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Benefits of Using Multi-Factor Authentication for Your Software

Multi-factor authentication (MFA) is a technology for verifying a user’s identification by needing two or more credential category types to log into a system or complete a transaction. It’s an extra layer of security that protects online accounts and transactions from hackers and data theft.

Suppose you already employ basic password security measures. In that case, multi-factor authentication will make it more difficult for cybercriminals to access your account as the second authentication element is difficult to obtain. Multi-factor authentication has become common among consumers.

Many solutions use an SMS testing tool and MFA tools for protection and various other benefits. Some examples of MFA are:

  • A personal identification number (PIN) 
  • Verification number sent by SMS text message or tangible tokens such as USB keys
  • Fingerprints and facial recognition

At least two of the above elements are required for multi-factor authentication, if not all three. Two-factor authentication is the most used type of MFA, where two elements are used. 

If your company conducts a considerable amount of business through mobile platforms, you must ensure consumer safety and confidence. In addition to the security benefit, here are seven reasons why you should use MFA to protect your customers. 

Increase Customer Trust

Customers like knowing that the information they share is safe. Customers appreciate and trust businesses that protect data, even though verification steps may sometimes appear unnecessary and inconvenient. 

Meet Compliances

Certain compliances are required in a number of businesses, such as HIPAA and GDPR. According to finance, health, and government institutes, businesses must follow a strict criterion that protects consumers’ rights and limits risk. When assessing your security requirements, consider your company’s specific needs. 

Better Control

Multi-factor authentication allows you to manage who has access to your files. According to research, 51% of respondents don’t evaluate third-party security and privacy standards before allowing them access to sensitive and confidential data. 

Rather than relying solely on passwords, which can be shared or duplicated, multi-factor authentication allows a company to determine who has and does not have access to critical or confidential information.

Lower Your Operating Costs 

Many Businesses spend money and time informing customers of suspected activities on their accounts. MFA lowers fraud by allowing your employees to focus their attention on more demanding customer support issues and decreasing help desk efforts. Although there are certain starting costs related to adequately implementing MFA, the return on investment pays off in the long run.

Simplified Login Process

The development of single sign-on logins has made multi-factor authentication simple. A one-time password (OTP) is a string of letters, numbers, or characters delivered to a user only once during a login attempt.

Web-based services, secret credentials, and data can be protected with one-time passwords transmitted to a mobile phone by SMS, voice, or email.

Endnote

Multi-factor authentication is one of the highest levels of security that all businesses should strive to implement to keep their employees, networks, and customers safe. Your organization’s staff are freed up to focus on more important responsibilities thanks to MFA’s easy deployment, as well as its connection with a wide range of applications.

Ajay Deep

Ajay Deep is the brain behind Coworking Mag. He founded this website to help startups and aspiring entrepreneurs find a coworking space in their city. He is a successful entrepreneur who started and scaled a bunch of startups – all from shared office spaces. He has visited hundreds of coworking spaces in different countries and is now an investor in this evergrowing idea of developing new coworking spaces. You may reach Ajay Deep at ajay@authorityventures.com
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