Online frauds are prevailing in the industry nowadays. Businesses are moving towards digital platforms. This not only extended their revenues but also has increased their chances of facing cybercrimes. The prevalence of online scams requires businesses to opt for ways that can reduce the probability of fraud. 2 factor authentication is a verification method to ensure that the person trying to avail the services is a legitimate user or not.
Given the increasing number of frauds with each passing year, the verification methods became a necessity for having seamless work operations. 2 factor authentication is a tried and tested method for identifying individuals. Businesses are practicing 2 factor authentication for giving access to sensitive credentials. Some of the industries still are showing carelessness in opting for verification of compliance and they face the predicted outcomes for it.
Passwords – the Older and Weak Security Checks
There was a time when passwords were considered as the means of authentic and verified security checks to identify individuals. We would not say they were useless from day one, but it is a fact as well that they are unable to cope up with the modern-day fraudsters’ tricks.
It is very easy to have your hands on the passwords of a user. Users were required to remember long passwords that are quite problematic. This is the reason why customers tend to forget passwords easily and then they have to go through another tiring process of resetting passwords.
2 factor authentication is the best alternative to passwords. They not only free the individuals from remembering long passwords but it is also supposed to be an extra security layer.
Automated Verification Method
Businesses looking forward to having a sustainable future for themselves must understand the fact that automation is the key. No user has the time to wait for minutes to get themselves verified. Along with many good things that technology has blessed us with, one more thing it has given us is the decreased patience level. Now customers want their digital processes to be done within seconds. 2 factor authentication is perfectly catered to their needs. It verifies individuals in real-time.
Use cases of 2 Factor Authentication
This verification technique is largely being used by businesses. Not only benefiting the companies, 2 factor authentication is based to extend the experience for end-users as well. Many industries are taking full advantage of the verification process and enhancing their customer experience.
It can be used as a separate way to verify individuals. Also it can be combined with other KYC verification methods like document verification, face verification, and address verification. Identity verification can be coupled with 2 factor authentication to verify the identity of incoming users and potential customers.
Banking sector
Banks are utilizing 2 factor authentication during their banking operations. It is most important while monitoring the transactions. Transactions beyond certain limits are authenticated through this technique.
It is significant to perform due diligence in financial services. EDD compliance is also being accomplished during 2-factor authentication in banks. The fact that banks handle funds of PEPs requires them to undergo enhanced due diligence.
Social Media Websites
Social media websites are the new normal for individuals to relax and have fun. While social media contains every type of content, businesses need to practice 2 factor authentication solutions.
Individuals are very sensitive when it comes to social media accounts. No one wants anybody to have a look at their accounts and poke their nose in social activities. That is why they want an extremely secure process so that nobody can enter into their space. In this regard, social media sites are liable to practice 2 factor authentication to ensure that only legitimate users can have access to platforms.
Digital Service Providers
Digital service providers facilitating customers with any type of digital service can use 2 factor authentication. This can eliminate fraud risks and by providing customers with robust verification services, they can ensure safety with speed.
E-commerce Industry
E-commerce is an industry that faces a number of frauds. For example, while giving services to online shopping, digital businesses may face fraud events that can lead to many other crimes. Chargebacks are also a common scam that many companies providing delivery services can face.
Wrapping it up
2 factor authentication is an added security layer to verify individuals. Passwords are no longer secure and are liable to provide the customers’ security and convenience. Therefore, 2 factor authentication employed by various sectors is fulfilling their dire need of verification.
