Importance of MFA and verification layers for millennial information
Dec 04, 2017 Philip Burgess
If there's one consumer group that retailers - and business owners in general - would be wise to tap into, millennials just might be the pick of the bunch. Born between the early 1980s and 2000s, millennials in the U.S. total more than 83 million, making them the largest generation in America, outnumbering even baby boomers by more than 7 million, according to the most recent Census data.
"Millennials represent the largest generation, bigger than baby boomers."
Not only do millennials dot the country's landscape, but they're active contributors to the nation's economy, purchasing goods and services and taking up residence in the housing market. Estimates from the National Association of Realtors indicate that roughly one-third of individuals looking to purchase a home this year were first-time buyers. Many millennials are at an age in which they're taking out mortgages in order to realize the American dream. And for those who don't already have a mortgage, roughly 75 percent plan to own a home loan eventually, according to separate polling done by credit agency TransUnion.
Millennials also love to drive, contrary to popular belief. In fact, approximately 80 percent of millennials either own or lease a vehicle, according to TransUnion.
Of course, 18- to 35-year-olds aren't only making major purchases - they're also buying various odds and ends - and shelling out more dollars than their predecessors. For example, millennials spend, on average, more than $9,550 per year on groceries, over $3,000 on fuel for their vehicles, around $2,800 at restaurants and fine dining establishments and almost $2,000 on cellphones services, according to Bankrate.com, commissioning a poll that was conducted by Princeton Survey Research Associates International.
In short, millennials are active members of the consumer economy, spending their money to provide for themselves and their families. Assuring their continued customer satisfaction is essential to enhancing loyalty, which can result in increased business in later years and maybe even successive generations.
Cybercrime losses may surpass $6 trillion by 2021
One of the ways businesses can go about doing this is by ensuring millennials' financial data is in good hands. Thanks to e-commerce and online payments, consumers can buy virtually anything they want 24 hours a day, seven days a week. However, this ease isn't without its drawbacks, as hackers are constantly refining their strategies in order to access buyers' sensitive information. In fact, according to CyberSecurity Ventures, the damage resulting from cybercrime is estimated to cost in excess of $6 trillion by 2021, a two-fold increase from 2015.
There are a variety of strategies that can provide greater assurances so millennials' financial specifics remain protected. Perhaps among the most reliable methods is multifactor authentication. MFA is the gold standard of verification strategies, because it requires more than one method to gain access to an account. Formerly, a password was the only information required. But hackers have been able to skirt around these defenses, often due to passwords not being unique enough. As several polls have shown, some of the more common passwords have included "123456," "ABCDEF," and even the word itself.
Two forms of identification required with MFA
MFA provides an extra layer of protection by necessitating at least two forms of verification, such as passwords entered into more than one device, swiping a card and entering a pin number, or answering a security question and a temporary passcode.
Although virtually no data security strategy is without its flaws, multinational services firm Deloitte says MFA "significantly raises" the protection of consumers' financial materials.
As a business owner, you're privy to your customers' sensitive data. You can protect it from prying eyes through Microbilt's verification and authentication tools. In addition to MFA, our verification products can reduce the risk of fraud by assuring that data recipients are who they say they are.
Check out the "Identity Verification" section at the top of our homepage to learn more.