Implement MFA to Keep Your Organization and Your Users Secure

For organizations that have no security features on their mobile apps, it’s probably time to seriously consider implementing some. That’s because those without security features are four to nine times more likely to have associated rogue applications than those who do have them. That’s according to a report by security vendor EasySolutions. They derived the information using client data.

The analysts found that companies that do not have multi-factor authentication (MFA) implemented with their products are more prone to phishing attacks. There are many millions of fake social media accounts on Facebook, Twitter, Instagram, and others. Most of these are used to perpetuate social media attacks, which often include some form of phishing. Therefore, the chances of any organization’s customers, clients, or members being tricked into falling for one of these schemes and giving up login credentials are reasonably high.

While all types of organizations were included in the recommendation to add more security to their products, financial institutions and particularly those that use the SWIFT network, should seriously consider something more secure than a text or email code; for example, using biometrics. Malware these days is capable of intercepting the text codes send for MFA purposes. An example of this is the Android targeting Trojan, Faketoken.

The SWIFT network is a global financial messaging system that handles many millions of messages between clients per day. It has been targeted often by hackers and due to its size alone, it can be difficult to prevent breaches of all kinds.

When deciding what type of additional security to implement, just keep in mind that the easier it is for users, the more successful it will be.  And if for the moment, using a text message code as MFA is all you can implement, do it. Something is always better than nothing.