indicated that the implementation is straightforward, as it integrates into the client company's application. Additionally, B-FY is an omnichannel solution, meaning users can use the same company application to access both physical and digital services.
During the event, B-FY use cases were presented, including the experience of ATIO Group. The Mexican technology leader in fuel supply automation implemented B-FY's IDaaS solution to unequivocally authenticate the identity of drivers, reduce fraud, and enhance security in the fuel loading process.
Mario Coeto Guevara, General Manager of the Software Division at ATIO Group, stated that one critical challenge for the fuel industry is fraudulent activity, as gas station identification systems, whether based on NFC or PIN codes, have proven vulnerable. Coeto explained how B-FY's solution was integrated into their ControlGas application to authenticate fleet drivers' identities and prevent fraud.
"We have banking-type terminals. When the driver arrives at the service station, the vehicle is identified, and the dispenser checks for authorization to refuel. Our application then communicates with B-FY's API to request double authentication for that user. B-FY's vault generates a QR code that appears on the terminal, and the user reads that code with their phone to identify themselves, and then the fuelling process continues."
B-FY leverages drivers' biometric patterns stored on their devices, ensuring a secure authentication process that, unlike conventional methods only identifying vehicles, authenticates the driver. This eliminates the possibility of sharing unauthorized cards or codes, as explained by the ATIO Group representative.
Marco Tulio Sandoval, B-FY's Latin America Sales Manager, explained how B-FY works: "It's a library installed in the app of any company's solution, and it is through that app that the authentication service is provided."
Sandoval presented the case of the Madrid Golf Federation, which brings together federated golfers in the Madrid community and organizes more than 300 tournaments annually. The FGM recently adopted B-FY's solution to ensure that only tournament directors can record tournament results. He added that with B-FY, the FGM also authenticates players registered in tournaments, offering a better experience to participants.
This meeting was a unique opportunity to learn about the latest trends in cybersecurity, the most innovative solutions available in the market, and establish connections with IT leaders and professionals in the sector. It was primarily directed, although not exclusively, to Information Security Officers (CISOs) responsible for overseeing and managing their organizations' security strategies.
At the event's conclusion, B-FY representatives publicly recognized ATIO Group and SOLDIG as pioneers in adopting this solution for the Mexican market.