Data breaches are getting more common these days with increased globalization and the accessible networks of the internet. This has led to identity thefts, stolen PIN codes, compromised security systems. Thankfully, with the advent of 2FA, some banks and retail companies are heightening the security defenses of their clients and customers.
As a rule of thumb, a 2FA should be included to any application that deals with sensitive credentials and passwords. However, not many may truly understand the technology behind 2FA verification, in fact, some may find the process troublesome and unnecessary. But as we will show you, this is far from the truth.
Increasing Cyber Threats
According to some statistical reports, cyber threats have been steadily on the rise around the world. This may be due to the development of advanced malware and phishing software that continues to affect thousands of users. It is also worrying that some third-party application stores carry ostensible fronts while harboring malware in their content.
Based on a 2018 Harris Poll survey, a whopping 80 million Americans have reported experiences of identity theft of some form. This is a staggering number. Such worrying trends may continue rising as younger generations of people are known to spend more time on social networks and e-services, which make them vulnerable to cyber exploitation.
Giant companies such as Target and Facebook have been recently caught in a series of open investigations linked to compromised security. If it can happen to them, it can happen to anyone. Bad press can really harm customer relations. So, when it boils down to client security, prevention is definitely better than cure.
The Rise of 2FA
2FA, or otherwise known as two-factor authentication refers to a security feature that reinforces a standard one-time password. The multifactor authentication method provides an additional buffer against malicious individuals from hacking into an account or siphoning details.
Traditionally, one-time passwords sufficed but these days, the triviality of some passwords have proven detrimental to the security of the individual. Some commonly hacked passwords include birth dates, the name of loved ones (including pets), “password” and pet names.
As an additional measure against these loopholes, many big names such as Google and PayPal have integrated 2FA into their applications and websites as a means of fostering customer trust and confidence in the security of their services.
The Idea Behind 2FA
The fundamental concept of 2FA is comparable to the functionalities of a debit card. A thief may steal the debit card from you, but they require your bank account password in order to withdraw the money from your bank account. Simply owning the card or the password does not gain access.
2FAs prevent hackers from accessing your account even if they have successfully entered your one-time password.
There are several ways that 2FAs work. Some applications may choose to link an account to your mobile number or email address, where you will receive a one-time notification number to be keyed in. However, this may be ill-advised as advanced hackers may be able to gain access to your devices and accounts through means of social engineering such as copying your SIM card. A better alternative might be found in specialized 2FA mobile applications that generate randomized tokens, which changes the digits each time you log in.
Why Apply 2FA Phone Verifications?
Essentially, 2FA adds an extra layer of protection to shield your personal information against unauthorized individuals. As society advances in cyber technology, so comes the rise of more tech-savvy cyber criminals, who will utilize innovative methods that can easily hack into one-time passwords.
Additionally, 2FA phone verification processes may be the most convenient method since most people carry their phones most of the time. However, as mentioned, a mobile token generator is a better alternative to a direct mobile 2FA authentication, which may be easily hijacked by malicious individuals.
Although when it comes down to security, there is always the risk of a hack, 2FA certainly significantly reduces occurrences. Consider the analogy of a poorly fenced up home versus a high-security mansion. Criminals will be less likely to target your accounts and profiles if 2FA gives them the additional burden of cracking a second code.
Seeking Professional Services
It can be tedious for companies and enterprises to sieve out the best solutions to their mobile security needs. Thus, it may be important to seek support from an expert you can trust to make the right recommendations.
IronAuth is dedicated in offering expert developer tools in tackling the biggest concerns that your company faces. We track the latest trends in providing you the latest information on the rapidly changing industry to deliver the winning answer to your needs.
Visit us here for more information on how we can help optimize your mobile security systems to give your customers a peace of mind.