Different security system providers are constantly improving their services to combat fraudsters due to the rapid rise in online transactions and digital payment over the past two years caused by the widespread COVID-19 pandemic.
Tech-savvy hackers which are increasing in number too can breach into traditional security systems that were built using the traditional alphanumeric combination passwords. To protect their customers and business, these system providers have enacted other security system types aside from the well-known eKYC or electronic Know Your Customer system.
Because of the global pandemic and the implemented health restrictions alongside worldwide lockdowns, people are increasingly relying on online transactions. This is because they can avoid the public eye and remain at home as to follow the new health rules since COVID-19 is contagious and can be passed to one person to another easily. Even older people are now able to use smartphone and gadgets applications, even if they don’t know how to do so before. Online transactions and payments are a huge help, especially in light of the current market conditions.
Many security service providers have emerged in response to the increasing use of online payments. These providers vary in terms of their security systems types. Apart from the well-known password combination of alphabet and numeric used today, technology has FIDO2 that has different types: certification, key and webauthn, digital, there’s also biometric and online identity verification, strong customer and PSD2 authentication, passwordless authentication and more.
Each security system has its own pros and cons, but they are all made to achieve one important goal: it is to protect users and customers from tech-savvy fraudsters and keep their money as well as their private information safe. Because of the increased risk of being hacked or fraudsters, many websites and applications are upgrading their security systems to be more secure. To maximize the potential of every system, customers or users should use these security measures well to avoid being conned by fraudsters.
If want to learn more about different security system providers through a competitor analysis, you can visit LoginID’s website get in touch with them.