How to Avoid Online Fraud with Multi-Factor AuthenticationCasey Hall 20/02/2019, Industry News
Studies show that 73% of consumers say they should have the ability to solve most product and service issues on their own. If you need to transfer money between your savings and checking account or check on the results of routine lab work from your clinic, many people would rather do it themselves through an app on their phone or accessing through a customer portal on their laptop. But how do we know that these online transactions are secure?
Customer portals allow your customers and partners to manage their bank accounts, health care information, and many other services. The can also significantly reduce the costs related to customer service.
Unfortunately, this access is also an attractive target for hackers. To protect your customers and your business, every customer portal should employ advanced Multi-Factor Authentication (MFA) to keep your data and systems secure.
It is essential that these portals are secure, but that security should not come at the cost of providing customers a great experience. MFA from SecurEnvoy has a wide variety of authentication options so that you can protect your portal in a way that works best for you and your customers.
I wish, for all of our sakes, that I could say that these threats were hypothetical, or that these warning were mere hyperbole. But this type of online fraud leveraging weaknesses in customer and partner portals is all too real, and already happening.
- Oracle Corp. confirmed to Krebs on Security that some of its systems—including a customer portal supporting merchants using Oracle's Micros point-of-sale payment system—have been breached, allegedly by a well-known group of Russian criminal hackers.
- A bug affected an internal customer care portal used by a major telecommunication provider's employees to access internal tools and look up customer account details. The tool was not password protected and it can be used by anyone who knew where to look.
- Centers for Medicare & Medicaid Services staff detected anomalous activity in the Federally Facilitated Exchanges Direct Enrollment pathway for agents and brokers. They believe that approximately 75,000 individuals’ files were accessed.
Online fraud can be a hidden cost of self-service portals. Even a single breach can not only wipe out any cost savings and goodwill you have received from your portal, but also cause much more significant economic and reputational damage to your company. But by taking reasonable security measures, like advanced MFA technology, you can mitigate those risks while retaining the cost-saving and customer experience benefits of your customer portal.