Do You Have A Strong Customer Authentication (SCA) Strategy?

Posted by Mick Be on Feb 21, 2020 5:59:17 PM
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IAmI CIAM Solution

 

How Are Your Customers Protecting Themselves From Hackers?

In today’s world of modern technology and online business, security is paramount. When you consider applications like setting up an online banking profile, managing your insurance records through an online portal, and even using financial data to shop online, the need for access management and customer account information security is growing.

Consumers are becoming more educated on where their personal information is going and what it’s being used for. The concept of a digital identity is no longer a futuristic concept. This makes it essential that businesses be accountable for client information and can guarantee their safety at every turn. This is where using CIAM or SCA solutions comes in.

 

What is CIAM/SCA and How Does it Work?

IAmI Peace of MindCIAM stands for Customer Identity and Access Management, while SCA stands for StrongCustomer Authentication. These terms are interchangeable, referring to the individual protection put in place to secure customer accounts and customer identities online. CIAM works by authenticating customers each time they log in to their account, most usually via an out of band channel, such as SMS text messages. Logging in and authenticating allows the user to access their information securely. More importantly, the power of CIAM prevents Threat Actors from getting (unauthorized) access to customers accounts and services and from also performing (unauthorized) activities, such as committing fraud. Some forms of protection supplied by CIAM/SCA solutions can include:

  • One-time-passcodes (OTPs)
  • SMS/Email based authentications
  • Multi-factor authentication (MFA)
  • Two-factor authentications

Using CIAM technology enables complete transparency for service providers. Now all customer authentication responses can be seen and monitored before access is granted to accounts. This feature, enables service providers to combat ‘friendly-fraud’ cases, which is also a sizeable financial loss to the financial services industry.

 

How is Cyber Security Evolving?

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Cyber attacks are a real and growing problem around the globe. As more important information is stored online, there’s a greater need for 

With the development of new and unique ways to log in and share data, hackers have become adept at intercepting it. Some of the ways which cybercriminals target online users are:cybersecurity at every level. Companies that don’t use CIAM/SCA applications to maintain secure customer identity access (and management) run the risk of having consumer accounts compromised, along with their account information (personal & financial) and assets. 

  • Third-party services
  • End-user PII data
  • SS7 attacks on SMS 2FA login attempts
  • Multi-factor authentication
  • Stealing biometric data

Data breaches run the risk of hampering the user experience and losing customer faith, trust and confidence for continued business. This becomes especially risky when companies: (a) go through digital transformations, making system upgrades; or (b) lag in their efforts to implement system and even security upgrades.

 

How CIAM/SCA Sets You Apart from Competitors

Using CIAM/SCA solutions will help set you apart from all competitors in your industry. You will be able to offer frictionless, empowering, innovative security experiences that will deepen your relationship with your customer-base. When your customers feel safer, a stronger sense of confidence and trust in your abilities and services, their loyalty will deepen resulting in increased repeated business. Also, new customers will be drawn to your business and services as they too will feel safer.

 

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Using a CIAM solution allows you to protect customer data, accounts and services while simultaneously adhering to local and national digital security laws and regulations. This looks good to consumers considering they are creating their own customer accounts with your brand. Note, all customers and prospects want to feel safe and secure - at all times. A robust CIAM/SCA solution will drive a strong competitive advantage for you.

 

Why Try IAmI?

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IAmI Authentications offers a white-labeled CIAM/SCA platform covering you from back-end to front-end. Using proprietary encrypted-tokenization services, we empower your customers with the state of the art security capabilities and experiences. In short, IAmI is able to prevent 99.99% of login credential exploit attacks.

As a PII free platform, we don’t require user registrations, store, or own any of your customer data - that’s all yours! Rather, our job is to help you protect your customer information and improve your customer’s overall user experience throughout their interaction with your brand and services.

 

 

For more information on IAmI Authentication and our CIAM/SCA Solutions, contact us today.Working closely with each client we develop a bespoke plan catering to the individual needs of your brand and customers. Ongoing support ensures that you’re never left in the dark when it comes to user management. The identities managed and stored for your customers are protected by our SaaS, cloud security-based, cross-platform, all designed specifically for in-client enterprise integration.