In this ultra-modern world, businesses are facing challenges in order to come up with safer facilities for their customers’ while digitizing their workflows. However, fraudulent activities are also flooding over the digital platforms and people are falling prey to cybercriminals.
To protect the digital platforms, businesses are utilizing multi-factor authentication (MFA), primarily 2FA to enhance their traditional cybersecurity measures, normally passwords. In this digital era, passwords are becoming less effective for online customer verification as they are easy to guess or hack. Moreover, people show negligence while setting up the passwords and other than that also use the same passwords over multiple platforms. Thus, to protect user data integrity 2-factor authentication is becoming today’s necessity.
Two-Factor Verification- The Efforts of Tech Companies to Protect Clients Data
Digital businesses, mainly financial institutions are becoming primary targets of cybercriminals. Cybercriminals are deliberately breaching and taking over digital wallets and accounts in order to retrieve financial gains. Using advanced technologies the criminals are able to develop applications and software to become trustworthy, they even portray themselves as legitimate service providers, government agency representatives, and retailers.
It’s pivotal to acknowledge the significance of the cybersecurity approaches like two-factor authentication, which must be deployed in order to keep criminals away from digital businesses.
However, tech tycoons have understood 2FA importance and are taking the brunt of accountability.
On world password day, Google revealed the development imprints of two-factor verification to secure customer data over the digital space. Google stated that it will embed this added security feature into their all social platforms like Gmails, Hangouts, etc. 2FA is an extra added built-in security measure for smartphones that are used to back up the string of passwords to provide ultimate protection measures.
Whereas, Apple is also working day and night to come up with the solution to secure their customers’ data. Apple has come up with a “Keychain” service that acts as the encryption container to store the client’s viable information such as credentials, financial information and accounts details.
How Cybercriminals Are Manipulating Security Measures for Privileged Access?
Nowadays the smartphone application usually requires end-users permission to access and to share personal information on digital platforms. All digital businesses, primarily financial applications, have the feature of acquiring customers to consent to perform various activities.
In layman’s words, a Phishing attack is an act of breaching or abducting victims’ credentials, taking over accounts, and stealing financial information via false emails or text messages while portraying himself as the legit source.
In such illegitimate emails, cybercriminals usually place links or downable files, having the purpose of hacking the victim’s account. Most people get into the trap and unknowingly click the link and are redirected to scam websites. Unfortunately, it ends in providing all the information. Thus fraudsters get control over the viable information and use it to carry out their illicit activities.
In the email, there is usually a link, which is purposely sent to trap the user. That website, sometimes made by cybercriminals, asks the user to enter information or credentials. If any of the employees of an organization enter the information, the customer’s information can be accessed, stolen, or used for criminal activities.
In this, the fraudsters usually hijack the financial or social accounts and take over such accounts that are backed by the subscriber identity module (SIM) in mobile phones. SIM is a removable chip that is developed to securely store contact numbers as well as users’ identities. Sim jacking is done to retrieve the identification number and is done electronically without requiring removing the sim. Once the SIM mechanism is hacked, the fraudster can take over the account and can get access to the user’s information.
While this attack happens, the bad actor has access to retrieving victims’ SIM numbers as well as encodes their device with an abducted number in order to get complete access over the users’ devices. Afterward, criminals can make phone calls, can send text messages, and can even share photos.
How does 2 Factor Verification Secure Data Confidentiality?
2-Factor authentication is an extra added security measure to make logins secure, where the legitimate account holders receive machine-generated code termed as OTP on the registered SIM number of the emails each time when the customer tends to attempt login or carryout transactions. 2FA security approach assures that only legit users get access to the account, eliminating the risk of hacks or breaches. This is attainable because only the respective user is getting the 2FA code.
Utilizing two-factor verification as an essential component of know your customer solution is all set to protect the end-users accounts as well as the information placed in them. Customers’ validation also minimizes the possibility of cyberattacks and enables businesses to provide their clients seamless onboarding procedures while helping them to stay compliant with the regulatory obligations.
Quickly recapping, 2-factor authentication is a perfect solution backing the old-fashioned methods of securing accounts. Digital businesses are obliged to deploy 2FA into their systems as it doesn’t require loads of funding and it’s quite simple to cope with. Eventually, two-factor authentication is all set to protect online businesses from financial losses and makes them trustworthy.