The companies use multi-factor authentication for business transactions to improve security and decrease fraudulent activities.
FREMONT, CA: Multi-factor authentication, or MFA, allows users to identify themselves before giving them access to data or payment processes through various verification measures and credentials. It's an extra security layer that protects customers' online accounts and transactions from hacking and data theft.
In everyday lives, users are now familiar to using multiple forms of multi-factor authentication. Here are some of the MFA examples:
• Something a consumer is that it could involve fingerprints and facial recognition.
• Anything a user has, such as a verification code provided through SMS text message or physical tokens such as USB keys.
Benefits of Multi-Factor Authentication
Here are some of the advantages of implementing MFA into the mobile security strategy.
1. Reduce Fraud & Identity Theft
The days are over of being able to unlock a simple password and obtain access to confidential data. Mandating more than two identity authentication methods makes hacking more difficult for cybercriminals. By providing additional security mechanisms that thieves can seldom access, the MFA eliminates fraud and identity theft.
2. Increase Customer Trust
Customers are willing to know that their information is safe. While additional verification measures can often become annoying and excessive, consumers trust and appreciate companies that take steps to protect them seriously.
3. Achieve Compliance
Specific compliance mechanisms, like GDPR and HIPAA, are necessary by some industries. Health, finance, and government bodies ensure the companies follow strict guidelines that protect customers' interests and minimize risk. When deciding the security requirements, make sure to consider the specific needs of the organization.
4. Reduce Operating Costs
It takes organizations time and resources to report suspicious behavior to consumers on their accounts. MFA decreases the incidence of fraud, lowering the support desk's efforts and allowing workers to concentrate on more difficult problems with customer service. Even though there may be initial costs to enforce the MFA effectively, the investment will pay for itself in the long run.
5. Streamline Safe Mobile Transactions
People are now completing transactions online or through mobile devices. OTT (over-the-top) applications such as WhatsApp and Facebook Messenger allow customers to make transactions directly from the app, requiring improved fraud protection through multi-factor authentication.
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