2FA

Internet security & data protection

The most popular password in the world is ‘123456’, so it is no surprise that internet hacking is a prevalent issue. Even ‘more secure’ passwords are not as safe as you’d hope, with 90% of all passwords remaining vulnerable to hacking.

Increasing data safety concerns have led businesses to implement extra layers of security for their website - and two-factor authentication (2FA) via SMS has become a leading method of protection in the banking, financial services, insurance, retail and social enterprise industries.

What is 2FA?

2FA is a two-step verification process that requires users to provide information that only they have access to, in addition to their username and password. Nearly every bank now uses 2FA to send an SMS verification code to your mobile phone when logging in or completing a bank transfer to a new payee. This further layer of security is known as a one-time password an it is a great way to improve your website's security.

How 2FA improves website security

Passwords alone are simply not secure enough for businesses. 65% of people use the same password on every account, highlighting the need for two-step verification. With over 9 billion data breaches since 2013, it is imperative that your organisation implements extra layers of security. 2FA via SMS will reduce the risk of fraud for your customers and protect your own databases. Preventing fraudulent activities with SMS is a great way to add value to businesses in the finance industry.

Hackers can crack 90% of employee passwords within 6 hours, putting confidential business accounts at significant risk. Some employees use over 20 different applications within their work which results in simple passwords being created. Hackers are capitalizing on these vulnerabilities by targeting social media accounts and demanding ransoms – even HBO fell victim to these attacks, facing multi-million dollar threats. Businesses can protect themselves from danger by using a two-step verification to increase their levels of security. SMS software makes managing 2FA an easy, low-cost process and can be further optimized with SMS API integration.

Related: https://www.smsglobal.com/blog/mobile-security-infographic/

Other benefits of 2FA

People are often misled to believe that 2FA creates extra work for a business and is difficult to set-up. However, a bulk SMS service and API integration removes nearly all human involvement by merging with your existing software. This extra layer of security also means you won’t be wasting time on resolving data breaches – a task that can be highly detrimental to all business productivity.

Implementing 2FA boosts your business’s reputation for having a strong security system and shows a genuine care for the protection of your customer’s data. This can increase incoming clients and strengthen customer loyalty to your brand. Customers will appreciate the peace-of-mind, knowing that their information is in safe hands.

Bulk SMS services are fast and direct, meaning the 2FA process can be completed in a matter of seconds. This ensures that your customer’s experience is not disrupted so they can quickly, and safely, resume using your services.

Introducing two-step verification through SMS is also a great way to reduce costs within your business. Each SMS confirmation costs just a few cents. Conversely, the price of dealing with a security breach is significantly higher – it can cost a small business up to $200,000 to fix issues after a breach and large businesses up to $170 million!

2FA via SMS is the most convenient and reliable way to receive a one-time password. Verification with mobile applications requires many extra steps which hinders the user experience. After downloading the app, users must activate it and connect it to each of the many different services. Contrastingly, the SMS two-factor authentication process can be completed in just seconds!

Final thoughts

As more businesses move their data to cloud-based systems, the need to protect your data, and your customer’s data, has never been higher. 2FA through SMS is the ideal solution for adding an extra layer of security to your business, and API integration and SMS software provides a simple, hassle-free and cost-effective way to improve website security with two-factor authorization.