Online Authentication For The Internet Age
People today have become extremely internet savvy. The world has been reduced to the click of a button. Now people don't have to leave their homes and stand in long queues to get their money from the bank, get their groceries, or file their taxes. The internet has made life so much more convenient, and almost everyone and every company today has identified the need of going online to get greater market coverage and reach a broader network of consumers. Thus you can very easily handle your money with the help of online banking, explore trading in the stock markets from the comfort of your home or shop while you are taking a quick coffee break. It can all be done with the click of a button!
However, along with the benefits that the internet provides, it does have its challenges. A number of companies and individuals have been subject to phishing, identity theft, and online fraud and hacking. This can amount not only to serious financial damage but also causes anguish, stress, and loss of good will.
Therefore the need for online authentication arises. Online authentication involves the usage of security solutions that verify, acknowledge and validate the identity of the user, making sure that the data that they are accessing is not tampered with or used improperly. This online authentication is now achieved through various processes these days but mainly with the help of an electronic algorithm that is shared between the trading parties.
One of the methods of online authentication is the username and password process that is required during the time of accessing any particular piece of information. However, in cases such as online banking, trading, company information etc, the access to information needs to be further secured and the need for greater online authentication security arises.
The risks in controlled environments that involve high risk transactions need greater security but at the same time also require being user friendly and cost effective. Two factor application systems have thus become extremely popular to guarantee a secure online authentication process.
The two factor authentication process involves the use of what the user knows in conjunction with something that the user has or is. Instead of relying on a single password to protect and limit information access, the two factor authentication system makes online authentication more secure and watertight.
Though there are a number of ways in which this two way authentication can be achieved, the operational costs and effectiveness of security solutions are the defining factors that make one solution more popular and acceptable than the other.
Smart cards, USB tokens and biometrics have been in use for a long time to guarantee secure online authentication. However, the one that has gained immense popularity in recent times is the one time password method that is being used by a number of financial institutions to provide greater security to its consumers. The one time password is given either via the phone through an SMS or is generated through a hardware which is a token with an LCD screen. The random password is generated at the time of login and has to be registered in conjunction with the password of the user id, making the site more secure.
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