7 Reasons Financial Enterprises Need Smart 2FA
Financial institutions enable 2FA to ensure secure access to banking portals, mobile devices, financial records, and more.
Today, nearly every popular application relies on two-factor authentication (2FA) as the best method to verify user identity when signing up or logging into online applications.
With 2FA, communications service providers (CSPs) can help enterprises and small-to-medium size businesses quickly deliver 2FA with a one-time password (OTP) to their customers. The OTP can be sent via SMS, email, or voice, providing this critical safeguard for account security.
According to a recent Google Security report, receiving a secondary SMS code blocked 100 percent of automated attacks, 96 percent of bulk phishing attacks, and most direct, targeted attacks.
But, like many technologies, 2FA can be difficult to deploy. That’s why Telestax developed Restcomm Smart 2FA.
As 2FA is language-agnostic and completely programmable, it can be integrated within any mobile or web application.
1. A bank may choose to require 2FA on specific events like sending an international wire when the amount exceeds a specified value or the destination is to a specified country. For example, business customers might be prevented from automatically sending over $5,000 USD or from sending money to countries with known active phishing scams without a confirmation.
2. Another important use case is when the consumer adds a new beneficiary account the system will trigger a 2FA authentication before the user is able to send money to the new beneficiary.
Payment gateways are on the rise. Companies like Stripe or PayPal empower millions of businesses to accept online payments through their service.
3. Payment gateways use 2FA to enhance their business users’ security, ensuring that payouts are going to a verified bank account.
4. The flexibility of a self-service portal with 2FA allows users to update payout banking details securely when needed.
Additionally, most countries have regional startups, which are basically a localized version of PayPal and Stripe. For example, in Jordan HyperPay is a payment gateway startup with a mission to be an alternative for businesses to Paypal and Stripe.
5. A CPaaS-enabled CSP can provide 2FA to these types of payment gateways to enhance user security and user experience with only a couple lines of code, reducing development time.
A digital wallet is a user-friendly payment system often used through a computer or smartphone. Digital wallets require maximum security and end-user verification. 2FA is mandatory for digital wallet applications around the globe.
6. Consumers can make safe transactions without using cash by protecting sensitive banking information with 2FA.
7. 2FA ensures user identity and password integrity by offering validation through a separate channel such as email, or SMS.
Smart 2FA Value
With Smart 2FA, a communications service provider can offer a dedicated 2FA solution especially tailored to the needs of its financial enterprise customers. Contact firstname.lastname@example.org to find out more.
Or access the full Telestax Smart 2FA Guidebook to learn about the ways 2FA can be used for financial, healthcare, services, travel, and other businesses today.