Two-factor authentication minimises phishing attacks

A new report by Easy Solutions says any type of security is better than no security at all.

Companies whose mobile applications don’t have protection features experience four to nine times more rogue applications, than those companies that have such features. This is according to a new report by security firm Easy Solutions. Comparing device-threat analytics data from its clients, and cross-checking it with that of 12 Fortune 500 organisations, the company came to this conclusion.  “Any kind of protection is better than none”, the report concludes.  

Companies without multi-factor authentication are more prone to phishing, the report also found. There are more than 80 million fake accounts on Facebook, Twitter and Instagram, and the majority is created to launch social media attacks.  Banks should also be more vigilant, the report says. Those using SWIFT should add extra authentication, such as biometrics or push messaging.  

“As we move into 2017, the concept of digital trust will gain significant relevance as criminals are motivated to contaminate any type of digital interactions with banks and enterprises in pursuit of relevant information that will enable them to successfully launch and monetize fraudulent attacks,” said Ricardo Villadiego, CEO of Easy Solutions. 

“In this report, our fraud experts provide a strategy and recommendations to help organizations manage and preserve that trust. To do so, organizations must be able to transparently deploy security and make it simple for users to integrate higher levels of protection into their online systems. It is these companies that will be the ones poised to make headlines for their business acumen, and not because they fell victim to the crafty tactics of fraud actors.” 

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