Digital crime and internet fraud is an ever-growing issue in today’s society, becoming a very real threat to the security of individuals as well as corporations and nations. It is more important than ever to be aware of how to keep your online security protected, through making sensible use of your logins, usernames and passwords. In order to prevent online breaches, it is vital to be aware of the latest security measures available in order to protect your personal information and assets. Standard security measures online often make use of only a single username and password, which has become relatively easy for criminals to gain access to and hack into accounts through a number of clever and subtle methods. However, with two-factor authentication, your online information gains an extra layer of protection.

Two-factor authentication, otherwise known as 2FA or multi-factor authentication, is a two-step verification process that offers an extra layer of security when conducting transactions or accessing sensitive information online. Alongside your usual username and password, 2FA also requires the individual to have an item of information which only they will have access to, such as a physical item that contains unique data. This authentication process makes it significantly harder for prospective hacking-savvy criminals to gain access to personal accounts and begin stealing data and identities of unsuspecting members of the public.

Two-factor authentication is not actually a recent innovation. The concept has been in use for several years, although with the rise of cyber crime, it is becoming increasingly popular as a security measure. Large corporations including Google, MSN, Dropbox, Amazon and Yahoo have made 2FA available to their customers since 2011, yet it is still not well-known as a security option broadly across internet users. Banks often provide hardware to use alongside their cards, providing their unique personal identification number each time of use. This kind of technology is relatively accessible yet people do not make enough use of it, as it can be a really useful means of defence against fraud.

One negative of this kind of 2FA is that these hardware items need to be ordered and provided for the company’s customers. This can cause frustrations with customers waiting to gain access. Additionally, if they were to lose this hardware or it was to break, they would again be unable to gain access to their online accounts. Mobile phone technology is becoming a useful alternative for 2FA processes, allowing for phones to become authentication devices at minimal cost to the service provider. This method is significantly cheaper, faster and easier to maintain than physical hardware items and could be an important tool in the future of two-factor authentication.

Two-factor authentication is a fantastic tool in the defence against online fraud and if it is possible to make use of it, you should certainly not hesitate to enable its capabilities. Billions are stolen every year by online fraudsters who increasingly are outwitting security specialists. Take action and protect your customers’ assets by utilising the additional security capabilities of two-factor authentication.

catalyst2 is now rolling out the use of Two-factor authentication across all control panels. Feel free to contact us today for more information.