Authentication in the era of subscription businesses
Subscription businesses cost money to the company as well as to the customer. Users pay for subscriptions because they derive value from it. At the same time, you want to ensure that there’s no data breach and that an unauthorized individual is not wrongfully using your customer’s account.
It’s important to pay attention to your business’s authentication process, wherein customers feel comfortable and safe with respect to their data and privacy.
Major Challenges To Consider
Before you formulate your strategy, there are some challenges you must consider that could be potential threats to your platform or online business.
Bots are risky. They can help hackers steal the abundant information available on the world wide web and conduct fraudulent transactions. It’s essential to protect your system against bots and enable an additional authentication layer to make sure bots cannot log into your systems.
Online payments are the need of the hour, and you’re very likely to have various payment methods on your platform for your users. But that makes it more imperative than ever to make sure that the data entered is secure. It’s very easy for frauds to occur if payment details are exposed. This could lead you to lose your customers, in addition to your customers losing a lot of money.
The Use of VPN
There are certain laws and regulations around the availability of certain services and content in specific locations. But users have increasingly been using VPN, and this could be a problem for your business. You must ensure some measures in place to avoid this scenario.
Objectives for Strong Customer Authentication
There are particular key objectives of a robust customer authentication process.
Protection includes safeguarding the customer against payment frauds and identity thefts. There should be measures in place to check unauthorized payments and maintain your user’s trust in your system.
It’s always convenient for the customer if your platform supports multiple currencies. It’s a hassle otherwise if you’re looking to take your business global. Integration and authentication for multiple foreign currencies is something to look at for higher customer acquisition.
Authentication continues to remain a constant challenge as hackers often find workarounds. Below are some of the commonly used methods for authentication.
This is the most commonly used authentication method and has been in practice since the advent of the internet. Different companies have different criteria for the strength of the password customers choose.
Since passwords are used for almost everything, a lot of users end up with the same password for various platforms, making their accounts prone to hacking. According to Swoop, around 54% of users create five of fewer passwords for multiple accounts.
Sometimes, it’s also easy to guess passwords. This, combined with phishing attacks, makes passwords less secure than other methods of authentication.
Biometric is one of the most secure ways of authentication. It can happen through fingerprint scanning, facial recognition, retina scanning, and voice recognition. Since these attributes are unique to a user, it’s almost impossible for fraud to occur as authentication will not be possible without the physical presence of the actual user.
Biometric authentication can be used for online businesses as well as offline ones. They’re usually used where access is restricted, and confidentiality and security is a significant issue.
One time passwords add an additional layer of authentication. An OTP is unique for every user for every session. It’s not like a static password that, once guessed, can be reused later. A fresh OTP for every transaction means reduced risk for fraudulent transactions.
The OTP method of authentication is safer than using traditional passwords, as it sends a dynamic password for every transaction on a device the user owns. OTPs are not vulnerable to phishing and replay attacks.
Multi-factor authentication requires multiple credentials from a user for added security. Instead of just relying on the user name and password, this system requires a user to enter additional details such as an OTP, a fingerprint, or the answer to a security question.
An additional security layer makes user data more secure and protects against fraudsters who somehow gain access to users’ passwords.
Final Thoughts- Authentication
When customers avail of your services, they’re also placing their trust in you apart from paying you. It’s critical to uphold your end of the deal and make sure that whatever data they have in your system is safe from all aspects, be it privacy, frauds, or any other vulnerability.
The world is increasingly moving online, and with that, the hackers have become smarter than ever. They’re constantly coming up with newer ways of accessing data. And with the increasing menace of the dark web, data security remains a cause for concern.
Whatever method of authentication you choose, you must keep the customer and the nature of your business in mind. Different models are suitable for different enterprises. Choose the best one for you and look out for your users.