The Importance of Two-Factor Authentication for Online Transactions | Business Upturn

The Importance of Two-Factor Authentication for Online Transactions

In the 21st century, digital technology is better than ever. For how relatively new the field is, it is awe-inspiring that we’ve come so far within it. In the 1990s, a healthy and developed e-commerce was inconceivable. Today, most can’t go without online shipments, casinos, or other online industries.

Rise of Online Industries

The iGaming industry has grown rather significantly. Online slots are a lot more prominent than they’ve ever been. Gamblers have slowly moved on to gambling websites, largely thanks to their convenience. New people join these websites daily, many without knowing anything about them.

When it comes to depositing and withdrawing, online casinos are incredibly convenient. There are several methods through which a gambler could pay for these websites’ services. Some of the most prominent include the following:

  • Credit/debit cards
  • Wire Transfers
  • E-Wallets
  • Cryptocurrency
  • E-checks

During these transactions, whether playing slots, poker, or fish table games, players will often need to provide evidence of authentication. And sometimes, they must provide more than one piece of evidence. The process we are talking about is called authentication. When you need to offer more than one piece of evidence, we are talking about “two-factor” or “multi-factor” authentication. So, let us talk briefly about why two-factor authentication is so important.

What is 2FA?

Two-factor authentication or 2FA is a security method so named because the person needs to provide two pieces of evidence for authentication. It is an excellent way to add an extra layer of protection when making online and offline transactions.

Without 2FA, you usually only need to know your username and password to access a website. With 2FA, you need to know your password and provide another piece of evidence. To many of you, this is an incredibly complex task. But what if we told you that you’ve likely already been using 2FA?

Common Examples of 2FA

The most common example of two-factor authentication is, without a doubt, withdrawing cash from the ATM. Whenever you do so, you provide two pieces of evidence that you own the account. Namely, you own the credit/debit card and type in the password necessary to access the account.

Many online casinos use 2FA to ensure players have a safe experience. iGaming is a thriving industry. Gamblers are making accounts with increasing frequency. Anyone interested in playing slots online should check out this super slots review, which details the website’s safety. You will find that the online casino utilizes 2FA for deposits and withdrawals.

Why 2FA is Important

Cybercrime is on the rise in the 21st century. Advancements in computer tech also mean that hackers develop new skills and ways to attack your electronic devices. So, it is vital to protect yourself. And it is also essential for websites to develop ways to ensure their users’ identity.

2FA is a tedious process. However, without it, you would be exposed to hackers and cyber criminals who may wish you ill—adding that extra layer of security goes a long way toward a safer online experience.

All these strategies ensure we have a safer time doing what we love online, whether shopping, gambling, or simply browsing the web. Of course, many websites don’t stop at 2FA. Two-factor authentication is only a subcategory of multi-factor authentication, which can require three, four, or even more pieces of evidence.

Common Authentication Factors

In this article’s final section, we would like to review the common authentication factor categories institutions use to confirm your identity. They develop a two-factor (or even multi-factor) authentication system by coupling these factors. So, let us look at the following categories and explain how they work:

  • Knowledge factor: The knowledge factor usually refers to a secret piece of information that you could use to access your account. The most obvious example here would be the PIN to your credit/debit card. The code is a secret shared between you and the bank. You can use this info to access your account.
  • Possession factor: Another relatively obvious one, the possession factor, refers to an object in your possession. In the previously-mentioned example, this factor would be your credit/debit card. Simply the fact that you own it is proof of authenticity.
  • Time and Location factor: The website analyzes a user’s login based on time and location. If they match, the transaction is permitted. If not, then it isn’t.
  • Inherent factor: Finally, an establishment might use facial or voice recognition to confirm a customer’s identity.

Final Thoughts

Online transactions are a double-edged sword. Cyberattacks have increased in the past decade, and many are victims of hacking, phishing, identity theft, etc. We hope that we have helped you better understand 2FA and why it is such an essential aspect of online security.

Disclaimer: Gambling involves an element of financial risk and may be addictive. Please play responsibly and at your own risk. This post contains material that may or may not be legal in your country. Please play subject to applicable law.