You can never be too careful when dealing with money online, especially when it comes to processing payments. That’s where one security tools like two-factor authentication can help; they’ll lock fraudsters out of your systems.
Internet fraud, cyber threats, online scams, eCRIME – these are words that we are all too familiar with today.
You can’t go a day without hearing about cyber-raids on bank accounts or reading about online scammers threatening to leak data unless ransom demands are met. Undoubtedly, cyber security is the single biggest threat to business today (even more than U.S. President-Elect Donald Trump – via Finextra). With attacks happening daily, what can we do to avoid these risks?
Read our High stakes and Headaches eBook to learn more.
Two-Factor Authentication – How can it help?
We’re all aware of the importance of online security, logins, usernames and passwords. However, if you were to ask around your office “what is Two-Factor Authentication?”, you’ll get blank faces staring right back at you. Not many people are aware what it is or how it works, but it’s actually really simple.
In Plain English:
Two-Factor Authentication is an extra layer of security that requires not only a password and username, but also an additional form of verification that only you exclusively have access to.
These secondary factors can include:
- Something you know – an additional PIN, password or piece of information
- Something you have – a device, such as token or card reader that allows you to approve authentication requests
- Something you are – a unique biometric imprint, such as a fingerprint, iris, voice or face.
Note: You may find Two-Factor Authentication being called 2FA, two step verification and multi-factor authentication. They’re all the same.
Interesting, but how does it work?
Most security procedures require a single form of identity – in most situations this is a simple online security detail, such as a username and password.
Two-Factor Authentication method on the other hand, uses the same username and password, but it also requires a secondary factor that only the user has access to. This makes it harder for criminals and fraudsters to break the metaphorical lock and access your data and financial records
This ain’t nothing new though
Yes, you’re 100% correct. Two-Factor Authentication is not a new-fangled concept dreamt up by a 10-year-old hacker. It’s goes back quite a few years.
However, with the ubiquitous nature of smart devices, in addition to our increasing dependency for digital services (especially online financial services) as well as new and more secure methods of two-factor authentication being released, it has resulted in a recent resurgence – which is good for everybody, except for the criminals.
As more people become educated about Two-Factor Authentication and become privy to using it, the number of identity theft, fraud and hacking cases will begin to drop. Now wouldn’t that be great?
How can I help speed this process up?
Spread the word! Share the love! And embrace Two-Factor Authentication! That is exactly what we’re doing.
In a recent software update to the AccessPay platform – which ultimately channels all our customers UK & International payments and collections – our in-house developers worked their technical wizardry and added Two-Factor Authentication, along with a number of other brand new features.
For our customers, this means even better online security – at no additional cost.