Two-Factor Authentication: The Newest Trend In Authentication

By now, businesses and consumers have heard of, or even had
an encounter with, the newest trend in identity authentication, two-factor
. The basic mantra around this new security fad is, something
you know and something you have. When authenticating an account a user is
asked to enter something they know, such as a password, and is then sent a code
via SMS to their phone. Once the user receives the text, they are asked to
enter that as the second layer of security and this becomes something you
have. Sounds great, right? Well yes, it helps to add an additional layer of
security for online logins but it doesnt protect the company or consumer from online
fraud as much as one may think.

While this may be a short-term fix for some models, the
truth is two-factor
authentication isnt going to solve the problem of online identity theft
and data breaches. Something you have can very well be stolen and/or hackers
will find a way to interfere with this. There have already been cases of mobile
malware that render two-factor authentication obsolete. Just like any other fraud prevention
, as security measures become smarter, so do hackers. If
companies solely rely on this type of identity authentication, it wont be long
until the code is cracked. By implementing true KBA
, security becomes something you know, and something ONLY
you know. This takes authentication real-time by presenting security questions
that are developed based on your personal information so only the true identity
holder can answer correctly. In many cases, fraud prevention becomes a matter
of working smarter, not harder. By adding a layer of identity verification and
authentication to your security measures you can help prevent
online fraud
for your company and customers.

[Contributed by EVS Marketing]

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