Payment solutions are constantly being launched as a way to help businesses handle private information. Two of the biggest measures that are taking the market by storm right now include MFA and 2FA. The main reason why measures like this are important is because passwords are often easy to guess and they can even be leaked to cyber-criminals. Hacked passwords are responsible for 81% of data breaches, with 73% of users having the same password for various accounts.
MFA vs. 2FA
MFA stands for multi-factor authentication. It grants access to files, apps, and devices. As a general rule, it asks users for something that only the individual would know, to fulfill the login requirement. 2FA is where you need to give two forms of identification when you log in. Various brands use this as a way to protect their users. If you have ever played free bingo at Paddy Power, even though you might not have to make a deposit, the site still has two-factor authentication. The site also gives you the chance to set up a PIN code within the app, so you can access your account securely. As sites like this handle thousands of financial transactions a day, having a secure authentication system is key.
Although every 2FA is MFA, not every MFA is 2FA. This is because with multi-factor authentication, it’s possible to have three or more verification steps. This could include fingerprint access, a pin, and finally email verification.
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Most of the time, 2FA comes down to knowledge, inherence or possession. Knowledge would be something that only the person trying to access the account would know, such as their username or their password. Possession is something like a mobile phone, a bank card or even a security token. Inherence is a fingerprint or a biometric trait. Most companies use a combination of the above to ensure that their end users stay safe.
Engagement and Online Payments
2FA has helped to make online payments safer, but it has presented some challenges for businesses. To begin with, it adds an extra step for users when they are trying to pay for something. As a business, this can mean the difference between making a sale and losing it. One way businesses have worked around this is to employ technology. A user may log in using their information to buy something. With most purchases occurring on a mobile phone, sending a text for verification doesn’t take the user away from the purchase page or their device.
Companies like Apple have taken things one step further, by allowing security fields to be automatically filled out as soon as the text comes through. Biometric scanners, like fingerprint scanners, can also be used, meaning that the second verification step can be completed in a matter of seconds. Things like this have helped to lessen the inconvenience of having a second authentication factor while ensuring that online accounts stay as safe as possible when making online payments.
As a whole, it’s evident to see that 2FA and MFA have helped to ensure the safety of online payments and they have also made waves within the online market. Brands are now employing different forms of 2FA and MFA, depending on the device their users are most likely using, which adds an element of personalisation.
