Criminal activists are always in search of weak links in order to disrupt the functionality of the business. Due to the technology uprise, tech experts have developed technology-driven tools and solutions but criminals find ways to manipulate and crack systems. Cybersecurity firms are utilizing millions just to develop a safe and protected system to fight such crimes.
Digital customer identity risk management is getting quite challenging in cyberspace.
Identity frauds are not only a headache for individual customers but businesses are also under deep stress as the potential risk fallout from digital identity theft and various other frauds have adverse consequences.
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2FA Adding Value in Security Systems
Mostly, people adopt heedless methods at the time of setting the passwords for any kind of personal accounts. Yet, the companies and social media platforms have added the extra feature of security questions like what’s your favorite color? Or what’s your best friend’s name? but they are insufficient as well as old-fashioned. Therefore, it increases the risk of hacks and breaches. Whereas, in order to fight such suspicious activities, 2FA provides the ultimate shield and tends to level up security measures.
What is Two-Factor Authentication?
2 Factor Authentication is considered an identity risk management procedure that is developed to determine and eliminate digital identity crimes in the ultra-modern era. Many businesses have deployed two-factor authentication in their security systems. Yet, some of the companies are still one step behind and are using old-school security measures. Protecting customers’ information confidentiality was quite difficult for businesses and is even becoming more crucial due to the digital switch. With the presence of outdated security strategies, businesses are becoming a target for phishing fraud. Therefore, the companies must adopt 2FA to prevent such happenings. Furthermore, 2FA is also helpful for the enhanced due diligence compliance in protecting the customers’ accounts from multiple vulnerabilities.
What do You Know about Phishing Attacks?
Phishing attacks are referred to as the engineered attacks which are primarily used to sneak into the systems. It steals sensitive information which may include credentials for social media platforms, bank accounts, and digital wallets. The cyber attackers portray them as trustworthy sources and send tempting emails like false offers that trigger the victims to click the message or link placed in the email.
Basically, the creepiness is in the link. Once the victim has to click the link they are redirected to the various false websites which appear as legitimate but it’s a trap in reality. The website usually requests the user to provide personal information such as social media account credentials or banking information. If the victims fall into the trap and provide them the sensitive information the criminals would definitely use such valuable data to run illicit activities just for their own personal welfare.
In addition, the link which victims have clicked may also contain some sort of virus-like malware and ransomware that can put down the entire system or in some cases can access highly private data.
Industrial Use Cases of 2 Factor Authentication
A two-factor verification solution is beneficial for every business and firm. It’s helping out the corporate sector as well as the individual customers from digital identity theft, registration process, and validating the users before letting them into the database.Â
E-Commerce Industry
According to surveys, digital identity frauds are widely spreading in the e-commerce industry. Due to this reason, the functionality of e-shopping platforms is disrupting. Therefore, such platforms by employing KYC with 2FA will become capable of safeguarding from various rising frauds such as cashback and credit card fraud. By enabling this the customers have to go through the 2 Factor Authentication not only when they are registering on the platform but also every time they tend to log in to the system. This process is complete within a couple of seconds without affecting the customer experience.
Banking/Financial Transactions
Due to a large number of transactions worldwide, the banking system is becoming the hub of fraudulent activities. Such suspicious activities are impacting firms’ credibility as well as the individuals’ are facing financial losses. Therefore, financial corporations are utilizing two-factor authentication to secure the environment and to put the customers’ data privacy on the next level. The customers must go through 2FA whenever they attempt to log in to the accounts or to make transactions. By doing this, only the legitimate user can access the respective accounts and as a result, fraud gets restricted.
Wrapping it up
The role of two-factor authentication in protecting digital identities is pretty much noticeable. By deploying 2 factor authentication businesses can enhance the pre-existed security systems. It’s the need of the hour to eliminate the rising number of online identity and financial frauds. Because corporations’ credibility and growth are dependent on such solutions. Therefore, 2FA is now an essential component for every organization.
