Location In this authorization, users restrict access to their accounts outside of a specific location. The geographical location of the user checked while there is an attempt made for entering into the account. The GPS data of the user is accessible through this device or mobile phone to verify his location.
Inherence In this authorization, users have to provide biometric information such as fingerprints, voice, facial recognition, or eye retina. The identity of the user is determined by using his physical characteristics. These are some of the significant factors for users' authorization to prevent cybersecurity breaches and many other elements used in securing 2FA.
Possession In this authorization, users have to use their processions like their ID card number, cell phone number, a device, or a security token. Once the user provides the right possession, his request for authorization gets approved.
Time In this authorization, only one user at a specific time is allowed to log in using one window to get access. Anyone else logging outside this window is restricted.
Information For this authorization, the user has to enter something that he knows; it can be a secret question, password, or a PIN. This information is usually provided by the user while setting up his account.
Online Data Security Hacking techniques have become so powerful that it is almost impossible to ensure 100% security of your online personal accounts or business websites by using just a password. Hackers use different software to guess your passwords, especially if the password is simple and easy. Using 2fa allows the business to enhance their security and prevent hackers from getting into their systems. Their data is one of the most valuable assets that should be secured and private for any company. For example, if the hacker gets access to the system or website of any company, he can steal customers' valuable information and confidential data. Every year thousands of hacking cases are reported, and companies pay massive amounts to hackers for not getting their data leaked or misused. 2fa is a useful tool for companies to enhance their data security by adding more protection layers. Biometric recognition, answering a private question, or entering your CNIC number while accessing your accounts make it hard for hackers to sneak into your privacy.
Increase Customer Loyalty Companies like e-commerce stores and banks hold confidential credit card data of their customers. The data of customers should be kept private; otherwise, it can put your customers at risk. Companies that offer adequate security to their customers and respect their privacy are more likely to build long-lasting and more robust relationships with their customers. Your customer would appreciate the efforts that you have made to keep their personal information secure. Higher security always leads to higher customer satisfaction, and it also enhances the retention rate.
Enhance Productivity Most companies don't let their employees work remotely because it enhances the chances of security breaches. Implementing 2-factor authorization gives companies peace of mind, and they allow their employees to do remote work. When employees get the freedom of doing work wherever they want, it enhances their productivity, and they do their best. Ctrip is a travel agency in China, whose employee productivity increased by 13% when they allowed them to work from home. When employees get the freedom, they become more loyal and work hard for the company.
Cost-Effectiveness Big companies and businesses spend their fortune buying the most expensive security systems to keep their data and information security. There are many examples of companies that get hacked when they have one of the best security systems in place. Compared with these costly systems, 2FA is quite affordable and practical at the same time. So, using 2fa would reduce all the suspicious activities on your accounts and systems without spending a lot of money.