Implementing Two Factor Authentication (2FA) is a reliable method for safeguarding both your data and your customers. 2FA is a security protocol requiring users to present two distinct authentication factors to verify their identity prior to accessing their account or initiating a transaction.
In the realm of online transactions, multi-factor authentication commonly involves sending a one-time PIN code to an individual’s mobile device through various channels such as SMS, WhatsApp, email, or alternative methods.
By implementing 2FA, you can safeguard your customers and offer a secure experience that sets you apart from competitors. We’ll take you through everything you need to know about 2FA and how to introduce it into your security processes to protect your customers and provide a secure experience.
Passwords are not enough anymore
It’s no secret that managing multiple passwords can be exasperating. To cope with this challenge, many individuals resort to using the same password across various accounts, including those with less robust security measures. However, this practice is highly discouraged.
80% of data breaches resulted from inadequate password security. Such lax security practices make it considerably easier for hackers to guess and gain access to your valuable data and information.
Some common errors individuals make when creating passwords:
- Using easily discoverable personal information i.e. children’s or pet’s names, mother’s maiden name – which can be unearthed through research or learned using social engineering tactics.
- Opting for a short password with fewer than 8 characters.
- Merely changing one digit or character in an old password.
- Reusing outdated passwords.
- Substituting a letter with a visually similar number (e.g. ‘@’ for ‘a’).
- Employing a single word instead of a random phrase or sentence.
Organizations can reduce the risk by mandating customers to employ more complex passwords that are regularly updated. However, this approach may introduce friction and irritation into the customer experience. Hence, the implementation of an optimized 2FA solution becomes crucial to balance security and user convenience.
Multi-Factor Authentication (MFA)
Multi-Factor Authentication (MFA) serves as a robust method for safeguarding online accounts and data by necessitating users to authenticate themselves through various means. While Single-Factor Authentication typically involves logging in with just a password, Multi-Factor Authentication mandates the use of at least two or more authentication factors in combination:
- A user’s password or a PIN number.
- The user’s mobile phone – capable of receiving a verification code (e.g. OTPs) – or physical tokens like USB keys or product numbers.
- Something inherent to the user’s identity i.e. fingerprints or facial recognition.
It may sound intricate, but the use of diverse Multi-Factor Authentication methods is more prevalent in our daily routines than we might acknowledge. Consider, for instance, entering a password to access your social media, followed by receiving a verification code via text message to complete the login. Or confirming a payment using your fingerprint after logging into your online account is another common scenario.
If your business involves substantial transactions via mobile or online platforms, prioritizing customer and data security is imperative. MFA provides numerous advantages, including the mitigation of fraud and data theft, bolstering customer trust, and enhancing the overall customer experience. It addresses issues related to passwords and streamlines the login process, contributing to a more secure and user-friendly environment.
Multi-Factor Authentication is applicable across diverse sectors, catering to a range of use cases. Regardless of the specific market or industry, the priority of ensuring data safety remains consistent across all businesses.
What is Two Factor Authentication (2FA)?
Two Factor Authentication (2FA) is one of the most prevalent forms of Multi-Factor Authentication. It demands two distinct identifiers to authenticate the user’s identity. While technically any combination of two identifying factors qualifies as 2FA, the widely adopted approach often involves the use of a verification code, commonly known as a One Time Password (OTP).
OTPs can be delivered through various platforms and communication channels. While email and SMS are the most prevalent methods, it’s worth noting that OTPs can also be transmitted via WhatsApp.
Two Factor Authentication: SMS
SMS remains the dominant force among messaging channels, catering to billions of users globally. Its widespread success can be attributed to the universal accessibility of SMS messages, as they can be received on every type of phone. This reliability has contributed to the extensive reach of SMS. Recognizing its advantages, businesses swiftly embraced SMS, making it the most utilized messaging channel in the business domain.
The reliability, reach, and ease of use of SMS messaging make it an optimal channel for sending OTPs or login codes, especially since all you need is the phone number of the recipient.
Two Factor Authentication: WhatsApp
WhatsApp stands out as the leading messaging applications. With more than 2 billion monthly users worldwide and 100+ billion daily messages, it holds the distinction of being the most utilized mobile messaging channel. Beyond its extensive global reach, the security of WhatsApp OTPs is reinforced by end-to-end encryption, solidifying its status as one of the safest options available.
It’s no surprise that WhatsApp Business is widely preferred for delivering OTPs. However, there’s a crucial requirement: you must obtain explicit opt-in consent from your customers before sending them their OTP or login code.
Two Factor Authentication: Email
If you do not have access to customers’ telephone numbers opting for OTPs via email is a consistently available alternative. Customers who may be hesitant to share their personal information such as their phone number, frequently find receiving OTPs via email to be a preferable choice.
Two Factor Authentication: Push Messages
If your customers have already embraced your native app, you can seamlessly incorporate and activate two-factor authentication through push notifications within the app itself. For instance, when a customer authorizes an online payment, you can prompt them to confirm the transaction on their mobile phone through your app.
Two Factor Authentication: Authenticator Apps
This is an alternative phone-based method for 2FA. An authenticator app generates codes locally using a secret key. These apps can be secured and synchronized across multiple devices, making them a popular choice for enhancing the security of internal employees.
However, it’s worth noting that this option necessitates downloading another app, which is not be appealing to all consumers.
The Right Two Factor Authentication Channel for You
Safeguarding your customers and data should be the paramount concern for any business. As technology evolves, criminals continually devise new methods to hack accounts and pilfer data. While most businesses have established their own security, data protection, and compliance measures, the implementation of Multi-Factor Authentication can further mitigate risks.
The optimal channel for your business depends on the specific use case, strategy, and customer preferences. With Channel Mobile you can seamlessly send OTPs through a channel of your choosing.
Interested? Our experts are happy to help discuss your specific use case and help you choose the perfect messaging channel for your Multi-Factor Authentication strategy.
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