Passwords are no more Secure — So what’s next?
Online Identity is becoming a major concern for not only users but the corporates as well. With every passing day, identity theft is inducing a headache for online businesses. According to a report, around 16.7 million people were reported as a victim of the identity theft in 2017, in the USA only; which resulted in a financial loss of USD 16.8 million.
Careless practices adopted by the organizations are becoming a piece of cake for the fraudsters and cybercriminals
As technology is evolving every passing day, the criminals are becoming more advanced in adopting the new techniques and technologies for breaking into systems and stealing identity etc. Most organizations still rely on Passwords for shielding their centralized sources from hackers and fraudsters. But the passwords are now no more secure, being the outdated defence guard.
21% of people use passwords that are more than 10 years old; only 16% of the total users follow best password practices!
Stealing your id and password is no more of a problem for hackers these days. Scammers are easily gaining access to users credentials and information through phishing emails and fraudulent pages and apps. Many of us have been a victim of such scams without even knowing. Wondering how? Ever played some game on facebook or open an app saying “Check what others think about you”? We all have done this in some part of life. Now the interesting part here is, have you ever wondered why such apps always ask “login to continue” and we, being ignorant of the fact that it might be some scam, blindly enter our credentials. And that’s how our passwords get stolen.
So if not passwords then what’s next?
Automation is the primary key for securing the online identity of users and taking precautionary measures against fraudsters and cybercriminals. The organizations who fail to automate their processes have to face grave consequences in the form of identity theft and data breaches.
Shufti Pro’s 2 Factor authentication is a vital solution against increasing identity theft. It provides an additional check for the verification of an authentic user. This customized 2-step verification works in two ways:
1. Authentication with Phone numbers
Shufti Pro collects the numbers of users from its customer and forwards the machine-generated random code to their mobile phones which they have to fill during the authentication process.
2. Authentication without Phone numbers
In this case, if the customers don’t have phone numbers of their users, then shufti pro collects them from end-user on their behalf. After that, Shufti Pro’s 2-F authentication service verifies the user, updating the back office and customers
The 2 Factor authentication isn’t only used at the time of Registration, but also to authenticate checkouts and logins
Shufti Pro is an AI-based SaaS product designed for organizations to meet KYC and AML compliance. It’s 2-F authentication service not only ensures the digital identity risk management for its customers but it also secures its customers from getting involved in an unwanted regulatory inspection.
Read more here how Shufti Pro’s 2-factor authentication is a viable solution against identity theft.
