In the wake of high profile security breaches, Canadian financial institutions and others are beginning to deploy 2-step authentication using SMS to help improve online security and reduce fraud.
Using SMS one-time passcodes (or OTPs) is a first step, but increasingly vulnerable to SMS intercepting, phishing and SIM-swap fraud. It also adds friction to accessing online services, especially on mobile devices where usage is growing rapidly and screen space is at a premium. This additional friction negatively impacts the customer experience and will become a significant call driver as consumers struggle to access their services.
At a session at the IdentityNORTH Annual Summit titled “The Future is Now,” Robert Blumenthal, Chief Identity Officer at EnStream, made the distinction between identity and authentication. “There’s a separation between authentication and identification,” he said. “Authentication needs to be scaled and global, whereas identity tends to be a more local matter.”
IdentityNORTH is teaming up with EnStream for a live webinar, “What’s wrong with SMS One-Time Passcodes? Lots.” on Thursday, September 20, at 12:00 pm EDT. Join Robert Blumenthal as he discusses the pros and cons of SMS, exploring today’s far more secure solutions for digital services and transactions.
In this webinar, you will learn about a superior, frictionless way to securely authenticate without using SMS OTP and without requiring any device-based software or applications, or complicated back-end risk-scoring engines. Secure Mobile Tokens use trusted information and services from mobile network operators to provide a simple, silent factor for authentication to simplify mobile user access to online services. The service is used millions of times per day by financial service companies in the U.S. and around the world as an alternative to outdated SMS-only solutions.
Clients are adopting the EnStream Secure Mobile Token based alternative to deploy a solution that securely reduces friction, simplifies access, increases assurance and reduces fraud. These reasons are critical, given that ~75% of Canadians are using online banking and eCommerce services today, and this number is growing.