VIDA Introduces Authentication Technology To Prevent Account Takeover Fraud

PT Indonesia Digital Identity (VIDA), a provider of digital identity solutions in Indonesia, has launched the VIDA Authentication Suite. This initiative aims to address the alarming rise in Account Takeover (ATO) incidents, which have reached 97 percent among Indonesian companies in the past year. 

VIDA's findings indicate that the majority of ATO incidents are attributed to phishing and smishing attacks. Additionally, it was reported that 67 percent of consumers have experienced unauthorized transactions in their digital accounts. 

Furthermore, 84 percent of businesses have encountered security incidents related to vulnerabilities in SMS OTP, while 98 percent have faced authentication challenges. Despite this, only 9 percent of businesses are actively seeking alternative solutions, and 46 percent lack awareness of how to mitigate the risks associated with Account Takeover. 

Niki Luhur, the Founder and CEO of the VIDA Group, stated that the surge in account takeover fraud is concerning, yet traditional methods such as passwords and SMS OTPs create vulnerabilities for both businesses and consumers against digital fraud attacks. 

“With the VIDA Authentication Suite, we are introducing a solution based on advanced technology to ensure user security and convenience,” Niki remarked during a press conference in Jakarta on February 5, 2025. 

The VIDA Authentication Suite offers two primary solutions designed to enhance security: 

1. VIDA Phone Token: This replaces SMS OTP with a cryptographic key linked to the user's device, thereby eliminating the risks associated with SMS-based OTP attacks. 

2. VIDA Face Token: This utilizes the security of Public Key Infrastructure (PKI) combined with facial biometrics and activity detection, ensuring that only legitimate users can access their accounts. 

These solutions are particularly relevant for industries handling high-value transactions, including financial services, fintech, e-commerce platforms, insurance providers, and multifinance institutions. 

Tag: Technology VIDA