Mobile phone security concerns. Source: Shutterstock

Credit unions and other financial services organizations are vulnerable to cyberattacks launched against their members. Multi-factor authentication (MFA) or Strong Customer Authentication (SCA) solutions provide some sort of defense, but there is debate about better options available in the market. Mobile authentication solutions have gained popularity with convenient experience that can be enjoyed with mobile applications. However, these solutions must also be properly secured.

Attack volume soared to new heights as the world’s reliance on all things digital is increasing; in 2021, there was a new cyberattack every 39 seconds. The cost of cybercrime is also reaching ever more eye-popping amounts. It cost organizations $1 trillion in 2020 and is expected to top $10 trillion annually by 2025.

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