Since the occurrence of humanity, new technologies have been introduced to enhance living standards. Millions of dollars are spent in various industries to increase services and working procedures. Therefore, the nature of business and lifestyles are improving with every passing day. An emerging corporation, information technology, has developed our lifestyles in countless ways. The work comprising extensive time and individual efforts is now completed within a few seconds with the help of gadgets. 

Need for Client Verification Mechanisms

Like other innovations, gadgets can be used in a wide variety of techniques, as per the conditions of the client. Some clients use gadgets to their best capability for the improvement of the world and its residents, while others use them to cause affliction and suffering. Considering the progression of the internet, fraudsters have implied misleading and mistreating clients through deceitful actions and procedures. It has become vital to prevent these malicious attacks before users get severely exploited.

As reported by FTC, the usual prevailing classifications of scam allegations recorded last year include imposter scams, malicious attacks, and identity theft. Debit and credit card fraud was the most broadly falling in identity theft claims about 167,000 individuals proclaimed a tampered credit card account that was initiated using their credential data. In 2017, it is analyzed that in the United States of America about 16.7 million individuals became sufferers of identity fraud. The amount of such organized crime on online client identities is analyzed to be USD 16.8 billion. 

What is 2-FA?

Multi-factor authentication is a protection procedure that supports clients to present two various verification variables to authenticate their identities. These 2 factors include something we know, pin codes, something we have one-time passwords, authentication codes to safeguard on the client’s smartphone or email. The multi-factor authentication methods are done to secure the user’s data as well as the devices that the client obtains authorization. Multi-factor authentication provides an enhanced level of security than other verification techniques that depend on SFA when the client provides only one factor - usually a password. 

The procedures add an additional layer of safety to the authentication procedure by making it tough for criminals to acquire access to a person’s smartphones or online accounts because having the criminal’s password alone is not sufficient to reach the security check. Multi-factor authentication has been utilized quite a few times for regulating access to personal data and procedures, and online service providers are frequently applying this technique to credential information from being misplaced by fraudsters who have hacked a passcode account or used phishing to acquire access to client passcodes. 

Process of Two-Factor Authentication 

1. The clients are asked to log into the site. 

2. The users provide the credentials they hold usually, a name and passcode. Then, the website server recognizes and verifies the client.

3. For procedures that don’t require passwords, the websites generate various safety passwords for the client. 

4. The verification tool processes the code, and the website server authenticates it.  

5. The sites then expect the clients to execute the 2nd login step. Here the clients have to authenticate that they possess something only they would’ve known, such as a safety code, identity document card, smart gadgets, or other devices. This is known as the possession factor. 

6. The client then provides a one-time code that was done in the fourth step.  

7. After triumphantly giving both factors, the client is verified and granted access to the platform. 

Conclusion

Two factor authentication is a convenient way of safeguarding clients and their personal information. The effectiveness of multi-factor authentication can be learned from the experience that several leading social media platforms such as Twitter, Facebook, or Snapchat, etc,  have combined it into their policies to safeguard their clients. Identity Verification and document verification methods are the future of CIP and organizations of all kinds need to incorporate them into their platforms. This will not only assist them in safeguarding their clients but also comply with the growing regulations. 

1. identity theft
2. two factor authentication