This year for World Password Day, rather than talking to consumers about the importance of strong passwords for the umpteenth year in a row, we'd like to take this moment to speak directly with businesses around the world and ask - are you doing enough to protect your users?
It's been proven time and time again by breaches big and small, passwords are no longer enough to protect online accounts. They are easy enough to hack on their own, but even more vulnerable due to the way people use them. With 71% of online accounts guarded by duplicate passwords, even the strongest passwords can leave people open to attack.
As a business today, it is no longer enough to just provide password security for your users. Protecting your users, and your own systems, requires so much more. In fact, 72% of consumers want more security and it is up to businesses to provide them with the tools necessary to protect their accounts or risk losing those users altogether.
So what can your business do?
In this era of mega breaches and rampant online fraud, to truly protect your users you should be using a combination of phone verification and data-intelligence solutions. This allows you to verify users and block fraudsters during the registration process, while also giving your real users the tools, like two-factor authentication, to protect their account once they are signed up.
TeleSign's data-intelligence APIs enable businesses to determine whether a user is real or fake through a series of data attributes tied to a user's phone number. More specifically, our PhoneID API delivers actionable intelligence about their device, contact information, location, and more, while our Score API delivers a reputation score based on a user's phone number, which helps businesses determine the risk factor involved in signing up that new user.
Once data-intelligence has been leveraged, your business can operate with greater assurance that the users you have signed up are real. And once you know they are real, you can take steps to help them better protect their accounts. The best way to do this is to offer phone-based two-factor authentication, delivered via SMS or voice. TeleSign offers a variety of authentication solutions that add stronger layers of security without adding friction to your user experience. One such solution, App Verify, even adds phone verification automatically on Android devices, without the need for one-time passcodes.
By leveraging a layered security approach like the one above, not only will your users benefit from improved account security, but your business will benefit from improved brand reputation, user growth and even stronger revenues. By eliminating fake users on your platform, you not only stop fraudsters from spamming or attacking your real users, you can also increase your revenue by an average of 44 percent!
So, as we celebrate another World Password Day, ask yourself, “is my business doing enough to protect our users?” If the answer is no, contact us today and see just how easy we can make it for you to protect your users and your own brand.