#two factor authentication solutions

After successfully logging in, the Finacus Two Factor Authentication services enable you to add an extra layer of security before completing a transaction. Strong Authentication to stop Identity Theft and other frauds, simple integration and installation, and affordable.

We at Finacus Implements two-factor authentication which will reduce the losses suffered by financial institutions in terms of money and brand trust. The solution works at the protocol layer and is the only Indian solution that is OATH certified. To know more, visit our website.

It is essential to consider how much your life takes place on a computer or a mobile device. You check your email daily, login to the social media accounts, and enter your credit card number after doing online shopping. Every time you will have to share sensitive data like passwords and banking information online. So, it becomes essential to find ways to strengthen online cybersecurity levels.

Each one's digital account is at risk for a breach, and this is why it is essential to add an extra level of protection with multifactor authentication. Before getting to know how multifactor authentication can benefit the banking industry, let's know about multifactor authentication and how it works, followed by the multifactor authentication solutions.

What is multifactor authentication?

Multifactor authentication is an authentication method that requires the users to give two or more evidence to gain access and log in to the account. After entering the information provided, the user will be granted access. The evidence includes the phone numbers, email address and specific answers for the security questions.

When it comes to the banking industry, managing customer finances is much more comfortable and convenient than ever before. However, an increasing number of cyberattacks have brought in more concerns over the institutions' security and customers. Banks ensure the customers are able to access their accounts by educating the users about the importance of their login details and securing the login process with the two factors authentication solutions.

Passwords and passphrases

These days for any login process, passwords are standard. Short passwords are easy to guess using common types of programs. Some companies mandate the users to include the numbers and symbols to make password unpredictable to hackers. Using long passwords is always the best option. Make sure you go with the long password and be sure you remember it.

Users are not still secure.

People are very careless at maintaining security. They share the passwords, write them down, and use the same one for multiple sites. You should assume that your customers are doing the same. Instead, don't think that they are safe because you ask for a password.

Two-factor authentication

One of the most effective ways of keeping the customers and their account secure is doing another means of identification on the top of passwords. But you have to understand that all the methods are not equal.

But what is this authentication factor? It is the sum of the three things: something the user knows, something they have, or something they are. Passwords and usernames are both the things that the users know and can be guessed. Better security comes when using at least two different factors. The banking industries already know this. They actually use two-factor authentication when they require the customers to use both the card and a pin to withdraw money from an ATM. The 2fa service providers will help you build an additional security layer to carry out a transaction after a successful login. It is the ease of integration, strong authentication to prevent identity theft and other frauds with competitive prices.

How does it work?

Any two factor authentication service works by first having the user present one form or factor identification that triggers a prompt to present the second. Only when the second authentication factor is given, the system will provide the desired result.

Two Factor Authentication (2FA) Service in India – Did you know that major players in the telecommunication industry such as AT&T, Sprint, and T-Mobile could have recently left their customers’ data open for Internet intruders? Fortunately, a major issue, which could have brought devastating results for millions of innocent users was averted. Thanks to a few security researchers who spotted this issue at the right time and saved customer information from being exploited by hackers.

We will discuss each case one by one and starting with T-Mobile’s episode. Here, in this case, it was an engineering issue found between Apple’s online store and T-Mobile’s API that is used for account validation. The T-Mobile’s API allowed users to perform unlimited login attempts on an online form, which would captivate hackers to hit the app with brute-force attack by guessing an account PIN.

Next case belongs to a phone insurance company, namely Asurion and its AT&T customers. It also had the similar security flaw wherein any anonymous user with customer’s phone number can perform multiple login attempts to land into customer’s dashboard. Well! this flaw could also lead to brute force attack, which is based on guessing any passcode via various permutation and combinations.

Moving forward with the concept of multi-factor authentication, which ensures that the user’s identity is genuine. This methodology is based on three main factors of verification encompassing:

Something You Know: We know the secret password, which is used to gain the access to any application/software.

Something You Have: It’s about the verification of information that you possess. It comes under two-way authentication (2FA) wherein the respective user not only inputs the username and password for accessibility, but also inputs an auto generated secured code generated in any app or device to access the respective application/software.