Fraudsters and cybercriminals have no trouble imitating other users in order to hijack their accounts, make purchases, and profit from your company. To prevent this user based authentication is vital.
User authentication is a static method of consumer identity verification while attempting to access a protected resource. You can authenticate using a single factor or many factors (strongly recommended).
Risk based authentication has become vital and critical to building a zero-trust network in a dynamic world where user mobility affects security virtually 100% of the time. Why?
- Users connect to company resources using unprotected networks.
- Working hours have become more flexible. Thus they may be required to work from early morning to late evening.
- Devices may have been shared with other family members
- All this means that attackers will try to take advantage of this new universe of possibilities.
Let’s look at how risk-based authentication can help us stop them.
RBA stands for Risk-Based Authentication
When making an authentication choice, risk based authentication considers risk variables. It goes beyond static authentication by allowing administrators to create rules that can modify authentication behaviour, making it easier if there is low risk; or requesting additional steps to ensure this is the correct user and blocking access if the risk is too high, even if the user provided a correct one-time password (OTP).
Risk considerations that may pose a threat to your firm include:
- To which network are you connected?
- How secure is your computer?
- Is your mobile device secure?
- Where are you right now?
- Is your device and computer in the same room?
Scores are used in risk-based authentication (RBA) to decide whether or not someone should be able to conduct an action on your platform. This might be anything from login to a transaction.
The ratings are derived using risk guidelines that consider a variety of parameters. Connecting to the site from a banned device or IP address, for example, raises a user’s risk score, which may result in blocking.
The primary purpose of risk-based authentication is dual:
- to ban questionable users
- to provide legitimate users with unimpeded access to online services
However, it is not always black and white: Visitors deemed hazardous should be prompted for further authentication proof, such as passcodes, 2FA codes, or additional ID documents. This means fewer false positives while maintaining low risk.
Why Should Risk-Based Authentication Be Used?
- Improve Compliance and Reduce Fraud
- Consumer identity verification
- Safeguard Legitimate Users
- Reduce Conflict and Increase Customer Loyalty
- Scale and automate
To reap the benefits of RBA, you’ll need a system for monitoring and calculating risk and a means for automating approval or rejection. This takes the shape of risk management software, with end-to-end platforms and stackable solutions on the market.
Companies can use risk based authentication to lower the expenses of fraud and risk management, allowing them to devote more resources to manual inspection. It can also aid in the protection of user accounts from account takeovers. Finally, it aids in the reduction of fraud rates, which has a favourable impact on corporate growth, compliance, and user trust.
Risk based authentication is a method of modernising your approach by combining the right level of security with tailored risk protection, which increases your ability to detect and respond to threats.