Video and audio streaming platforms were becoming more popular even before the COVID-19 pandemic. Users are turning to prominent streaming channels like Netflix, Disney+, Amazon Prime Video, and HBO Max for entertainment. These streaming platforms enable users legal access to various media content such as movies, television shows, podcasts, and music with greater user convenience.
The online gaming community has also seen an increase in its user base with the popularity of computer games and their mobile versions. Due to the onset of the pandemic, cinemas, theaters, casinos, and gaming arcades paused their operations or operated with limited capacity. Thus, a number of users turn to online entertainment platforms and streaming websites. This increase in users poses new security and revenue concerns among streaming service providers and the need for customer identity verification.
As millions of people continue to use streaming platforms, bad actors see this as an opportunity they can exploit. Streaming platforms must seek more robust identity verification to lessen unauthorized shared account activity, malicious fraud, and account takeover.
Many providers still rely on conventional identity verification methods. But reliance on traditional identity authentication, such as knowledge-based credentials, tends to leave their networks vulnerable to fraudulent attacks. Online entertainment websites must deploy necessary security measures and consider knowledge-based authentication alternatives to protect their networks and users.
Some people share their account passwords with others, so they do not need to pay subscription fees to the platform. While they trust the person they shared their password with, there is no guarantee that a bad actor with malicious intent will not obtain that password.
Cybercriminals have various ways of breaching data and stealing users’ login credentials that they can use for illegal purposes. Besides using the actual account of other users, bad actors can also use stolen personal information to create fake accounts on different online platforms. These could lead to dire consequences for digital entertainment providers if they do not shore up their cybersecurity measures.
In 2019, Parks Associates found an estimated $9.1 billion in financial losses attributed to account sharing and data piracy in online streaming platforms. It is also projected to reach $12.5 billion in 2024.
Effective identity-proofing methods play a significant role in making sure that only real account owners can use their accounts on online entertainment platforms. Passwords and email-based authentication methods are inefficient in making sure that the viewer trying to access is the actual account owner.
Replacing passwords, SMS, and email authentication codes with robust login credentials can help prevent unauthorized people from accessing the users’ accounts. Multi-factor authentication (MFA) allows a layered defense against bad actors. It also allows users to confirm their identity conveniently on different online platforms without the hassle of entering complex passwords or waiting for security codes.
FIDO2-compliant MFA uses a potent combination of authentication credentials such as cryptographic keys. It also enables bound identity to a device that can be unlocked with a secondary factor, such as facial biometrics.
For more details about online entertainment and streaming services seeking stronger identity authentication, here is an article from authID.