If a firm conducts a considerable amount of business through mobile platforms, it must ensure consumer safety and confidence.
FREMONT, CA: Consumers are increasingly purchasing goods and services via their mobile devices. By the end of 2021, mobile ecommerce could account for nearly three-quarters of all ecommerce sales (72.9 percent), reaching $3.5 trillion. Consumers and organizations alike are becoming more concerned about security as a result of this expansion.If a firm conducts a considerable amount of business through mobile platforms, it must ensure consumer safety and confidence. Furthermore, according to research, employing multi-factor authentication can prevent 99.9 percent of hacks. Here are the top reasons to include Multi-Factor Authentication (MFA) in the mobile security plan.
Reduce Identity Theft and Fraud
The days of cracking a simple password and gaining access to sensitive data are long gone. Hacking becomes more difficult for hackers when more than two methods of identity verification are required. By requiring additional security measures that attackers can seldom access, MFA decreases fraud and identity theft.
Boost Customer Trust
Customers appreciate knowing that their information is safe. Customers trust and appreciate firms that take care to safeguard them, even if additional verification steps may appear inconvenient and unnecessary at times.
Specific compliance measures are required in some businesses, such as GDPR and HIPAA. According to health, finance, and government agencies, companies must follow tight criteria that safeguard consumers' rights and limit risk. When assessing the security requirements, keep in mind the company's specific needs.
Reduce Operating Costs
Businesses spend time and money notifying customers of suspected activity on their accounts. MFA decreases fraud by lowering help desk efforts and allowing employees to focus on more difficult customer support issues. While there are certain initial costs associated with properly implementing MFA, the investment pays off in the long run.
Make Safe Mobile Transactions a Lot Easier
People are doing transactions online and via mobile devices in greater numbers than ever before. Consumers can make purchases directly through OTT (Over-the-Top) apps, necessitating improved security against fraud with MFA.
Combat Password Fatigue
The average computer user has between 70 and 80 passwords. Many people resort to using the same password on several accounts or creating basic, easy-to-steal passwords because they have so many to remember. Both strategies make password cracking simple. MFA protects against password fatigue and adds an extra layer of protection, ensuring that even simple or repeated passwords are unhackable by attackers.