A Must Have “Transaction Signing” for All
Recently in Singapore, a major bank was facing losses up to S$13.7 million dollars in a month during December 2021 alone. All this was due to phishing. The main culprit was due to victims who fell prey and provided their online banking log in credentials and one time pins to phishing websites thus multi-factor authentication is needed as explained below.
Multi-Factor Authentication (MFA) is a must have for all. This would protect your devices or applications from prying eyes. This is a must have as it acts as an extra layer of security before you can access applications or devices. This keeps your account safe and it authenticates or validates the users accessing it.
Nowadays there are many ways to do authentication as seen below.
- Login Password
- SMS OTP
- Mobile Soft Token
- Biometric using Mobile Device
- Smartcards and USB Token
- Mobile Smart Credentials
Seen above are the most common usage of multi-factor authentication and this would certainly minimize the risk of unauthorized personnel gaining access to your account.
But this also does not totally eliminate risk but it does help to slow down the process and buys you enough time to be notified that someone else is trying to access to your account and to deter unauthorized users.
A tool that would help mitigate phishing is digital transaction signing. Specifically targeting transactions deemed as higher risk, transaction signing is used to verify the authenticity and integrity of an online transaction by requiring users to digitally sign major transactions, such as monetary transfers or online changes to personal user details. In order to confirm the online transaction, users are required to enter a PIN or OTP that is generated when a user inputs information specific to a transaction, such as an account number or a transaction amount, into a device. This is a must have and it would help eliminate funds transferred out with an additional layer of security of using transaction signing. Users should set a minimum threshold limit in which anything above the set amount, the transaction signing would take effect.
What are the benefits of digital transaction signing?
- Reduce Security Risks
- Strengthens user identity
- Increase Authentication Security
- Increase User Trust
Secure Transactions with Ease. Contact Netrust today to find out how we can help you to improve or strengthen your security for your organization and your customers.
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