In the financial sector, how prevalent is the concern about potential fraud in relation to unidentified SMS messages?
Many of our clients express concern about receiving SMS messages from unknown senders. This is understandable, as such messages can be used to initiate security breaches. Unfortunately, these worries are increasingly justified in today’s digital environment.
The one time OTP Era in online banking is a big question currently, as banking is crumbling with vulnerabilities that are multiplying faster than a crypto portfolio.
The trusted guardians are now becoming Trojan horses for your hard-earned cash, thanks to scams like phishing phantoms, sim swapping, and ransomware attacks.
Rest assured, our experts at Inspirit Vision serves as a vigilant guardian, continuously monitoring market trends and wielding the latest protection techniques to safeguard your transactions from evolving scams.
Let us help you understand in detail, have a sneak peek to what are you going to learn through our blog :
- OTPs: A Fading Star in the Security of Financial Worlds
- The Transaction Signing Advantage: The Multi Layered Defense
- Benefits of CIAM POWERED by SafeTransact.
We at Inspirit Vision, make sure that Identity and Access Management (IAM) is the security samurai that slashes OTP limitations, offering a multi-layered fortress considering adding extra layers of authentication.
Prepare to dive deep into the future of secure transactions, where convenience and safety go hand-in-hand.
Lets now dive deep into the history of Why OTPs could actually be a failure in secure banking transactions.
OTPs: A Fading Star in the Security of Financial Worlds
The reign of OTPs serving as the primary security aspect for banking transactions , is facing a backlash of changing reality. The one time OTP set by the end user or statically sent throughout the transaction , which was once considered reliable and a safeguarding shield is now inviting numerous data breaches and evolving cyber threats have exposed their critical vulnerabilities. Hard to believe? Here’s the analytical evidence:
The Anatomy of an OTP Failure:
- Channels at risk: As denoted by Verizon Reports 2021, Sim swapping indices have gained a raise by 67% because of easy intersection of static codes, while 33% in phishing attacks were witnessed via SMS based OTP delivery.
- Lack of Protection Against Sophisticated Attacks: Certain legit apps literally have malware that capture SMS based OTPs , making the accounts vulnerable, while Studies by Gartner show that man-in-the-middle attacks have increased by 23% in 2022, easily bypassing SMS-based OTPs.
- Phishing Epidemic: A new alarming study by Google shows that 30% of people actually click on phishing emails. This gives a free hand to the attackers to access your account and steal important information like OTPs that may lead to many unusual threats like misusing accounts, data breaches and more.
- Lack of Contextual Awareness: OTPs function by not verifying user location or user identity, but by the device that a user possesses. This results in insecurity as stolen devices or aspects such as unauthorized access from unknown locations cannot be easily detected.
The Transaction Signing Advantage: THE MULTI LAYERED DEFENSE
There are a number of limitations to OTPs that can be addressed by IAM’s robust security framework:
- Biometric Login: IAM terminates any possible risk of credential theft , thereby adapting to systems that do not need passwords , thereby logins happening through fingerprints or facial scans.
- Dynamic OTPs:The extra layer of authentication comes into picture in this scenario where each transaction happening receives a unique and ever changing code that makes reuse attacks ineffective.
- Real-time Consent: While a transaction happens , we have push notifications in app or on the web that seek confirming the transactions making sure that only authorized activity occurs.
- Detailed Logging and Analytics: Every transaction is logged, and there are comprehensive logs that provide significant insights into user behavior and potential abnormalities, allowing for proactive fraud identification.
Benefits of CIAM Powered by SAFETRANSACT
Traditional security techniques can be problematic. The SafeTransact platform from Inspirit Vision provides a seamless and safe experience for all banking transactions, thanks to the advanced capabilities of Customer Identity and Access Management (CIAM).
- Enhanced User Experience:The authentication techniques that we have introduced are simple to implement, and our security deliverables, such as facial recognition and biometric logins and real-time confirmation of consent, ensure that user security is not jeopardized.
- Improved Compliance: IAM aligns with stringent data privacy regulations like GDPR and CCPA, fostering trust and transparency.
- Reduced Operational Costs: Utilizing a centralized IAM system leads to significant cost savings as compared to having physical tokens for it.
- Enhanced Transparency: Maintain an indisputable proof of the Transaction Contents, including a time stamp. Detailed transaction logs give you complete control and peace of mind, boosting confidence and responsibility within your organization
- Unmatched Security: Biometric login and dynamic OTPs eliminate password flaws and safeguard against phishing attacks, banking trojans, injection and man-in-middle attack assaults resulting in comprehensive protection for Ensure the critical data in a transaction cannot be altered by malicious hackers, either on the endpoint or in the network.
The Final Verdict :
Our evidence is crystal clear in supporting the fact that OTPs alone are no more reliable to safeguard transactions in a world that is full of cyber attacks. With the adoption of an IAM empowered approach, organizations will be able to achieve unmatched security, enhanced user experience, and improved compliance, with a secure and trusted digital future.
Embrace the Future by Ditching the OTP. SafeTransact, powered by IAM, is the security upgrade your online banking deserves. Don’t wait for disaster to strike. Join the secure revolution today!
