Why Use Two-Factor Authentication?
Using the web can be rewarding, but with those rewards come some risks. We’re all connected on the internet, and with that connectivity we are at risk from malicious actions and attempts to gain access to our sensitive information. In E-Commerce we apply best practices to protect companies and individual buyers from these potential security risks. Magento Two-Factor Authentication (TFA) allows for all users to secure their information from cyber attacks. This authentication method works by attaching specific accounts to a users personal device which adds an additional layer of confirmation for the online service, and peace of mind for the individual logging in. Protecting users from fraud protection is only one of the benefits to using this method. It also provides a way for technology novices and experts to better safeguard their account information. Here are some of the best Magento extensions and tips that can protect your website and your customers from potential attacks.
Strong passwords are a great place to start, but hackers still have methods to crack even the most creative of passwords. Two-Factor Authentication adds a physical action to logging in by incorporating a device, such as a smartphone, tablet, or token. A one time code is generated and delivered to the user in the form of an SMS or automated call that cannot be hacked.
Lower Customer Service Cost
Using a Two-Factor Authentication can help curb the cost of customer service issues. Auth0 states from an HDI study that 35-40% of service calls are related to password resets. By implementing TFA you can effectively eliminate password reset calls from getting to customer service. TFA can save the company money and resources by reducing low tier issue calls and keeping customer service focused on other, more important, issues.
Reduce Online Fraud
There have been a recent slew of data breaches recently. Large companies like Facebook, Yahoo, and Target have suffered from successful cyber attacks exposing hundreds of millions of customers personal information. It becomes apparent that data breaches could happen to any company. This is why companies like Gmail, Apple Pay, PayPal, Evernote, Dropbox, and LinkedIn have moved to Two-Factor Authentication. It prevents sensitive information from falling into the wrong hands. However, the protection of data can be left in the right hands, every company should be proactive and take it upon themselves to protect their customers from potential threats online.
How to Better Protect Your Users?
You can start taking action by using Magento Two-Factor Authentication extensions on your E-Commerce store. Some extensions that are already in use: Google Authenticator, U2F Devices, Duo Security, and Authy. Become proactive and don’t wait to react to cyber threats. Empower yourself and your customers to bring cyber security into the physical world by using TFA.
Security and staying updated is essential for any eCommerce experience. Let us here at Crimson Agility handle your Magento and eCommerce questions. Contact Crimson Agility today to see what would work for your security needs.
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Crimson Agility Team