The Benefits of Multi Factor Verification
Multi Factor Verification should be top of mind for modern businesses concerned with client data security. Multi factor authentication is one of the safest methods to validate client data. We’ll cover the main advantages of multi-factor authentication and why it’s an essential part of securing customer information, especially for companies that are mobile native.
With an increasing number of people buying products and services using their cellphones, both consumers and companies are concerned about security. For companies that rely heavily on mobile communications, establishing customer trust is critical.
What is MFA?
Multi factor authentication (MFA) is the combination of two to three identity verification methods as a means to verify users identities before giving them access to payment methods or other data. This adds another layer of protection to safeguard online accounts and transactions from hackers and data theft. MFA is now used by consumers on a regular basis.
The following are a few examples of multi factor authentication:
- SMS verification codes
- A PIN or answers to secret security questions
- Face recognition or fingerprints
- Two factor authentication, which is a combination of two of the above examples
5 Multi Factor Authentication Benefits
Here are five reasons to use multi-factor authentication as part of your security strategy to protect your clients and benefit your company:
Even though extra verification processes are obtrusive and unneeded at times, consumers trust and value firms that take security seriously. Ultimately, people value data security more than they value convenience.
Combat Fraud and Identity Theft
Gone are the days of cracking a simple password and gaining access to sensitive data. Having more than two means of verifying identification makes hacking more difficult. Extra security steps decrease the occurrence of fraud and identity theft.
Lowers Operating Costs
It takes time and money to notify consumers of suspected security breaches. MFA reduces fraud, and frees up resources. While implementing MFA requires upfront costs, the investment pays for itself over time.
Prevent Password Fatigue
People nowadays have a lot of passwords to remember. Understandably, many individuals use the same password for several accounts, or create overly simple passwords. Unfortunately, this opens them up to hackers. Multi factor authentication is a simple solution that prevents password fatigue and offers an additional security layer, preventing even basic or repeated passwords from being hacked.
Simplify The Login Process
The introduction of one time passwords (OTP) has simplified MFA considerably. For a single login attempt, a user is provided a one-time password (OTP). Secure online services, private credentials, and data may be protected by one-time passwords transmitted through SMS or voice.
OTPs decrease fraud by delivering customers time-sensitive, random numbers and PINs through SMS, voice, or push message. It allows clients to utilise one login while keeping strong security requirements.
With one click, you can protect new user registrations, logins to accounts, and cellphone transactions with multi factor authentication. MFA solutions also boost conversion rates and builds client’s trust.