Back in the day, phones were only used for communication. Then it evolved, and people started using them to listen to music and take pictures. But these days, phones are not just merely used for communication, music, or photography anymore, it can now be used for shopping, paying bills, sending emails– basically, almost anything that your computer does. And with the pandemic further forcing the digitalization of nearly everything, it is only common to see people going around with their phones.
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Admittedly, the evolution of mobile phones has helped make people’s lives easier. Shopping and paying bills online are way more convenient than visiting malls or paying centers. However, as much as this seems all good, there is also a danger in transacting online. Using the internet for your transactions would mean putting your information on the web, making you vulnerable to cyber-attacks.
Technology is one of the best inventions in human history. For years it has been living to its purpose of making people’s lives easier. Today, people are enjoying more advanced technology and systems. It is no longer news that anyone with a smartphone can quickly complete their transactions online. But despite the convenience this technological advancement brings, there is a looming danger.
Cybercrime has been a prevalent issue for authorities. Every year, the number of cybercrime victims across the globe reaches thousands. It is one of the most prominent issues that authorities have dealt with and are continuously dealing with until today. Each year, thousands of people come forward to report that they have been a victim of either hacking, phishing, identity theft, data breach, or the likes. As a solution, tech companies are constantly developing authentication methods to help fraud detection and prevention.
Much more today that the pandemic forced nearly everything to go digital. As a solution to this never-ending cybersecurity threat, tech developers have come up with a more robust authentication method, which is the MFA.
MFA or multi-factor authentication is a verification protocol requiring users to provide two or more pieces of evidence to prove their identity. Typically, MFA uses the password plus email address or mobile number combination.
Admittedly, MFA is more secure than passwords alone. But as technology continues to advance, so do the tactics of criminals. Once hackers or scammers get ahold of your data, such as your email password or phone number, they can easily breach the MFA system. In response, FIDO2 was created.
FIDO2 is a project that aims to create a stronger authentication for the web by using a more reliable combination which is the cryptographic keys and biometrics. FIDO2 also supports eKYC or Electronic Know Your Customers/Clients. The eKYC is a process wherein the identity and address of your customers are verified electronically.
Furthermore, the eKYC is convenient for crypto exchanges and digital wallets. And in connection, the eKYC portal recognizes and verifies documents from hundreds of countries, making the digital identity verification process much simpler.
With all these technological developments, finding a secure, private authentication for the future – LoginID can now be easy. All you need to do is keep track and be aware of the latest advancements. You can start that by reading this article from LoginID.
