We’re all aware that in the fight against fraud, two-factor authentication (2FA) is a key weapon in the armoury…but it has to offer enhanced security without comprising on user experience. That’s why SMS is such a crucial method – it’s the only ubiquitous solution out there that everyone knows how to use. It’s simple, easy, low cost and quick.
According to Google’s research study, receiving a secondary SMS code blocked 100% of automated attacks, 96% of bulk phishing attacks, and 76% of direct, targeted attacks. By introducing 2FA businesses help to provide a secure brand experience, encouraging and building strong, ongoing relationships with customers.
Users today expect their online services to be simple, seamless and on-demand. However, they also won’t tolerate security or data breaches. According to Globe Newswire, by 2025 the global market size for multi-factor authentication is projected to reach $20.41 billion. Rising financial frauds, cyber-attacks and increased usage of digital payments through smartphones and other wireless devices are all factors that drive the multi-factor authentication market.
But, it’s not only consumers that benefit from 2FA – it’s a critical tool in the fight against corporate fraud too, especially now we’re all working outside the confines of our corporate networks from home. Providing a second form of identification greatly increases the security of businesses’ accounts, decreasing the chance for hackers to gain access to corporate devices or other sensitive information. A business that applies 2FA to their login system is less prone to security mishaps and cyber-attacks.
Ensuring aggregators are ready to meet the growing demand
A2P SMS aggregators can differentiate their offerings and capture the massive growth opportunity available within 2FA if they can ensure the accuracy and speed of their message delivery. While many aggregators already play in the space, the ones that capture the long-term growth opportunity will be thinking about how they can guarantee optimised end user experiences.
A2P SMS aggregators have to ensure they are helping organisations, platform providers and application developers to meet users’ expectations and understand how to get their messages delivered accurately and quickly, and using mobile number portability data to ensure they get it right first time is key to this.
Access to clean, reliable, secure and up to date data is key. If consumers and employees alike have to wait to receive their codes, they’re likely to get fed up, switch off 2FA and leave themselves exposed to security risks.
At XConnect, our Number Portability Query Service provides a simple and cost-efficient way to enhance data and deliver direct A2P SMS routing. We have access to MNP data from more than 100 countries, allowing aggregators to use accurate numbering intelligence to filter out undeliverable traffic. We ensure messages are delivered to the right user rapidly, wherever they may be.
With guaranteed and reliable message delivery, aggregators increase their customers’ loyalty, security and trust. They can provide an increased quality of experience for their users with a simple, cost-efficient solution. This allows them to compete with quality rather than cost while optimising their operations and capturing the opportunity in 2FA.
The Future of 2FA
With the rise in online and mobile fraud, 2FA is becoming more critical and businesses are finally starting to realise that passwords alone are not enough. For 2FA SMS codes to succeed, businesses need to ensure delivery and ease of use to provide users with a frictionless experience.
At XConnect, we support businesses with managing their complex telecoms data using accurate numbering intelligence. As a result, aggregators are able to filter out undeliverable traffic while ensuring messages are delivered rapidly and efficiently to the right user.
Find out more by joining our panel session at the MEF Connects Business Messaging event or contact us to discuss your number intelligence requirements.