How Does Mobile Identity Offer More Security to Your Users?
Mobile usage for accessing the internet or apps has tremendously increased over the past few years. According to a source, 66.16% of the Indian population would access mobile internet by the end of 2022, reaching nearly 930.57 million users.
In 2020, the number of hours spent on mobile usage reached 4.8 hours a day. As the penetration and usage of mobile phones increases, so does the vulnerability of the users.
Over the last decade, mobile users have been subjected to Account Takeover (ATO), financial frauds, illegitimate charges for unsubscribed VAS subscriptions, identity thefts, etc.
Moreover, fraudsters have started using sophisticated methods to target the accounts of users and acquire financial gain. Under most circumstances, the user is unaware of the susceptibility of their mobile devices to hidden malwares/bots. Also, One-Time Passwords (OTPs) offer no security to the end-user, as fraudsters have found methods to bypass them.
In many instances, the OTPs never reach the user device or reach after the maximum time to enter it elapses (session), which spoils the user journey. According to an ET news article, SMS scrubber disrupted 40% of the commercial SMS traffic, which included OTPs and important communication from financial institutes. Besides login, financial institutes use OTPs to process online transactions, and delayed/un-received OTPs once again spoil the user experience.
Similarly, password-based authentication has become a traditional method for user verification and offers little security, especially when fraudsters are using software to hack into a user accounts. Users often keep same passwords for multiple accounts, and hence the hacker can access multiple accounts of same users once they hack one of their accounts. Such Account Takeovers compromise user security and therefore, the need to secure user identities while offering a great user experience has become paramount for businesses across the globe.
How Mobile Identity Offers Secure User Experience?
Have you ever received a call from a bank for exceeding the maximum order value? Has your transaction been paused or blocked by a bank because it exceeded the maximum transaction limit based on your history/records? If any of these circumstances ever happened to you, most likely the bank contacted you to verify your transaction. They verify your transaction through MPIN or other security measures, or at times, you have to make a call to get the online payment approved. While many banks have taken a proactive approach to secure your transaction journey, ATOs still possess a great threat.
Securing the user identity during the login and transaction journey is important to prevent potential financial frauds happening with the account holders. Our Mobile Identity solution offers security against ATO attacks as it identifies the geo location, network parameters, device informatics, etc. It helps to determine suspicious activities and prevent chargebacks.
The user's identity is verified after the user's consent and follows the compliance guidelines. Mobile Identity solution by mFilterIt eliminates the need for OTP/password validation during registration/sign-up process and compliments it with one-click login, making the user journey highly secure and frictionless. Simultaneously, the transaction journey of the user becomes secure with the help of digital tokens.
Mobile Identity offers higher security and safety to users, even more than two-factor or multi-factor authentication by many leaps and bounds, while offering a smooth user experience. Furthermore, the solution eliminates OTP delays/drop-offs or stops users from re-using their passwords, and enhances the user experience.
The user feels secured that the account is not hacked by any fraudster and his financial details are not vulnerable. Schedule a demo with us to learn more about the advantages of implementing mFilterIt's Mobile Identity in your organization.