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Two Factor Authentication: a Step to Greater eCommerce Security

Two Factor Authentication for web stores

Introduction

Security measures are getting more exquisite every day, and so do malicious schemes. We protect our accounts and data with passwords. But passwords are just a bunch of symbols that one can forget or accidentally give away to someone who will try to take advantage of it.

Knowing two pieces of information is enough for identity fraud. Of course, if it is your profile on a social network that was compromised, you can report it and get it back after proving your identity. But you can’t get back money snatched from your bank account, and you can’t get back robbed customers who trusted you with their payment details.

To prevent it, you need to prove your identity before getting access to data of any kind.

What is 2FA?

2fa for online stores

There’s no reason to be confused, we all met 2FA before. It existed long before it was introduced to online users in 2012. Every time you put your credit card into ATM and have to enter a pin code to use get access to your money, you are undergoing the procedure of two-factor authentication.

Two Factor Authentication, also known as 2FA, is a type of multi-factor authentication, that requires one more step for login after entering the password. This next step is “a second password”, a piece of information available in this very moment only to the person who is trying to log in. It can be anything: from a data storage device to phone calls. There are three types of tokens used now:

2FA Protection: Hackproof, Not Foolproof

The strongest point of a 2FA is that a “second password” is almost impossible to predict. However, 2FA is not a guaranteed cure for identity theft.

There are downside — it would be weird if there weren’t. Here is what you need to know before launching 2FA.

There is there’s no human factor prevention — your physical token, such as your phone or card, can be stolen. And even if 2FA is biometric, intruders can perform an account recovery scenario via email.

The recommendations are to simply educate your customers and explore different two-factor options at the same time.

Why do You Need 2FA in Your Business?

2fa for online store security

Final Advice

Don’t try to implement it on your own. 2FA integration is a complex procedure, and any mistake can break your store and leave it unprotected.  2FA requires a professionally created solution, and we already have one. Our Security Suite for Magento has two-factor authentication alongside with 8 other features for secure online store managing and shopping.

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