How To Use MFA in a Dynamics 365 Payment Portal

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Security: everyone wants it, but with hacking, trolling, ransomware, and cybercrime rising, some companies may fear losing the battle. We see headlines and warnings about the risks inherent in using phones, tablets, laptops, and PCs, and we wonder how to protect our company's critical data. On top of that, the proliferation of social media offers cybercriminals an easy way to find targets. No wonder companies are turning to MFA (Multi-factor Authentication.)

As a business leader, you must protect your valuable information and customer data. A security breach can cost millions and ruin the reputation you've worked so hard for. It could even wipe out your business.

According to a breach report from IBM and the Ponemon Institute, the average cost of a data breach has hit a record high of $4.35 million. According to Astra, a trusted security company, the latest statistics indicate that the problem keeps worsening, with 2,200 cyberattacks daily. It is predicted that cybercrime will cost $8 trillion by the end of this year.

A basic tool available to today's businesses is two-factor authentication, but many companies now use multi-factor authentication (MFA) by incorporating more than one method. This critical step can help you protect your and your customer's data and protect your company against a costly nightmare.

MFA Is Growing Fast

In 2022, the MFA industry brought in nearly $12.9 billion. According to Markets and Markets Research, that $12.9 billion is expected to double by the end of 2027 because of the increased demand for MFA services.

How It Works

When a customer initiates an online transaction, they must use at least two separate methods to verify their identity. This verification protects your company, your website, and your users. Some examples of MFA include sending a security code to the customer's phone or using facial recognition, touch ID, voice recognition, and Captcha tests. Each of these adds another level of security.

Of course, the first level of security is a password or code. But that is also the most vulnerable method and easiest to hack into. Passwords requiring a variety of letters, numbers, and symbols can reduce the likelihood of a hacker's success.

Another authentication method is a limited, one-time numerical code sent to a customer's phone. The code can be sent via SMS or other apps like Microsoft Authenticator. Biometric authentication uses a customer's unique biological characteristics such as face, voice, or fingerprints.

Government agencies and private corporations, including military bases and airports, use biometric authentication because it is highly effective and relatively easy for both the provider and the user. Examples of biometric authentication include:

  • Facial recognition

    —Your face identifies you, but the recognition can sometimes be inconsistent.

  • Fingerprints

    — Fingerprints are reliable as each person's prints are unique. Fingerprint scanners are popular and accessible for consumers with iPhones.

  • Voice Recognition

    — Voice recognition or voice biometrics analyze a user's speech patterns to allow access. These devices typically count on standardized words to identify users.

  • Eye scanners

    — Eye scanning technology uses iris recognition and retina scanners. However, this system can have problems if a person wears glasses or contact lenses.

Another option is token-based authentication. With this system, the user enters their information once and gets an encrypted string of random characters in return. This "token" then provides access to the site.

Multi-factor authentication (MFA) is a successful security method because it secures company and customer accounts by enforcing additional authentication requirements. Generally, these are in addition to the standard username and password. Research shows that MFA is working.

According to Microsoft Reports, MFA can prevent 99% of attacks targeting users' credentials.

What to Look for in an MFA System

When choosing an MFA system for your company, ensure it meets specific criteria.

  • Ease of use

    – Make sure it is user-friendly for your customers.

  • Adequate coverage

    – Ensure it will provide the coverage and security your company needs.

  • Easy Integration

    – Most MFAs will integrate with other apps, but double-check.

  • Administrative Control

    – Be sure your team can access the system and check to see what type of reporting and data it will provide.

Red Maple offers a software program, Clever Division, for retailers. It provides an extra layer of security. This ground-breaking enterprise solution from a Microsoft partner of over 20 years empowers companies to quickly and easily take all kinds of payments, including credit cards and ACH, within Microsoft Dynamics F&O and CE. The white-label software includes an easy-to-use dashboard that allows clients to check and pay their recurring invoices, handle multiple transactions, add different payment methods, and track billing history anytime, saving time and money on customer support.

Would you like to know more about Multi-Factor Authentication and what it can do for your company? Contact our experts at Red Maple today for a free demo.

By Red Maple, redmaple.com

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