How Does Mobile Identity Enhance Your Onboarding Experience?
The global methods of verifying a person's digital identity have long evolved since the emergence of passwords, beginning from One-Time Passwords (OTPs) to Two-Factor & Multi-Factor Authentication and shifting toward password-less identification. However, the password is still the most prominent method, with a stake of 70% in businesses.
Given that tools easily crack insecure passwords or even with a length of 55 characters, the ongoing scenario demands a solution that enhances security while offering a better customer experience. The threat of cybercrime is evident in businesses, and 60% of mid-sized Indian organizations have already become victims of it in 2021.
The threat of ATOs is not a small worry for businesses. 54% of online merchants in the U.S. reported them last year. Cybercrimes don't only create distress of monetary loss but also create panic and market distrust, which becomes challenging or nearly impossible to overcome.
The evolution and introduction of Mobile Identity solutions became a prominent action-oriented response that enhanced onboarding while safeguarding digital identities, preventing attacks like Account Takeover (ATO), OTP bypass, and financial frauds.
Why Do Brands Need mFilterIt's Mobile Identity?
The current user onboarding process is ancient, as it involves multitude of inputs such as adding your phone number, awaiting for the OTP (one-time passwords), and then entering more digits. Moreover, OTP delays or never receiving the OTP often create user frustration, distrust and eventually increases the drop-offs.
Also, HTML-based buttons often become victims of bot and malware attacks, creating more user distrust of the app and the brand. Bots tend to identify similar buttons which are easily clickable and mimic human-like behavior. Even after such a process, existing mechanism fails to verify whether the user creating the account/logging into it is the account holder and a real human. So, the scope of financial fraud and data breaches significantly increases for brands.
The new age mFilterIt Mobile Identity Solution rectifies the problem of HTML buttons used in registration and login using dynamic images, defines credibility based on risk-scores, and validates that the account belongs to the person signing up/logging in using a device and weekly transaction repository.
Seamless authentication is achieved with the help of digital tokens created during the user's onboarding. The dynamic tokens are re-evaluated to ensure the authenticity of the user and to detect suspicious activity, if any.
The risk-based authentication scores are categorized based network, behavior and heuristic checks. The score defines if there is a need to flag the behavior and avoid ATO and financial fraud. Moreover, implementing the dynamic image-based login improves the user experience by completing the process in under eight to ten seconds.
The data stolen through ATO attacks are often sold on the dark web by cybercriminals. Also, most brands don't have a mechanism for differentiating a real user from malware or bot. Moreover, fraudsters also take advantage of any personal and financial information of credit cards, gifts/rewards, linked financial accounts, travel logs, history, etc., to their advantage.
Advantages of Risk-Based Authentication
Risk-based authentication through mFilterIt's Mobile Identity Solution helps to resolve these issues while enhancing the customer experience. Additionally, it also offers the following advantages:
Faster and Smoother User Experience: Grants app access after validating the identity in fewer seconds using the device intelligence repository and one-click dynamic validation process.
Higher Security: Diminishes ATOs, OTP bypass, and financial fraud using token-based authentication because of the tight authentication ecosystem.
Authentic Mobile Number: The user's mobile number gets validated using a highly secure telco network.
mFilterIt's Mobile Identity Solution resolves the problems of compromised passwords, user drop-offs due to OTP delays/unreceived OTPs, long onboarding duration, identity theft, data theft, or financial fraud by auto-validating the phone number, dynamic validation, and token verification in about eight to ten seconds.
The solution enhances the customer experience while boosting app security, even during in-app purchases or logging in through one-click access and verification with the telco.
Book an appointment with us to learn more about the advantages of mFilterIt's Mobile Identity solution for your business.
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