Password security is a common subject among companies and users who are concerned with account compromise, yet many companies fail to acknowledge and address the security risks derived from password use.
The truth is that passwords on their own, without additional measures, are not a guarantee for account security. When a password is the only safeguard against account compromise all efforts to hack into an account are directed towards one particular objective: the password.
You can learn more here if you want to know about online fraud prevention systems.
Stronger Online Security
Doesn't paint a pretty picture, does it? Clearly the immediate need for online businesses is to strengthen their internal security processes. Online security helps businesses protect important and sensitive information, protect against revenue losses due to theft, and preserve their online brand.
The idea is not to scare off potential customers with long-winded procedures, but to establish a line of trust with them by providing a secure online environment.
In fact, online customers are quite savvy and realize that tighter security measures are employed by businesses to not just cover their own back, but also to protect the interests of their clients – who have started to expect and demand stronger security.
A recent survey conducted by the UK-based financial fraud prevention service CIFAS provides an interesting insight into this trend. Twenty-five percent of the consumers interviewed by the survey felt better online security would prevent fraud.
Online Security Measures
Businesses employ various methods to tighten online security. Currently, authentication or verifying a user's identity is among the most effective and popular tools to prevent fraud. When it comes to authentication, it's important to understand that the username-password method of authentication has long outlived its usefulness.