The number of cyberattacks has been increasing every year. According to the Identity Theft Resource Center (ITRC), the number of publicly reported data breaches in 2021 has reached over two thousand cyberattacks per day. This is more than an attack at every thirty-nine seconds resulting in an estimated annual loss of over $6 trillion.

One of the significant points of failure is user authentication. Most users reuse their passwords over a broad range of applications and providers. On top of this, passwords' complexity is neglected, and users set simple passwords that they can quickly remind.

Multi-factor authentication (MFA) is arguably one of the most effective tools for enhancing login security and safeguarding businesses and their data against security threats. Most companies nowadays already choose MFA over 2FA (two-factor authentication) since it provides an extra layer of security but at the cost of poor user experience and increased maintenance costs. 

This blog post explains how you can leverage our MFA solution and use the next level of frictionless user authentication while increasing your business security.

Retail

Traditionally, people performed most of the transactions in-store, and MFA was never considered a must. However, the pandemic has changed this, and people started to shop online through e-commerce platforms. Considering the increasing volume of users data and increase in financial transactions, businesses began to look into bringing MFA into their platforms. 

In online transactions, where the platforms need the customer to convert fast, Youverse's MFA allows users to perform authentication directly on the e-commerce website without inserting additional codes or pins. Convenience and security, without friction!

Banking

Financial fraud is one of the attractive targets for cyberattacks. MFA in financial services is no longer a nice to have, but a must. Therefore, the financial services sector must not compromise the trust of their customers and that their financial information is safe. This is where Youverse's MFA solution comes into play by allowing to build secure, innovative, and compelling financial services with a frictionless user experience.

One classic use case for MFA in financial services is online banking transactions that require confirmation via a one-time code received by SMS or e-mail. Imagine now that you can do all this on your browser with a single look! Magic!

Digital workplace

The future of work is remote! There is no denial. Most companies are seeking remote-first or hybrid work policies. With most of the work being done online, people are accessing business information from their homes. MFA is, of course, crucial to keep business data safe. However, user experience (43%), complexity (41%), and cost (36%) are still the main obstacles to MFA adoption.

Authentication as a service has emerged with the rise of specialized security companies such as Okta, Auth0, or Onelogin that offer their services through the cloud, allowing any service to deploy new authentication technologies quickly. Youverse authentications solutions are available out of the shelf with such platforms through SSO with MFA enabled by default.

About Youverse

Youverse simplifies all customer interactions with private, convenient, and secure face authentication on any device. Ranking Top 5 for accuracy in live face matching in the combined business regions of Europe and the Americas, as independently certified by the international benchmark, Youverse enables a fully handsfree experience, bringing unprecedented levels of convenience and accuracy when adopting face authentication in daily routines.

For more information visit the company website or its LinkedIn.