The accelerated growth of the digital economy during the times of the pandemic and the ease and comfort of conducting transactions over mobile devices has paved the way for the rampant use of online transactions by the financial industry. But this convenience comes at the cost of security, if headlines were to be believed there has been a significant rise of about 238% in cybercrimes against financial institutions in recent times which do not only cause financial loss but also loss of user trust Financial services organizations usually are more vulnerable to fraud hence need to stay ahead when it comes to cybersecurity.

In the light of the above, banks require stronger bank authentication methods such as multi-factor authentication to not only meet the changing regulations but also to meet changing customer needs. MFA is now the industry-standard solution that keeps bank data/information safe.