Today, information security matters more than ever. As more and more actions can be taken via technology, more and more ways of compromising this technology for personal gains arise. From social media accounts to online banking, all are vulnerable to hacking attacks, and all can — and should — be protected with Two-factor Authentication (2FA).
You’ve heard about it, read and might be thinking right now that we’re preaching to the choir… But statistics show otherwise: an overwhelming majority of people is still not using any form of 2FA on their accounts. For example, only 10% percent of Google accounts have enabled two-factor authentication, according to a Google security engineer’s speech at the Enigma Conference in 2018. In 2017 in the US only 28% of internet users utilise two-factor authentication.
Why are these statistics staggering? Because they show that 72% of internet users in the US or 90% of all Google users are not prepared to trade a modicum of convenience (not using the 2FA) for increased security from the theft of identity, contacts, personal and financial data.
What is 2FA?
Two-factor Authentication (2FA) is a method of user verification which involves an additional layer of security achieved by requiring two pieces of evidence proving identity rather than one. 2FA is a type of MFA — Multi-Factor Authentication.
What is 2FA used for?
2FA service is used in the numerous cases where user identity needs to be confirmed to safeguard against perpetrators:
- Creating a new account;
- Authorising transactions;
- Verifying access to accounts;
- Activating software;
2FA service is employed by a wide range of businesses requiring the additional security 2FA provides. This means, that most businesses having access to any sensitive data, personal information, and, especially, financial data, should be looking to verify the identity of their users reliably:
- SaaS providers;
- Social networks (to prevent identity theft, doxing, cyberbullying, etc.);
- E-commerce solutions (to facilitate online purchases);
- Booking systems;
- Online banking solutions (to authorise transactions and safeguard financial data);
- Generally, websites and mobile apps which require;
- logins, or perform transactions.
Do you need 2FA?
Yes. While there is hardly a universal authentication which is 100% failproof, yet, implementing 2FA drastically improves your security and reduces the chances of data breaches, identity and data theft, and financial losses.
2FA is vital for business for several reasons:
- Vastly improves the security of sensitive business information;
- Safeguards your employees’ personal data;
- Decreases the chances of a reputational loss due to leakage of clients’ data or hacking;
- Helps prevent theft;
- Allows to easily identify customers and confirm financial transactions and orders;
- Makes registration in apps secure and seamless.
SMS 2FA is an authentication service used to send a unique one-time passcode (OTP) used in the authentication process, in addition to password.
GMS offers Two-Factor Authentication by a missed call, when user receives a missed call from a random number where the last 4 digits — it is his onetime password.
GMS 2FA service has several additional advantages:
- Easily customisable platform;
- Online identification;
- API integration;
- Technical support.