Technology is truly a gift to humanity. Since its creation, it is no secret that it has provided assistance to many people. Today, almost everyone uses technology to reach their loved ones, learn new things, entertain themselves, shop, and pay their bills. Technology has indeed progressed. However, there is a prevailing threat surrounding this magnificent invention–cybercrime.
Cybercrime involves hacking, scamming, identity theft, fraud, and many more. These illicit activities have continuously brought security threats among people. Consumers, businesses, and even government agencies are recorded to have experienced being a victim of these crimes. In response, tech developers are constantly working hard to improve online security protocols.
In 2007, the Payment Service Providers Directive or PSD2 was developed. It was intended to enhance the safety and security of online payments and consumer information. It was also aimed to strengthen fraud prevention. To do this, the PSD2 required the use of MFA or multi-factor authentication. This type of verification method involves using a combination of two or more authentication procedures. The most common MFA method is using passwords with your mobile number to generate OTP or passwords plus email addresses.
However, despite the stricter measure of this verification process, it still has vulnerabilities. Criminals who are well-versed in cybercrime can easily hack into your email addresses or perform SIM swapping schemes. With that being said, it is only understandable for online merchants to worry about the security of their business and their clients.
To solve this problem, enterprises can integrate the FIDO2 into their websites or applications. This is a more robust security protocol that involves cryptography and biometrics for authentication. Through this system, clients can now log in passwordless. The FIDO2 also allows consumers to use digital signature authentication. A digital signature will enable you to log in and transact online in a seamless and faster way.
If you want to ensure a secure, private authentication for the future – LoginID or simply want to know about the best authentication method for fraud prevention, you may continue reading through this article created by LoginID.
