Building a robust security system for a business’s digital platforms is already challenging. What more if you are pressured to design a security system in a short span of time?
This is what many businesses had to face in the advent of the pandemic. Due to the multiple lockdowns, many consumers started transacting online. Moreover, many companies had to close down and adapt to the new skeletal workforce model. They had to improve their digital platforms quickly to continue carrying out their services. This massive shift has magnified the risks of fraud and other cyberattacks to both organizations and customers.
Fortunately, there are ways to ensure real-time fraud prevention for your business’s digital platforms. One of which is by complying with the industry and regulatory requirements. And one example of this requirement is using SCA or Strong Customer Authentication.
Under the SCA, the online identity verification must be based on at least two of the following elements: inherence, possession, and knowledge. The knowledge factor refers to something the user knows, like requiring them to input a password or PIN. The second factor is possession. As the name suggests, it relates to something the user owns, like a phone or hardware token. Lastly, the inherence factor. This factor asks something that the user is like their biometrics. The policy of SCA aims to improve the protection of customers. Moreover, it reinforces security in the business market.
Using FIDO2 and e-KYC are other policies designed to protect all the confidential information between a business and a consumer. Establishing a strong security defense for your digital platforms greatly contributes to users’ trust. This is why you, as a business owner, must ensure that all details given to you by your customers are immensely protected.
A secure, private authentication for the future is possible as long as you know the things to do. Getting people’s trust to avail of your product or services is not easy. So if you already have loyal consumers, you must ensure never to break their trust. And guaranteeing them that their information will always be protected is just one way to do that.
For more information regarding compliance regulations, you can read this article created by LoginID.