Tired of losing sales due to fraud? With the advancement of technology, digital security has become a central concern for businesses. With this in mind, it is essential that companies that sell online have simple and effective technology to protect their transactions and increase their customers’ trust. Multi-factor authentication (MFA) is a great option to transform your online store into a safer and more reliable environment.
In this text, we will explain what MFA is, its importance for online sales and its benefits for digital businesses.
What is Multi-Factor Authentication (MFA)?
Multiple-factor authentication, or MFA , is an anti-fraud consumers should note that the chatgpt technology that uses multiple authentication factors to add an extra layer of protection in verifying a user’s identity when making transactions in online stores.
It is estimated that around 57% of global companies already Increase your sales use some form of multi-factor authentication to protect their accounts and systems.
MFA helps create additional layers of security
that make it harder for unverified users to authorize personalized services transactions, protecting your business from fraud. This layered approach to verifying a customer’s identity ensures that if one authentication factor is compromised, there are additional barriers to entry.
How does multi-factor authentication (MFA) work?
MFA works by adding an extra layer of security to the login process. Imagine a customer is making an online purchase. In addition to entering their password, they need to confirm the transaction with a code sent to their registered mobile number. This second verification step is MFA in action.
By requiring multiple forms of authentication , MFA makes it much harder for hackers to break into your customers’ accounts and make unauthorized purchases.
This action reduces the negative impact on the customer’s shopping experience, ensuring assertiveness in the process, improving approval rates and preventing phishing , which is a type of cybercrime in which criminals attempt to obtain personal information from victims.
This technology not only protects your business
against fraud, but also strengthens your customers’ trust in your brand.
Learn more ways to protect yourself from Phishing in the video below:
What are the factors used in (MFA)?
Multi-factor authentication (MFA) uses multiple bonaire businesses directory methods to Increase your sales verify a user’s identity. These methods are known as authentication factors . Each factor represents a different proof of identity, and combining them makes the login process much more secure.
MFA is based on three main factors: knowledge, possession and inherent qualities.
Knowledge: what a person knows
This factor involves information that only the user should know. Examples include:
Passwords
The username and password combination is the most common form of authentication. However, that alone is not enough to guarantee security.
Security Questions
Answers to personal questions that only the user knows. For example, the name of the first pet.
Identifications
Identification numbers, such as CPF or bank account numbers. Ownership: what the person has
This factor refers to physical objects that the user owns. Examples include:
Security Tokens
Registered devices that generate unique and temporary codes for access.
Codes Sent by SMS
Many systems send a code to the user’s smartphone, which must be entered to validate identity.
Smartphones
Through authenticator apps that generate verification codes. Qualities
Inherent: what the person is
This factor is based on the user’s physical characteristics. Examples include:
Biometrics
Unique physical characteristics such as fingerprints, facial recognition or voice.
Behavior
Analysis of typing patterns or how the user holds the phone. These factors, when combined, provide an extra layer of security , offering robust protection against cyber threats and fraud.
Benefits of Multi-Factor Authentication
Implementing MFA brings a number of significant benefits to businesses and individuals, ensuring an additional layer of protection against cyber threats. Discover the main advantages :
Extra layer of security
The main benefit of Multi-Factor Authentication is the Increase your sales additional security process that makes transactions and payments less vulnerable to cyberattacks and identity fraud. With multiple verification factors, it is much harder for attackers to gain unauthorized access to systems.
Protection against weak passwords
By adding additional authentication factors beyond passwords, MFA reduces the reliance on weak or compromised passwords. Even if a password is stolen, attackers still need to go through a second (or third) layer of verification, increasing overall security.