Why Is Multi-Factor Authentication (MFA) Important?
- Customer Confidence and Protection: Many companies see the need to increase their focus on security for not only building confidence with customers but also to protect consumer data. MFA security helps you guarantee the privacy of your customers’ information and adds a level of comfort knowing steps are in place for that protection.
- Increased Layer of Security: MFA is an important security feature that requires users to verify their identity by providing more than just a username and password. It requires users to provide a combination of a password, a hardware token, and/or a biometric scan to verify user identity when accessing a SmartHub or Pay Now site. Passwords alone are not effective in securing your most sensitive business assets, as they have become too easy for threat actors to access.
- Consumer Access Control: MFA is quite simple, and organizations are focusing more than ever on creating a smooth user experience. In fact, many people already use it in some form. For example, you’ve used MFA if you’ve swiped your bank card at the ATM and then entered your PIN (personal ID number).
- Decrease Vulnerability: Without MFA in place, your organization leaves itself vulnerable where information or data within your system could be compromised. You also increase the risk of vulnerabilities due to stolen data. These vulnerabilities can be exploited by malicious actors, hackers, and cyberattacks.
- Benefits from using MFA include:
- Commitment to customer protection
- Trusted confidence of secured transactions
- Multiple validations for securing identity
