in Mobile Messaging

10 Sep 2018

Why SMS delivered Two-Factor Authentication is the solution to enhance security

Two-Factor Authentication (2FA) lessens fraud and protects with two simple and fast steps, via a device that everybody literally always holds in hand. Security has never been a controversial subject as of nowadays, due to the growth of mobile phone usage, as well as the evolution of digitalization and e-commerce.

 

Identity fraud victims increased by 8%, rising to 16.7 million consumers in the US

The 2018 Identity Fraud Study released by Javelin Strategy & Research found that the number of identity fraud victims increased by eight percent (rising to 16.7 million U.S. consumers) in the last year, a record high since the research company began tracking identity fraud in 2003.

The unfortunate trend of course ripples across the continents and affirmed in a 2017 BBC article, stating that fraud was on its highest level since records began 13 years ago. Not only swindlers and fraudsters increasingly sophisticated and tech-savvy’s approach calls for an increase in measurements, so we mere humans.

Have you ever had that moment, when you simply could not remember what your password was? Of course, you have, given that you have a flood of innumerable passwords. (Editors note: if you are using one general memorable password: don’t. Especially if it is your childhood pet’s name.)

Offering a Two-Factor Authentication increases additional security and give more assurance to prevent hackers entering your account. All made possible through one’s constant companion, the mobile phone.

 

How does Two-Factor Authentication work?  

Two-Factor Authentication

 

When it comes to Two-Factor Authentication, SMS and a mobile phone are major key drivers. A unique generated one-time password is sent via SMS to a recipient’s mobile phone and is usually valid for 5 minutes.

As the name implies, 2FA combines two modes of authentication, the personal password, and the authentication code. The delivered code serves as something you have (e.g. a pin is delivered via text message) and also serves as an addition to something you know (like your password).

Another benefit of Two Factor-Authentication is the simple and easy installation for enterprises with its power to reach a substantial amount of customers. Moreover, as no new software and hardware are needed, it is also more cost effective. 2FA is definitely the easiest and fastest approach to create more security, which can be deployed globally. Developed in a joint effort between DIMOCO and Juniper Research the whitepaper shows, that the mobile phone penetration in Europe is very high, with a total percentage of 126,3%.

 

In which areas can Two-Factor Authentication be applied?

2FA is widely applicable, ranging from device authentication, user registration, password resets, cloud storage services, e-Commerce transactions, and marketing or engagement promotions.

Probably most commonly used in:

1. Financial Service Industry: Money transfer validation

The banking industry is one of the most significant areas where Two Factor-Authentication is implemented. Whenever somebody wants to make an online transaction, 2FA secures the specific transaction.

2. Social Media Accounts

Whether Facebook, Instagram, or Twitter, all of these social media platforms offer Two Factor-Authentication solutions, ensuring unique and secure account ownership.

 

DIMOCO Messaging offers direct connectivity worldwide.

We ensure our clients increased security and efficiency through:

  • Platform superiority

Highly scalable, geo-redundant carrier-grade platform ensures fast, accurate delivery and receipts

  • Direct connectivity

Send mission-critical, time-sensitive SMS via established, direct mobile network operator connections

  • Fast delivery

Low latency, high throughput ensures the fastest delivery of SMS

 

We enable companies to communicate across the globe.

For solutions, please contact us at sales.messaging@dimoco.eu

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Charlotte Newby
Head of Corporate Communications
DIMOCO

Tel: +43 1 33 66 888-2059
Email: hello@dimoco.eu

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