In my last blog, I explored how Multifactor Authentication (MFA) was a step forward from passwords (along with a bit of Seinfeld humor….)
So now we know, Multifactor Authentication makes it much harder for malicious actors to gain unauthorized access to business systems or customer accounts. This is good, right? But it also presents its own challenges. An “MFA Conundrum” if you will.
Customers like the idea of the strong security provided by MFA. In reality, though, it can be inconvenient or confusing to end users. While site and application owners and UX managers may want a smooth authentication experience, the InfoSec team may implement authentication processes that are the opposite of customer-friendly. Requiring a complex password or a code-embedded “fob” may turn customers off. And remember that Jerry’s friend, George Costanza, struggled with a seemingly unsolvable code that Kramer cracked easily.
Alternatively, having different kinds of MFA for separate areas of customer interaction may be sub-optimal. For instance, if you have to authenticate yourself with KBA to access your bank account but then get asked for a one-time code to log into a funds transfer site, you might get irritated with your bank.
Ultimately, it’s a brand and competitiveness issue. If you’re perceived as being a hassle to deal with, that will affect your brand. On the other hand, you can use convenient security as a competitive weapon against your hassle-inducing competitors. That’s the promise of Dynamic MFA.
Dynamic MFA Helps Build Customer Trust – and your Brand
Dynamic MFA adds a new degree of flexibility. It enhances security by adding contextual indicators that pick up on risks and anomalies or evidence of device spoofing, therefore balancing security and user experience. For instance, if the user is a customer with no anomalies in their device or session, a Dynamic MFA solution can expedite their experience and get them to their goal as fast as possible. But, if there are indicators of an account takeover or device compromise, the Dynamic MFA solution can slow things down and add some authentication rigor.
Dynamic multifactor authentication gives you a tool you can use to build your brand through better trust relationships with your customers as well as a better overall user experience. Your customers don’t want to worry about their login credentials and personal information being stolen - this can mitigate that risk.
Nor do your customers want five different ways to authenticate themselves just because they can reach your business in five different ways. Dynamic MFA offers a unified system that allows a common authentication process through any of these channels, whether digital or physical. It provides a path forward in today’s complex and evolving customer trust relationships.
So ready to get started? Check out today's announcement of iovation’s LaunchKey and as Kramer would say, “Giddy Up!”
Interested in learning more?
Meet with us at RSA - booth S2826 and make sure to register for our upcoming webinar, "The Consumerization of Authentication" taking place on February 21st.