February 5th, 2016 by Elma Jane
Businesses and banking institutions must require consumers to use other types of authentication methods, like biometrics, mobile verification codes and geo-location.
Merchants and banks can expect more hackers to breach customer accounts that rely only on usernames and passwords for online authentication.
This type of fraud will only grow more as hackers recognize and take advantage of the opportunity presented by on-file accounts protected by weak authentication.
Many online users use the same username and password for multiple accounts, once those credentials are compromised, criminals can use them to access accounts on different websites.
With the ease and simplicity of password vaults and safes that are easy and efficient to use and user education, this problem finds a solution.
A stronger authentication that goes far beyond username and password, is a powerful tool in effort to prevent data breaches.
Posted in Best Practices for Merchants Tagged with: banking institutions, banks, biometrics, consumers, customer, data, data breaches, fraud, merchants, mobile, online