Payment Security 101
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Two-factor authentication statistics have proven that authentication methods are effective when it comes to combating cyber threats. It’s proven by Google, that two-step authentication via SMS can stop 100% of all automated attacks.
Accounts payable teams who are looking to integrate layers of security such as Multi-Factor Authentication (MFA) are much more protected. MFA is a strong authentication method because it requires users to provide two or more verification factors such as things you know (password or pin), things you have (phone or device) and things you are (fingerprint or face recognition).
By incorporating authentication methods in your accounts payable departments you can decrease the likelihood of phishing or brute force attacks. In this statistics page, we explore the importance of authentication methods.
For business safety, 2FA is a common requirement of almost every business; enabling employees to be more secure against cyberattacks. 2FA gives individuals at least two proofs of identification, which allows them to access the service by creating an account.
In the post-COVID-19 era, the popularity of cyber attacks is increasing. However, with the adoption of 2FA, companies are making it much harder for hackers to hijack the user’s username and password.
Two-factor authentication increases the security of organisations by preventing unauthorised access that occurs when users share passwords or get hacked, or when the company experiences a data breach.
Enforcing 2FA will lower the odds of an unauthorised party accessing sensitive information, which can assure CFOs that their assets are safe. Accounts payable team security relies on a robust account security system to help safeguard against the loss of customer information.
SMS text message based authentication is often the easiest and fastest option for many users. Text-based two-factor authentication provides better security, which improves the user experience.
As more businesses adopt 2FA and add layers of security, 2FA use increases with time. In the period 2017 to 2019, 2FA use increased by 25%. Text messaging is now the leading cause and the most common method of using 2FA.
Overusing the same password on different accounts and profiles leaves one susceptible to breaches, which means cyber criminals will gain access to more financial accounts and personal information. Employees must use complex passwords across different accounts using a combination of numbers, letters and special characters.
So far, two-factor authentication is only used by a minority of people using Twitter, but there’s a positive growth every year. Twitter has provided a ton of updates and improvements to the system this year, and we expect the percentage to increase.
Most businesses implement two-factor authentication to make themselves more secure from hackers. However, 2FA increases employees’ productivity and efficiency by ensuring that only employees with the proper ID can access data. Even if a staff member loses their mobile device or has their password stolen, 2FA gives businesses enough time to access an account. By doing so accounts can then be rectified from the issue before it causes too much harm.
Credential stuffing is a type of brute force attack that takes advantage of people’s reluctance to create and use unique passwords across our various accounts (both work and personal use). If the attackers get your credentials, they will try to use them to log in to other websites. This creates serious security risks for businesses and their customers.
Starting in 2021, businesses in the US, UK, and Japan have adopted a few different cyber security practices to fend off cyber attacks. Within the next few years, every fintech company will include two-factor authentication as a protective measure against hackers. Some businesses have begun adopting other methods of 2FA such as the authentication app, app generated codes, SMS, email & recovery codes.
There is no surprise that the financial sector is most frequently attacked by cybercrime. Cyber criminals take this opportunity to obtain personal information, like credit cards, which allows them to make thousands of dollars. However, CFOs and IT teams that take cyber security seriously can take preventative measures, like implementing 2FA, to defend their business against unauthorised logins, internal threats and external attacks.
The healthcare industry needs better cyber protection to keep patients’ health information and credit card information safe. This can lead to extensive measures such as requiring two-factor authentication or the more advanced multi-factor authentication (MFA) security methods.
Hardware authentication tokens are a form of two-factor authentication that is more specific than just the use of your password. Hardly any businesses choose the hardware two-factor token as their preferred way of ensuring the security of their accounts. However, there has been a small percentage of businesses in the financial sector that use this method of authentication.
Using two-factor authentication comes with many benefits including stronger security protections and preventing fraudsters from stealing valuable credentials. Specifically, in the retail industry, two-factor authentication offers better protection against attackers, whether remote or not.
This is one of the many benefits why several businesses have switched to using two-factor authentication. The system authenticates users by using the details and the records of their mobile devices, in combination with their company’s authentication methods.
Unfortunately, not all businesses utilise two-factor authentication or any security measure. Of the survey respondents, only a third utilise two-factor authentication meaning that user accounts and online accounts are at risk of cyberattacks. Cyberattacks can cost businesses millions of dollars whilst accessing sensitive data containing thousands of financial accounts.
A data breach or cyber attack on a business may put not only their finances at risk but also their consumers. When banks suffer a cyberattack it directly impacts their consumers immensely. That is why I.T. teams as well as CFOs need to have layers of security including 2FA to safeguard their data.
Multi-factor authentication lessens the risk of security breaches occurring and ensures your data is safe. MFA’s benefits include a secure experience for all users, streamlined management of credentials, MFA’s compatibility with SSO, and scalability for companies. Consequently, MFA can cut cyberattacks by up to 80-90%.
The sophistication of every cyberattack is increasing, becoming more imaginative every time. As a result, more and more businesses are adopting two-factor authentication as a security measure. Businesses that use two-factor authentication and want additional security may want to consider using multi-factor authentication.
Multi-factor authentication is important, as it makes stealing your personal information much more difficult for criminals. The less of your data is made public, the less likely that a thief will choose you to target. In short, the application employs the use of two or more of the following for accessing accounts or websites. This is accomplished by logging in with something you have (either your phone or USB device) and something you are (your fingerprints or other biometric data).
Melanie Maynes, Product Manager, believes that most cyberattacks can be avoided with the use of Multi-Factor Authentication. With MFA, someone cannot access the account simply by cracking the password.
Multi-factor authentication makes it harder for hackers to access your accounts, even if they have your password. This can take some time to disable. We highly recommend using an MFA where applicable to protect you from huge losses resulting from a data breach or hack.
Businesses that institute two-factor authentication should educate their employees on the best way to implement this security standard. One way they can ensure strong authentication is through user verification passwordless. Together with the help of security keys and biometrics, hackers would have an extremely difficult time breaking into your accounts.
Research from Forrester Consulting has revealed that corporations may enjoy a potential ROI when they invest in Multi-Factor Authentication (MFA). It is not just the one that MFA offers but in a combination with Single Sign-On (SSO) protects unauthorized users from accessing.
Compliance professionals will notice that multi-factor authentication (MFA) is a key security tool in achieving and maintaining compliance with industry regulations, specifically in the healthcare and financial industries. More simply put, MFA is now a baseline, not an addition, to any company’s security.
MFA solutions have the benefit of great security strengths in general password authentication and 2FA. Furthermore, authenticator apps provide team members with the advantage of connecting their smartphones and tablets even when they are not connected to the Internet.
The study found that some countries use MFA more than others, with Denmark, Netherlands, and Switzerland at the top of the list. Usage rates depend on industry and company size too. Technology and software companies are still leading the way when it comes to two-factor authentication, with more big businesses now starting to follow suit.
Push notifications, a fast and efficient security tool, were the most popular type of multi-factor authentication in 2019. The one-time sent code takes up to one minute to verify users making it quick and easy to use.
Despite emails coming in second place (57%) for use of two-factor authentication according to a Duo Labs report, businesses need to be aware of risks with email usage due to BEC attacks. BEC attacks involve hackers using email to pretend to be business representatives.
With its limitations, there are drawbacks to using SMS 2FA. Mobile networks don’t encrypt messages while in transit, making them vulnerable to man in the middle attacks and SIM-swapping. Attackers may steal SMS codes through targeted phishing attacks.
Unlike username and password requiring classic logins, voice recognition is extremely secure. This type of technology is beginning to catch on in a big way among financial institutions. Citibank (Citi) uses voice authentication to verify its customers within the first few seconds of a call. Voice authentication helps banks and other businesses offer a more convenient customer experience for their clients, while also reducing the risk of fraud.
TOTP stands for Time-based One-Time Passwords and is a common form of two-factor authentication (2FA). They are commonly generated passwords that are multi-digit, numbers, letters, and special characters that help enhance security and account security. Along with its other useful features, it’s often quick and more convenient.
Passwords are the most basic form of authentication, with 2FA taking this process one step further by pairing a password with an extra layer of security. Eva is the most common password used. In the case of cyber-crime, this password does not meet security standards and leaves the business open to fraud.
76% of Millennials use weak passwords, most likely because they relied on their memory rather than a password manager. Most of the passwords used are recycled throughout other accounts that involve social media, financial accounts and employee accounts.
These days, cyber criminals don’t even have to be present when conducting a hack. They can execute scripts or bots which do the work for them. Guessing passwords and usernames is a simple way for scammers to gain access to a business’s accounts.
If a business only has password authentication as a security control, it may be more susceptible to fraud, scams, and hacks. For greater account security, businesses must incorporate 2FA or MFA as an authentication control. All it takes for one data breach to occur is a common password.
A surprising amount of passwords are people’s names, their family’s birthday or pet names. Although other measures for security exist that could be favourable such as single sign-on (SSO), password vaults and generated passwords.
Around 59% of people who should know better than to reuse the same password will use the same password in all situations, according to researchers. This could lead to increased risks of being hacked. Around 91% of people know that, yet they are still prone to bad habits.
Research shows that 2FA adoption is most common among employed people, with 79% of those using 2FA according to a survey conducted by Duo Security. This trend has risen from 28% in 2017 to 79% in 2021. The most common method of authenticating is through SMS, but study shows that there are alternative options that are more effective.
From a 2019 Microsoft report, we see that 2FA has successfully blocked 99.9% of automated attacks. In light of this data, when done correctly, 2FA greatly reduces the chance of an attacker gaining your personal data. The more secure you are about what you know and who you are, the more difficult it will be for a hacker to break into your account.
Two-factor authentication guards against phishing, social engineering, and brute-force password attacks and safeguards login attempts against attackers with weak or stolen credentials. This significantly boosts the security of logins. more specifically, two-factor authentication prevents nearly all automated bot-related attacks. Certain risks still exist depending on which 2FA you authenticate with – it is advised to create a complex password for 2FA.
Even with more security each year, hackers can still bypass two-factor authentication with sophisticated phishing attacks. It’s critical that both individuals and businesses have extra layers of security such as multi-factor authentication.
Two-factor authentication (2FA) is one of the types of multi-factor authentication. There are as many factors of authentication as there are ways to confirm the user’s identity (location, fingerprints, face, security keys), and any security protocol that includes three or more factors is considered MFA. two-factor authentication is the most commonly used subset of multi-factor authentication and is readily available.
Eftsure provides continuous control monitoring to protect your eft payments. Our multi-factor verification approach protects your organisation from financial loss due to cybercrime, fraud and error.