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Cybersecurity has become an integral part of most businesses’ product and service offerings with 81% of hacking-related breaches having leveraged stolen and/or weak passwords. Enter MFA (multi-factor authentication).

Many consumers are using MFA to stay secure but still want to be able to share their data with services they use day to day. As banks lean toward MFA as a requirement for login, we have enhanced our Connect API to support MFA. Allowing your customers to securely share their banking data with you when their bank has implemented the added protection of MFA.

What is MFA?

MFA is an authentication technique that requires a user to use at least two different factors to prove their identity. It blends various types of information to create a secure picture of the person trying to gain access. Typically the first factor would be a username and password that you know and the second and/or third factor would be something you have like a mobile phone app or Biometric fingerprint scanners and face ID.

MFA allows for multiple authentication methods to be enabled by a user, a step up from its predecessor 2FA (two factor authentication), which would utilise the same two authentication factors for all users.

Basiq’s MFA coverage

We’ve added support for various institutions including Qantas and Paypal and plan to add support for many more, so stay tuned!

Open Banking is the next step in sharing data

Open Banking will be the next iteration in securely sharing your data. As the Open Banking regime picks up pace in Australia and more data becomes readily available, it will remove the need to rely on login credentials and MFA for Open Banking Data Holders. However in the meantime the ability to continue to connect to a wide variety of financial institutions via a combination of direct data capture (DDC/Screen scraping) and open banking methods, through the Basiq dynamic switching capability is vital to ensuring you can service new and returning customers. So stay tuned!

If you’re building a Fintech solution and need ongoing access to banking data, get in touch with our team to see how Basiq can help.

Article Sources

Basiq mandates its writers to leverage primary sources such as internal data, industry research, white papers, and government data for their content. They also consult with industry professionals for added insights. Rigorous research, review, and fact-checking processes are employed to uphold accuracy and ethical standards, while valuing reader engagement and adopting inclusive language. Continuous updates are made to reflect current financial technology trends. You can delve into the principles we adhere to for ensuring reliable, actionable content in our editorial policy.