We have discussed 2FA and multifactor authentication quite a lot but have yet to highlight all the multiple benefits that are associated with implementing the system for your clients and accounts. We split the benefits into two - for your business and the clients.
For your business
1. Fraud prevention - multiple layers of authentication require multiple aspects of secure information and access (knowledge, possession or inherence).
This creates a situation where any successful account breach or fraudulent transaction requires far more effort and resources. For example, when 2FA via SMS is enabled, the hacker needs to have both the password of the account as well as access to the user’s phone. Thus, the chances of fraud are significantly reduced. Multiple layers can be added for separate actions as well, such as having a password + SMS 2FA solution for account access and SMS 2FA + inherence (biometrics) for transactions. This way, the fraud risk is mitigated even more.
Learn more about two-factor authentication in our comprehensive guide!
2. Helpdesk/support cost reduction - the single most common support issue today is a forgotten password. Without a 2FA system in place, recovery is only possible via the helpdesk, which adds a massive amount of working hours to cost sheet.
The average user calls the help desk 1.25 times per month. In an environment that’s experiencing unexpected downtime or has had recent upgrades, that number can exceed three calls per month. The industry research group, HDI, estimates at least 35-40 percent of those calls are related to password resets. Furthermore, each of those tickets consumes, on average, 20 minutes of the help desk technician’s time. Two-Factor Authentication can help remedy these time consuming and costly password reset calls by providing a safe and secure way for end-users to reset their passwords. This leads to a massive cost reduction.
3. Internal security and mobility - not only can 2FA be used for client accounts but for your internal systems as well. So, when an employee works remotely, they can still access the internal systems by using the 2FA tools to identify themselves securely.
This enables the workforce to manage their time better and gives an increased amount of flexibility in their lives. This greatly improves employee satisfaction while preventing malicious access. And internal security benefits in the same way as user account security does. We have covered an internal security breach that 2FA could have helped avoid.
4. Marketing and communication - SMS is a very effective tool for marketing, with super high open and conversion rates. To send messages though, you’d need the user’s phone number, which we are increasingly reluctant to hand out.
But if we are already handing it over for 2FA, we are much more likely to be okay with receiving marketing messages as well. This creates an excellent opportunity for companies to gain consent for marketing purposes and reach their clients in a quick and reliable manner.
For the client
1. Security - While 2FA and MFA help companies prevent fraud, users benefit from increased security in the same manner as account access requires far more resources from the hacker.
It also increases the sense of security. Even if we do get hacked or our password gets stolen, we can regain control of our account by the multifactor means and change the password so the account can’t be breached again. So, when a previous password theft would have led us down a long road of account recovery or even closing the account outright, we can now regain control in minutes and resume our use of the product or service.
2. Convenience - alongside easier and quicker account recovery as mentioned previously, it also enables users to log in without remembering the password if account access or transactional confirmations are made with for example an SMS PIN and a fingerprint scan. It’s still multiple layers, still much harder to hack, yet much more convenient in this day and age where we have a multitude of accounts and passwords to remember.
3. Access monitoring - 2FA usually comes with multiple device access monitoring and access limiting as well as network access limiting. That means you can limit what devices, locations or networks can access your accounts. And if they do not match the correct parameters, a 2FA event will be triggered.
This means that you’ll know if someone else is trying to access your account in pretty much real-time. This both helps prevent account breaches as well as gives the companies an opportunity to counter the assailants. Also, they can track them while providing the client with the means to keep on top of their security at all times.
In conclusion, two-factor authentication is a handy tool for any business and their clients, adding support reduction, increased security, and monitoring alongside fraud prevention capabilities to any service or product.