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SMS OTP 2FA Remains #1 Choice for Fintech and Blockchain Companies
Check out our blog to learn why do Fintech & Blockchain Companies rely on SMS OTP 2FA.
A
Abhishek Prakash
•Strategic sales leader with deep focus on customer relationship building and revenue growth. With over two decades of experience at corporates like IBM, Bharti Airtel, and Reliance Jio, driving excellence in enterprise profitability and competitive advantage.
Technology has benefited businesses for years. But, it also makes it easier to execute misdeeds with modern hacking tools that may break into the privacy of an organisational data. Thus, every fintech and blockchain organisation must have strong authentication systems.
This makes it essential to utilise two-factor authentication to provide added degree of security to safeguard any transaction from being hacked.
Everything people do nowadays is through the internet and it is estimated that there are over 5.25 billion active users on the internet. We consume the internet for our social, personal and professional needs and the growing digitization is making our lives easier.
Consumers are well aware of communication services that are used by organisations to inform them and protect their data.
SMS OTP 2FA decreases the danger of attackers impersonating genuine users by involving a second layer of authentication. Data and account theft are less likely as a result of this.
Even if the hacker obtains the user's credentials from the dark web, they will be missing the other piece of information needed to complete the authentication process.
2FA also involves biometric security in most cases and 77% mobiles have a biometric security enabled which makes it easier to maintain customer privacy.