Securenet Communication Solutions

With the growing number of both physical as well as virtual threats, security has become one of the biggest priorities for all large and small enterprises. While a single password or biometric was enough previously, businesses today, need multiple layers of security for their customers, in order to keep them safe from fraudulent and malicious activity. This is especially true in case of financial institutions, banks and building societies that deal with large sums of capital and assets worldwide. One such security measure that is widely being preferred and used by building societies is Two Factor Authentication (2FA) or Strong Customer Authentication (SCA). An advanced form of authentication based security process, 2FA requires users to provide two different authentication factors instead of a single one, in order to be able to access online accounts and other relevant information.

Application in Building Societies

Building societies everywhere are under tremendous pressure to improve their online security and prevent customer frauds, as more and more financial institutions and banks are falling prey to hacking and fraudulent activities that cost them millions in damage. To add an additional layer of safety, banks and building societies added extra security checks in the form of Strong Customer Authentication from 2020 for all online transactions. For any building society, protecting customer credentials and preventing them from being used for illegal transactions, is of paramount importance. With SCA in place, it becomes harder for a hacker or attacker to gain access to anybody’s online accounts and personal devices, thereby leading to reduction in cases of identity theft and money loss due to fraudulent activities.

Examples of Authentication Factors

There are several authentication factors that can be used for Strong Customer Authentication, but the three most commonly used are:

– Knowledge Factor – This is a security element such as a password or PIN that the user KNOWS.

– Inherence Factor – This is a biometric factor that is INHERENT in the user, such as fingerprints, facial or voice recognition, speech pattern, etc.

– Possession Factor – This element is something that a user physically POSSESSES, such as an ID card, a token, a mobile device, or application.

How Does SCA Work?

Members are prompted to log in to their accounts through the official building society website or application, using the first authentication factor which is generally a knowledge factor or an inherence factor. Once the member’s username and password are verified, the system then initiates the second step in the security process, which is sending a one-time passcode to the member’s registered mobile device or by calling on their telephone. They can then enter the unique passcode and access their accounts online.

How Can SecureNet Communications Help?

The security engineers at SecureNet Communications have helped many large and small organisations, including building societies, by designing robust security solutions that suit their individual needs. Regardless of the level of security required, we can deliver smart security solutions such as Strong Customer Authentication, including multiple factor authentication that can provide the best protection against customer frauds in banks and building societies. Our experienced and adept team can not only design an effective solution but can also help with the setup and management of a Strong Customer Authentication security system for your organisation. Contact us to learn more about our services and how we can help your business.