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With an increase in cyber security crimes, it has become essential for businesses to ensure that they have the right security measures in place. Framing complex passwords is not enough to get rid of the problems related to security. Password recycling is the biggest nightmare of various security experts. A report has also indicated that well-known passwords have seen a 20% increase in hacking activities. Implementing a Two-Factor Authentication tool across the applications can make you and your customers safe from potential fraud.

A 2FA or two-factor authentication method is the crucial yet easiest solution to combat the security challenges faced by your business. This can be used for providing security against multiple online accounts by adding extra layers of security to protect your customer’s sensitive information. Read on more to know how 2FA is a crucial requirement for business security and why now is the best time to invest in it.

Two-Factor Authentication: What is it?

Basically, 2FA is a method for verifying the identity of the user who is trying to access the application. You might have noticed when you log in to Facebook or Twitter, it requires you to provide a second piece of information along with a password. This is regarded as multi-factor authentication which is usually a two-step verification process.

This multi-factor authentication adds an additional security layer to the sensitive data for addressing the vulnerabilities of password-only approaches in the registration process. In order to prevent business security, you no longer have to ignore 2FA as it helps you in lowering the likelihood of phishing scams and thefts. Private applications cannot be accessed without the security key that is sent on the phone. 

Why Is Two-Factor Authentication Important?

The two-step verification process is critically important for business from the customer experience perspective. Implementing 2-factor authentication can be a great strategy for the business for protecting sensitive information that will improve your brand’s reputation significantly.

Strong Security Uphold

2FA is a strong authentication system wherein hackers do not get a chance to get access to corporate data. Hence, it is an effective system for preventing sensitive information through a layered approach.

A Step Towards Great Customer Experience

Implementing a two-factor authentication tool into the business can be helpful in maintaining compliance. This shows that you care about customers and ultimately it enhances customer trust. Your customers will have a rich customer experience through a full-proof verification process while building a solid reputation.

Reduction of Online Frauds

Since identity threats are on the rise these days, it becomes highly essential for industries especially banking and financial services to make sure information is not compromised. A well-formed two-factor authentication system is helpful in gaining the trust of customers and thereby building secured online relationships.

Reduced Security Management Costs

By reducing loads of time-consuming password resets, you can make sure that help desks are not burdened with unnecessary queries. 2FA is the easiest way to get your password reset done in seconds, resulting in increased productivity.

Ways to Two-Factor Your Accounts 

With credential-stuffing attacks and data breaches on the rise, businesses nowadays are focusing on everything they can do to protect their users. Usually, there are two popular kinds of authentication methods that you can use to protect your customers.

  • SMS OTP Verification 

SMS OTP or One-time password is the security code sent on the registered mobile number of a user to get the verification done. When a user logs in or makes an online transaction, the system automatically generates a six-digit code which is valid for a few minutes. This prevents unauthorized data access or any other fraudulent transactions to take place in future. 

The SMS verification process has been around us for more than 25 years and is still the simplest way to get identification done. SMS has a 95% delivery rate which means you can make sure your text code is delivered to the user every time a request is sent. Besides, people prefer SMS OTPs over emails as they are read instantly. 

  • Voice OTP Verification 

Voice OTP authentication is a failsafe verification process that facilitates code in an instant. The process is enabled through an automated voice call that triggers a code that gets your account verified. Voice-based verification is a reliable method along with the best delivery rate and speed across the globe. This is one of the best-secured systems which makes the information secure. It is not only cost-effective but ensures that each call lands in the right place at the right time. 

Bottom Line!

Just as we are concerned about our house safety, we need to protect our digital worlds as well. We do not have to rely on passwords for protecting the valuable assets of the company. 2FA augments a unique two-step verification through the facilitation of an additional layer of security. Authentication methods are not only user-friendly but also ensure that only legitimate users access critical business data.

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