Even before the advent of the pandemic, many people have already been shifting from the traditional ways of transacting to online. But when COVID-19 started spreading across the globe, there was a shift in the market behavior–more people began engaging in online transactions. Due to this, businesses were left with no choice but to adapt quickly and increase their digital presence. Moreover, they have to develop a solid and secure digital platform not only for their safety but also for their clients.
Despite the efforts of many companies, the growth in digital platform usage has magnified the risks of fraud and other cyberattacks. This vulnerability could significantly affect your business. Since consumers are expected to provide their information to you, it is only expected that they would never engage with companies with weak and insecure platforms. Thus, companies need to step up and address digital safety in their digital transformation.
While building a safe platform can be tricky, there are numerous ways to do this. Today, various authentication solutions can fix this problem. Examples include the Revised Payment Service Providers Directive (PSD2), FIDO2, and e-KYC. These three may have different protocols, but their end goal is to provide a safe environment for your and your customers’ online transactions.
In addition, these verification solutions were designed to cater to the newly developed passwordless authentication UX. Passwordless verification involves using your biometrics, such as face recognition and fingerprint. Unlike passwords and PINs that are susceptible to hackers, passwordless authentication promises a more secure and convenient online experience.
The effects of the pandemic have not been easy on anyone. You can still feel how it greatly affected numerous sectors to this day. Many firms that firmly refused or were hesitant to adopt advanced systems are now scrambling for technology that allows workforce flexibility, automation, and customer engagement.
With the current setup, trust has been more critical. Therefore, creating and investing in a secure, private authentication for the future – LoginID is essential for every business. If you want to know more about these verification solutions, you can read this article from LoginID.
