Multi-factor Authentication: The ultimate security solution | MarketsandMarkets Blog

Multi-factor Authentication: The ultimate security solution

Multi-factor authentication or MFA is the ultimate authentication solution for several applications like automotive, banking & finance, commercial security, defense, travel & immigration, and many more. The latest trends that are currently changing the pace of the market include the legislative compliance to avoid fraud; use of multi model authentication in banking & finance, increasing security concerns for network, PC and internet security, smartphone-based mobile device with MFA technology, and multi-factor authentication is the next step of payment system.

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Governments of several countries like U.S., India, U.K., Canada, etc. are investing in the government-based operations and rolling out regulations to increase security, especially in financial and defense sectors. Legislative regulations to use MFA are mandatory for banks in several countries. Suppliers and other companies dealing with credit cards’ information have to follow the recommendations and specifications of the Payment Card Industry Data Security Standard (PCI DSS).

Use of multi model authentication in banking & finance is another reason for this technology to be the best for authentication. Online banking can be considered as a remarkable development in the banking industry. The online banking facility has made life easier but online banking security is one of the major concerns of every bank. Two-factor authentication Market is the key solution to the online banking fraud; it provides an additional layer to the security system, safeguards privacy of the users in a better manner. It reduces the risk of internal as well as external fraud in the banking sector. Biometric ATMs are getting famous day by day because of the security offered and the customer’s confidence on the bank. Techniques like One Time Password (OTP) and use of biometrics in banking & finance are penetrating at a good rate in MFA market for the banking & finance applications.

Over the past two decades, there have been several cybercrimes. Gary McKinnon, a British hacker accused of causing damage worth more than $700,000 to the U.S. military systems. Another was a 16 year old teenager who broke into BellSouth Phone Company and various U.S. governments’ computer systems. He collected over 3,000 messages, including good 10 military servers. In total, cyber criminals made $12.5 billion dollars from their activities in 2012, while online hackers from Russia got $2.3 billion dollars and those working outside of Russia “earned” $2.1 billion dollars. Scams techniques and fraud schemes are considered the most successful Internet crime as they introduced online hackers $830 million and $942 million respectively.

Brazil’s Federal Government is investing $576 million in Security; Indian government has planned to invest $200 million in next 4 years on cyber security infrastructure. The U.K. will invest £2 million ($3.23 million) to set up a “center of excellence” that will dish out advice to the other countries that need to beef up their cyber security research and practices. In future, most of the countries will be investing in their security projects.

Employees in all the industries are progressively bringing their personal smartphones and tablets into the workplace and using them to access corporate networks, company email, business applications, and the other highly sensitive information. The popularity of “bring-your-own-device (BYOD)” presents a unique security challenge and is driving the need for stronger authentication and access control policies; one among them is multi-factor authentication system. In the recent past, it was noticed that MFA using BYOD (Bring your own device) is gaining popularity.

The latest trend that is being seen for the MFA market is the use of this technology in payment systems. The financial institutions consider single-factor authentication to be inadequate for high-risk transactions involving access to customer information; so they prefer to choose multi-factor authentication that helps to secure their web transaction. The significant growth in e-commerce will also drive the market for multi-factor authentication as more secure and reliable method is required for electronic transaction. Payment systems like payment on e-commerce website, tele-transfer, and cross-country transfers have low impact as a driver for MFA market. Some users hesitate to use these services as they are not sure of the safety of their credentials and money. However, the awareness and the confidence of the customers are increasing for the MFA.

Multi-factor market is growing at a good pace as the security demand across the applications is increasing. Border security and the immigration applications are using biometric solutions combined with other authentication options. Currently the smart card is the most widely used factor but soon it will be replaced (not completely) with biometric options. Touch-less biometric solutions like iris scan, face recognition, voice recognition, and touch-less fingerprint reading are also seen as a strong factor in the MFA technology.

There are several applications and sectors that are going to use MFA in future; like educational institutions will use MFA for student tracking programs, several countries like China, India, and a few other APAC countries are already or at least in the planning stage of having a nation-wide UID program. Due to increase in terrorist activity, and identity fraud across the border, many more countries are going to use MFA technology for immigration and the other cross-border security purpose.

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