There is no denying that the internet and digitization come with a wide array of positives. However, cybersecurity has been a topic for concern and repeated discussion over the past few years. There is so much trauma when an ordinary person’s e-mail ID is hacked. One could only imagine the sort of catastrophe that would entail if private servers of financial institutions get hacked. They contain all sorts of important information like private records as well as company finances. Hence, it is imperative to have a tight cybersecurity, and that is exactly what Finacus does.
Finacus offers a simple yet highly effective two-factor authentication system based on something that only the user knows, and something that only the user has. This is the Two Factor authentication (2FA).
Another method of authentication is the Multi Factor Authentication. This provides an additional layer of security to carry out transaction after a successful login; this method is especially useful for digital banking solutions like mobile and internet banking, ATM, VPN, E-commerce, etc. Methods under the Multi Factor authentication system include:
1. OneTouch 2FA / PUSH Notifications- Sends a PUSH notification on user’s mobile through the Bank App with two options – ‘Approve’ or ‘Reject’. Based on the input, the transaction is either accepted or declined.
2. Soft Token- An OTP number is generated. This is then sent to the user either through an SMS text message to the registered mobile number or mailed to the user’s e-mail ID. Further transaction is continued only after the OTP number is entered into the system.
3. Mobile Based Token– The One Time Password generation software is installed on any smart phone platform. This works similar to the Soft Token authentication system, except the software uses the GPRS / 2G / 3G connection to connect to the Finacus server and authenticate the user.
4. Hard Token- It is a hardware / physical device that generates a new password every 90 seconds. The concerned system connected to Finacus server and hard token use same encryption algorithm to authenticate the user when he enters the password at a given time.
5. USB Based Token- The product is integrated with Disk Level Encryption Software which encrypts the entire file system. The encrypted data can be read only when USB token is inserted and PIN is entered. The is specially designed to store information regarding an individual’s digital identity.
Based on the user’s preference, one of the above five additional security layers maybe added to the Two Factor authentication system for better protection of important user information.