Two-factor authentication is used globally, in many different industries, and by many different brands. You don’t always realize it, but every time you complete simple actions like entering your PIN number when using your debit card, you’re using 2FA. Every time you’re asked for ID at a bank, you’re using another form of 2FA.
According to Verizon, 80% of cyber breaches could be prevented by 2FA, and this could be something as simple as a transaction requiring an SMS confirmation. It’s much less likely that someone will be able to get a hold of your password and your phone!
Recently Google also reported that 100% of automated bots, 99% of phishing attacks and 66% of targeted attacks were blocked by 2FA.
There are three main types of authentication:
- What you know – a password, a PIN or an answer to a security question.
- What you have – a phone, credit card or fob.
- What you are – a biometric such as a fingerprint, retina, face or voice.
They can all be mixed and matched to be used together in whichever way suits your company’s purpose. In this article, we’ll take you through everything you need to know about 2FA so it can become an integral part of everyday life that protects your side or your customers.
Your customers’ security should be one of your highest priorities. If they experience a security breach it could be completely life-changing for them – that’s why it’s so important to protect your client’s accounts.
2FA provides an extra layer of security and makes it harder for attackers to access their accounts. Simply adding a layer of 2FA to logins and transaction processes can alleviate risk.
1. Better security
2FA decreases the chances of an attacker being able to impersonate somebody on their account and gain access to sensitive resources. Even if they have the password, they’ll need something else too!
2. Increased productivity and flexibility
Companies that embrace new technology are likely to experience better productivity and flexibility. Customers are able to sign up for services quicker and more securely than before, and can be given the choice of how they’d like to verify their identity.
In businesses, 2FA is used so employees can securely access corporate applications, data, documents, and back-office systems from virtually any location without putting company data at risk.
3. Lower security management costs
Implementing 2FA can help reduce the lengthy and costly password reset calls, and can act as a secure way for customers to sort these issues out themselves.
Reducing customer interactions with call centers, not only strengthens security but also improves UX. Then, as a massive bonus, operational overheads that are associated with security controls are reduced.
4. Reduced fraud
It’s not easy for a hacker to bypass 2FA, making it an effective security tool against fraud. Potential threats would have to know lots of information to gain access and duplicate information, not just one password.
KEEPS HACKERS AWAY
Turning on two-factor authentication is an easy way to stay protected. It quite literally places the security of customer accounts in their own hands.
Even the simplest form of 2FA puts a practically impenetrable wall between hackers and your customers’ personal information.
Taking these steps to protect your customers’ accounts will offer them the highest level of security and the best UX, creating happy and secure customers all around.