SMS The impact of the use of in the Fintech secto
Security: It is the cornerstone of financial platforms, supported by SMS
Beyond its communication function, the short message is a strategic protection tool that is proving to be particularly effective in the financial sector. It can be found in many different situations:
Two-Factor Authentication (2FA):
SMS Users receive a one-time authentication code (One Time Password) from , which they must enter in addition to their password to access their account. SMS 2FA adds an extra layer of security, verifying the user’s identity and blocking over 99.9% of account compromise attacks .
Transaction Confirmation:
This method, well known for online payments, has been replaced in Europe by 3D Secure, but is still widely used by online financial platforms that issue virtual cards . SMS When large payments are initiated, an OTP is sent to the account holder to confirm the transaction, in order to avoid fraudulent transactions .
Electronic signature:
One Time Password is very useful in electronic signature, as it provides a legal guarantee of the identity of the signatory and the integrity of the sign document. One OTP is generat for 1 signatory and 1 contract. The signatory re-enters the code receiv via message into the contract. This action is the legal basis of consent for a remote signature .
Suspicious connection warnings:
If a suspicious connection is detected on a user’s account, a warning message is sent to inform the user and allow them to take quick action to protect their account .
Notification of a major account change:
If a user changes their password sms promotional campaign or personal information, you can send a short message to confirm the change.
This ensures that the account holder is aware of any changes to their information.
Balance or activity notices:
Customers can receive alerts to be inform in real time of any activity on their account , such as a large payment or a change in balance.
Password recovery :
This is a more secure alternative to sending a password reset link via email . A phone number the impact of otp on your marketing strategy is a better guarantee of identity than an email.
Identity Verification for Customer Support:
This additional layer of protection ensures the confidentiality and security of transactions and cellp data sensitive data. Messages thus become a reliable shield, which helps to build trust among users of online financial services.
