Why Two Factor Authentication is important?

The perpetual war between the hackers and the online business ranges on. An extra effort has to be made, to protect the data and online accounts as crooks are becoming smarter and more brazen. With Two Factor Authentication (TFA) an extra layer of security is provided making it harder for hackers to gain access to a person’s devices or online accounts because knowing the victim’s password alone is not enough to pass the authentication check.

What is Two Factor Authentication?

Two  Factor Authentication is also known as two-step verification or dual-factor authentication. Simply Two-factor authentication is a security process that cross-verifies users with two different forms of identification such as the knowledge of an email address and proof of ownership of a mobile phone number. Today Two Fator Authentication is commonly employed in banking networks, social media platforms, and e-commerce sites. This also enables businesses and public institutions to be more productive and efficient, allowing employees to perform remote tasks with far less security concerns.

How does it work?

This comes in many forms. Two Factor Authentication is a multi-factor authentication method, they are mainly divided into three major parts as follows.

  • Knowledge factor – common examples for these kinds of factors are emails, answers to security questions, username-password combinations, and the CVV on the back of a credit card.
  • Possession factors –  Ex: mobile phone, USB token, and card readers
  • Inherence factors – these factors consist of unique physical attributes of the user such as the fingerprint, retinal scans and voice recognition.

Normally in Two factors Authentication, the knowledge factors are mostly used. One of the common instances is when we are withdrawing money from an ATM, the bank provides a unique card as well as a PIN (Personal Identification Number). If the bank card is misplaced or stolen then there is no use of the PIN and vice versa. Both the card as well as the PIN should be present in order to carry out a transaction.

In the same way, the traditional username and password paradigm are also been replaced with SMS authentication.

What is OTP (One-Time Password)?

When entering into a site or signing up you for a site, it involves entering a disposable password which is valid once and changes every time you enter. This is called the One Time Password.

ShoutOUT facilitates this service through our platform. We provide an easy and reliable mobile number verification service available as an API. This service allows an application to easily send a system-generated code to a mobile number and verify it programmatically. This can be used for two-factor authentication, mobile number verification and one-time password (magic passwords) like use cases.

This is how it works in our platform.

What are the benefits of Two Factor Authentication?

  • Improved security

As there is a second form of identification it reduces the ability to an attacker to gain access to computers, accounts or other sensitive resources. Even though the crooks gain access to the passwords and user names, they won’t be able to gain the second element that requires to authenticate.

  • Increase productivity and flexibility

IT departments are using mobility to increase flexibility and productivity. With mobile two factor authentication, the employees can securely access organization data, applications, documents, and back-office devices without putting the cooperate networks and sensitive information at risk.

  • Lower helpdesk and security management costs

The average user calls the help desk is 1.25 times per month. Account unlocking and password resetting are one of the most common reasons behind the help desk calls. A survey has found that 30 percent of help desk tickets generated were due to password resets and each call consumes about 20 minutes of the helpdesk technician time. By using Two Factor Authentication, it reduces the time and cost in resetting passwords by letting the end-users a secure way to reset their own passwords by themselves

  • Reduce fraud and build secure online relationships

Identity theft is rising at an alarming rate. These frauds are having a direct impact on the bottom line. But by using Two Factor Authentication you could secure the payments and transactions. OTP SMS can be used in the security process to significantly reduce costly fraud resolution. Now mostly in e-commerce websites and applications, they require transaction authentication via an OTP SMS.

Why should you use ShoutOUT OTP?

ShoutOUT facilitate two-factor authentication via OTP. When compared with the other platforms ShoutOUT stands out as the best platform for generating and validating OTP within 2 minutes. Why we stand out as the best is because we have reduced the workload of the developer by providing them with the necessary codes for generating and validating OTP, where the developer only has to worry about their application logic.

If you are in a search of a reliable, secure communication channel for two way communication, connect with ShoutOUT by registering for a free trial, so you can see how it works for yourself!

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