Minimise cybercrime with two factor authentication

How businesses can use two factor authentication to prove people are who they say they are and minimise cybercrime.

Let’s face it, password management can be really difficult. Most of us manage multiple passwords, both as employers and consumers. But remembering these can be a real challenge!

As a result, there is a temptation to use the same password multiple times. But this can compromise security and play into the hands of fraudsters and hackers.

Cybercrime

Cyber security threats are a serious and growing issue. In fact, criminals are enjoying more opportunities than ever to defraud.  Global internet penetration has expanded and growth in traffic has been further fuelled, both by the global pandemic and the increased use of smartphones. These are expected to represent about 50% of all mobile handsets by the end of 2022.

Fortunately, there are alternative solutions for businesses to prove people are who they say they are.

Two factor authentication

Increasingly adopted by all kinds of organisations, two factor authentication (2FA) is a verification method. It works by sending an SMS with a code, or one-time password (OTP), to the user, which they can then use to verify their identity.

OTPs add an extra layer of protection to online actions with a personal, time-sensitive code sent straight to users’ mobiles.

According to global trade body The Mobile Ecosystem Forum (MEF), 95% of internationally originated A2P (application-to-person) SMS is 2FA related. The mobile authentication market as a whole is growing at a cumulative annual growth rate (CAGR) of 25%.

Security solutions

With consumers valuing their time as a precious resource, security has to be implemented well. Otherwise, it will lead to aborted transactions and abandoned carts.

Any authentication mechanism must be simple, cost-effective and, most importantly, customer friendly.

Alarmingly, despite the raft of cost-effective solutions available for securing business and protecting customers, only ten per cent of enterprises globally use 2FA (Source: MEF).

Why choose MessageCloud?

Our Verify product lets you use OTPs with ease. Get low prices, exceptional security and a powerful API for all your mobile verification with MessageCloud. Find out more about Verify here.

MessageCloud is a multi-award winning mobile messaging technology provider. Its cloud-based SMS and messaging products enable companies to set up and manage one-way and two-way communications effortlessly. Plus, it offers products to analyse phone numbers, verify users and accept payments by mobile.

With its range of products, ‘Send’, ‘Numbers’, ‘Verify’, ‘Analyse’ and ‘Pay’, MessageCloud delivers tools that maximise mobile marketing; from virtual numbers to payment systems for carrier billing. And with more than a decade of delivering messages for diverse markets around the globe, it is a service on which you can rely.