We’re all aware that in the fight against fraud, two-factor authentication (2FA) is a key weapon in the armoury…but it has to offer enhanced security without comprising on user experience. That’s why SMS is such a crucial method – it’s the only ubiquitous solution out there that everyone knows how to use. It’s simple, easy, low cost and quick.
According to Google’s research study, receiving a secondary SMS code blocked 100% of automated attacks, 96% of bulk phishing attacks, and 76% of direct, targeted attacks. By introducing 2FA businesses help to provide a secure brand experience, encouraging and building strong, ongoing relationships with customers.
Users today expect their online services to be simple, seamless and on-demand. However, they also won’t tolerate security or data breaches. According to Globe Newswire, by 2025 the global market size for multi-factor authentication is projected to reach $20.41 billion. Rising financial frauds, cyber-attacks and increased usage of digital payments through smartphones and other wireless devices are all factors that drive the multi-factor authentication market.
Access to clean, reliable, secure and up to date data is key. If consumers and employees alike have to wait to receive their codes, they’re likely to get fed up, switch off 2FA and leave themselves exposed to security risks.“
But, it’s not only consumers that benefit from 2FA – it’s a critical tool in the fight against corporate fraud too, especially now we’re all working outside the confines of our corporate networks from home. Providing a second form of identification greatly increases the security of businesses’ accounts, decreasing the chance for hackers to gain access to corporate devices or other sensitive information. A business that applies 2FA to their login system is less prone to security mishaps and cyber-attacks.
Ensuring aggregators are ready to meet the growing demand
A2P SMS aggregators can differentiate their offerings and capture the massive growth opportunity available within 2FA if they can ensure the accuracy and speed of their message delivery. While many aggregators already play in the space, the ones that capture the long-term growth opportunity will be thinking about how they can guarantee optimised end user experiences.
A2P SMS aggregators have to ensure they are helping organisations, platform providers and application developers to meet users’ expectations and understand how to get their messages delivered accurately and quickly, and using mobile number portability data to ensure they get it right first time is key to this.
Access to clean, reliable, secure and up to date data is key. If consumers and employees alike have to wait to receive their codes, they’re likely to get fed up, switch off 2FA and leave themselves exposed to security risks.
At XConnect, our Number Portability Query Service provides a simple and cost-efficient way to enhance data and deliver direct A2P SMS routing. With guaranteed and reliable message delivery, aggregators increase their customers’ loyalty, security and trust. They can provide an increased quality of experience for their users with a simple, cost-efficient solution. This allows them to compete with quality rather than cost while optimising their operations and capturing the opportunity in 2FA.
Watch our webinar from last week to find out from a panel of industry experts how the market is growing and what they’re doing to ensure efficient SMS 2FA delivery. The panel includes Andy Jones from Mobile Squared, Lee Suker from Sinch and Surash Patel from Telesign, and is moderated by our VP of Number Information, Tim Ward.