Thursday, December 1, 2022

In online transactions, we are more cautious when: India leads the globe in multi-factor security adoption, with a utilisation rate of 66% and a projected 19% growth in 2022.

When it comes to the acceptance and use of Multi-Factor Authentication, the nation is experiencing the fastest growth in the globe (MFA). The use of MFA is growing along with remote work and working from home because of the rise in online fraud.

The use of MFA has climbed by 19% in India this year, where 66% of individuals use it, according to research firm Thales. The global average is 56%. Singapore, with a 64% MFA usage rate and a 17% growth, comes in second.

Protecting your account by increasing multi-factor authentication

MFA is a distinctive security tool. It entails a number of procedures and techniques to validate the login information for accounts or to conduct online transactions. Another illustration of this is the two-factor authentication process used by Google to access Gmail.

The increasing use of multi-factor authentication in India, according to Ashish Saraf, Vice President and Country Director for Thales in India, is a reflection of the nation’s expanding entrepreneurial environment and knowledge of cyber security.

According to a Thales analysis, remote workers utilize MFA the most globally, using 68% of all MFAs. While the favored users account for 52% of utilization. MFA usage among non-IT staffers climbed from 34% in 2021 to 40% this year. In order to make remote work safe and simple, 84% of IT professionals throughout the world have used their User Access Security System.

Read More: Aadhar Card: Due to UIDAI’s major update, crores of citizens would be affected.

Things needed to login Multi-factor authentication

While a single password can be readily broken, multi-factor authentication cannot. You should use this feature in your banking apps in such a circumstance. In order to use this feature, the user must have access to a fingerprint scanner, an OTP, their debit card number, and their password. The multi-layer cannot be simply broken in such a scenario.

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