The Role of Multi-Factor Authentication and IVR in the Banking Industry

The Role of Multi-Factor Authentication and IVR in the Banking Industry There has never been a better time to enter banking. Banking has become a straightforward and enjoyable process thanks to modern technology. The competition, on the other hand, has become more ferce. Customers are increasingly looking for interactive digital items that ft into their daily routines.

However, this also involves not ignoring the cyber security threat to which customers are constantly exposed. Multi-factor authentication is one way to ensure that their consumers' trust is maintained. Including IVR in the mix can help the banking industry deal with the new technical hurdles it faces on the digital front even more.

You can't take any chances when it comes to maintaining a secure environment for your customers. There are a number of essential technologies that, when properly implemented, can assist ensure that your consumers' data is secure. Multi-factor authentication and an Interactive Voice Response (IVR) system are two of these technologies.

The next sections will provide you with a comprehensive understanding of the different roles of MFA and IVR systems.

1. Provides strong authentication: Due to the constant threat of credential harvesting, multi-factor authentication has been implemented, providing users with an additional layer of security. A leaked or stolen password might damage the organization's reputation and customer trust. As a result, combining multiple weighted factors can help prevent hackers from gaining access to sensitive data. Using passwords and a phone to log into an account are examples of these factors.

2. Calculates the risk vector: When an authentication request is considered harmful by your organization's security policy, adaptive authentication is a technique of sending notifcations or prompting customers to perform an additional step(s) to validate their identities.

3. Enhances user experience: It's convenient to be able to log in anywhere with the same password. However, if you forget your passwords, you risk locking yourself out of your accounts. You don't have to worry about forgetting your password until it's too late with multi-factor authentication. There are ways to combine security and convenience in order to protect your data at all costs while also improving the user experience.

4. Sends immediate fraud notifcation: A notifcation is delivered to the affected consumer as soon as a fraudulent transaction is detected. A message, on the other hand, is sufficient to alert the customer to fraudulent activity. An IVR, on the other hand, allows the customer to speak directly with a bank representative and execute the appropriate steps.

5. Surveys: IVR is a great technique to conduct surveys and collect data for future policy improvements. Furthermore, bank executives can keep an eye on their employees by asking customers about their dealings with the company's agent.

Customers must trust and believe that only bank employees have access to their accounts and personal info. Newer technologies, such as multi-factor authentication, are now replacing frst- and second-factor authentication. Because of the increased threat of information theft and identity theft as a result of cyber-attacks, this higher level of security is gaining appeal.