In the age of digital commerce, cyberattacks have become the new norm. As we progress deeper into the decade, risks will continue to rise. Cybercrimes will cost the world $10.5 trillion annually next year.

 

Not only do cyber threats jeopardize consumers’ sensitive information, but they also put brands’ reputations at risk. Companies that lose control of customers’ private data will compromise brand trust, loyalty, retention, and profits.

 

Two-factor authentication (2FA) is one of the effective ways businesses can prepare for cybersecurity in 2024 and beyond.

 

What is 2FA?

 

 

2FA is a security system that requires customers to provide two separate forms of identification to access their accounts, including:

 

  • One-time passwords (OTP) via SMS
  • Biometrics, including fingerprints or facial features
  • Answers to questions only the customer knows, like their first pet’s name

 

Although it’s been around for years, two-factor authentication is still one of the most powerful forms of data protection. It reduces fraudulent activity by up to 99.9%, including:

 

  • Stolen passwords
  • Viruses and malware
  • Account takeovers

 

With almost half of internet users enabling 2FA on at least one of their accounts, it is also one of the most trusted ways to reduce cyber threats.

 

2FA benefits for brands

 

 

Not only does two-factor authentication safeguard customers’ sensitive information, but it’s also tremendously beneficial for businesses.

 

Some of the top benefits of 2FA for brands include:

 

  • Achieved compliance, including HIPAA and GDPR
  • Increased consumer trust
  • Reduced support and helpdesk costs by mitigating fraud

 

Authentication platforms, such as Auth0, make it easy for companies to reap these rewards.

 

Cybersecurity for the people

 

 

Authorization platforms take the guesswork out of implementing two-factor authentication. Most of these platforms offer out-of-the-box solutions, enabling users to set up 2FA processes with minimal effort.

 

These platforms also allow users to customize rules and providers to enhance and adjust 2FA workflows for their business’s specific needs.

 

Maximize security with SMS

 

 

SMS authentication lets brands verify users by sending them a time-sensitive one-time password via text. This is a fast and convenient way for customers to verify their identities and access their accounts.

 

Text authentication is a cost-effective way to verify customers at scale and strengthen cybersecurity. With 98% of texts being opened compared to 22.7% of emails, it’s a surefire way to protect consumers.

 

Since it doesn’t require a data connection or third-party installations, SMS is also more accessible than other forms of verification.

 

However, since SMS OTP is time-sensitive and generally expires within 10 minutes, brands must ensure delivery is as fast and efficient as possible. Fortunately, Mitto provides a solution for Auth0 users.

 

Auth0 users can maximize SMS OTP deliverability with Mitto

 

 

Mitto’s Auth0 integration capabilities allow users to deliver text-based multi-factor authentications to customers swiftly.

 

Our proprietary AI-routing platform ensures the fastest delivery rates at the lowest costs by:

 

  • Continually monitoring our network of global operators to enhance delivery and prevent issues before they arise
  • Running network simulations to identify the most optimal paths possible
  • Preventing bot attacks and fraud with automated delivery reports

 

Auth0 users can set up and start using Mitto’s SMS API solutions in minutes. If they run into any problems, our globally dispensed team of multilingual customer advocates provides support 24/7.

 

Want to optimize your authentication processes? Contact us today to learn more.