LoginID – Competitor Analysis
Due to the sudden increase in online transactions and digital payments over the past two years brought by the rampant COVID-19 pandemic, different security system providers continue to improve their services for the betterment against fraudsters.
Fraudsters can be tech-savvy enough nowadays to breach into older security systems such as the traditional alphanumeric combination of passwords. These system providers are now developing tighter measures aside from implementing eKYC to protect their business and their customer and money.
More people are now relying to online transactions because the pandemic health restrictions and lockdowns have forced everyone across the globe to avoid public contact and stay inside the comfort of their homes most of the time. Now, even older people who aren’t knowledgeable in using smart gadgets and applications are learning well enough to make their own purchases. From food and daily necessities to other needs and wants as well, online transaction and payments have been a great help especially to the current market situation the world faces.
The rise of security system providers followed the frequent use of digital payments for online transactions, and these providers differ in their security system types. Aside from the commonly known password combination that uses alphabet and numeric, today’s technology has FIDO2 that includes certification, key and webauthn, digital, biometric and online identity verification, strong customer and PSD2 authentication, passwordless authentication and more.
These various types of security systems have their own pros and cons but were all made to meet one goal, to protect every user against tech-savvy fraudsters, to keep their money and information safe. Many applications and websites are changing their system into these modern ones for tighter security measures since the risk to being vulnerable to a fraudster or security breacher can be higher than ever. And to maximize every system’s potential, users or customers should utilize these security methods well so that they can avoid being scammed by fraudsters and prevent losing their hard-earned money.
If want to learn more about different security system providers through a competitor analysis, you can visit LoginID’s website get in touch with them.
