Two-factor authentication and its use in banking system

2FA or two factor authentication has been just about from sometime in different types – input code obtained by SMS, created through apps, hardware keys, etc. For those who are not aware, 2FA enabled accounts will need a second code produced through another medium in addition to conventional password to login to (email)/transact (banking and finance) from the account.

Two Factor Authentication

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Whereas SMS API is by far the simplest available approach that majority of banks offer, recurrent users understand the trouble of not getting one time password (OTP) on time to furnish a transaction. Sometimes, conditions take place where a specific service provider does not have mobile coverage, but internet comes from diverse service providers! In such conditions, mobile applications come to salvage. Many times mobile applications do not need data connection to be active excluding the first time activation of the service.

With such successful precedents now broadly in use in government and enterprise, the banking sector is setting up its own use for two-factor authentication technology.

For banks, authenticating every user at the customer-facing gateway has been a main focus as e-banking started more than ten years ago. They continue striving to settle two key issues: quick and easy access to online services, and strong security to fight the risk of phishing attacks. Fraudsters cannot take something you have in your physical ownership over the Internet. All high-risk Internet banking transactions are defended by an extra authentication factor that is physically detained by you only. Overall, you can have considerably powerful online security by taking a few more steps, which are easy and straightforward.

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