Identity security moved front-and-center during the pandemic, as more people worked, shopped and banked from home. Enterprises had to set up roadblocks to stop fraudsters before they could commit account takeover fraud to steal money, goods and rewards points, steal data and corporate resources, install ransomware and carry out other crimes. Data from cybersecurity firm Deduce showed that “one-third of account takeovers are for banking accounts, as a third of login attempts for financial services and financial technology (fintech) companies are suspected account takeover attempts.”
Multi-factor authentication (MFA) and two-factor authentication (2FA) are extremely effective solutions for keeping bad actors out of networks. Out-of-band authentication (OOBA), also known as OOB authentication, used as part of an MFA solution or 2FA solution requires users to verify their identities through two different communications channels. This makes it harder for fraudsters to bypass or tamper with the authentication process, providing an increased level of security.