In today’s digital-first world, communication channels like SMS, email, and login systems have become critical for businesses—and prime targets for cybercriminals. Traditional security measures struggle to keep up with sophisticated threats like phishing attacks, identity theft, and SMS fraud. One breach can trigger financial losses, operational chaos, and a shattered reputation, sending your customers straight into the arms of competitors. And let’s not forget the regulatory fines and hefty remediation costs that come with it.
For small and medium-sized businesses (SMBs), the stakes are even higher. They’re the target in 43% of cyberattack, with an average cost of $25,000 per breach. In fact, the Communications Fraud Control Association (CFCA) estimates global telecommunications fraud losses at nearly $39 billion in 2023, a 12% rise since 2021.
So, how do businesses protect themselves? By adopting CPaaS solutions that not only enhance communication but integrate robust authentication and fraud prevention. It’s the defense you need to safeguard your channels and restore trust with customers in an increasingly hostile digital world.
The Power of Authentication in Stopping Fraud
When it comes to locking down your accounts, Multi-Factor Authentication (MFA) is a game-changer. It’s one of the toughest defenses against unauthorized access, forcing users to prove who they are through multiple steps—making it a nightmare for attackers. Forget relying on passwords, which can be cracked or stolen; MFA ramps up security with layers like one-time passwords (OTPs), biometrics, or hardware tokens, making breaches exponentially harder.
Over 80% of hacking-related breaches are caused by compromised passwords. But with MFA in place, businesses can shut down most of these attacks. In fact, research indicates that MFA can block up to 99.9% of automated attacks targeting user accounts.
Passwordless authentication takes security a step further by eliminating passwords entirely. Instead, it relies on secure authentication methods like biometrics, security keys, or magic links. Not only does this ramp up security to a whole new level, but it also makes life easier for users—no more struggling with or remembering complicated passwords.
Unlocking 8×8’s Best-in-Class Tools for Fraud Prevention and Seamless Authentication
In an era where digital fraud tactics are constantly evolving, businesses need proactive, agile solutions to secure communications and protect user data.
Enter 8×8’s powerful suite of tools designed to tackle threats like SMS fraud, fake accounts, and compromised transactions. Whether you’re looking to secure customer interactions or streamline verification processes, these solutions provide the reliability and scalability your business needs to stay in the game.
Here’s a look at the 8×8 solutions that help businesses outsmart fraudsters and ensure secure, seamless communication:
- Omni Shield SMS Fraud Prevention:
Protects against SMS fraud by offering real-time threat detection and automated responses. - Number Lookup API for Businesses:
Ensures accurate phone number validation to reduce fake accounts and improve customer interactions. - Verification API Use Cases:
Simplifies user verification across multiple channels, adding an extra layer of security during transactions and sign-ups. - Descope CIAM Solution:
Provides modern authentication methods like passwordless login and customizable workflows to enhance security and user experience.
With these tools, 8×8 arms your business with scalable, efficient, and rock-solid defenses against fraud, ensuring your customer data, transactions, and interactions stay protected.
Real-World Use Cases: How 8×8 CPaaS Takes Down Fraud and Levels Up Authentication
When it comes to fraud prevention and securing user identities, 8×8’s solutions don’t just scratch the surface—they tackle the threats head-on. Whether you’re onboarding new users, verifying transactions, or stopping account takeovers, 8×8’s authentication and fraud prevention solutions are built to keep your business and customers safe. Here are real-world scenarios where businesses can leverage 8×8’s solutions to protect their business and customers.
1. Verifying user sign ups and logins
Use Case:
A new customer signs up for an account on your website or mobile app. Ensuring secure account creation is crucial to prevent fraudulent sign-ups and fake accounts.
8×8 Solution:
As part of the sign-up process, use the Verification API to send an OTP via SMS, WhatsApp, or Text-to-Speech to verify the customer’s identity. This additional layer of security ensures that only legitimate users can complete their account creation, preventing fake accounts and protecting your platform from fraud.
2. Payments and General Transactions
Use Case:
A customer initiates a payment or transaction on your platform. Fraudulent transactions can result in financial losses and customer dissatisfaction.
8×8 Solution:
When the customer begins the transaction, use the Verification API to send an OTP via SMS, WhatsApp, or Text-to-Speech for identity verification. For every subsequent transaction, the customer must enter the newly generated OTP to ensure secure payment processing, protecting both the customer and your platform from fraudulent activities.
3. Preventing Account Takeovers During Flash Sales
Use Case:
An e-commerce platform runs a flash sale, attracting a surge of traffic. These events are prime targets for account takeovers by fraudsters attempting to exploit high-demand scenarios.
8×8 Solution:
As customers rush to make purchases, Omni Shield works in the background to detect suspicious activity, such as repeated login attempts or unusual account behavior. The system triggers real-time alerts and automatically blocks fraudulent attempts, ensuring that only legitimate customers can access their accounts and complete transactions securely during the flash sale.
4. Streamlining Passwordless Authentication with Descope CIAM
Use Case:
A business wants to simplify user authentication by eliminating passwords, reducing friction, and improving security for returning customers.
8×8 Solution:
Implement Descope to enable passwordless authentication. By utilizing secure methods like biometrics, security keys, or magic links, returning customers can seamlessly log in without the hassle of remembering passwords. This approach not only enhances security by reducing the risk of password-related breaches but also improves the user experience, allowing for quick and secure access.
Stay One Step Ahead of Cyber Threats: Secure Your Business Now
Cybercriminals are always evolving, and if you’re not ahead of the game, you’re already behind. Fraud prevention and robust authentication aren’t just nice-to-haves anymore—they’re non-negotiable for businesses that want to survive in the digital world. Without the right defenses, businesses are setting themselves up for costly breaches, identity theft, and compromised accounts. This doesn’t just drain your finances—it shatters customer trust, which is a long road to rebuild.
Solutions like Omni Shield, Number Lookup API, Verification API, and Descope give you the advanced, scalable security you need to fight back. These fraud prevention and seamless authentication tools don’t just protect—they streamline your processes and create a secure environment that builds trust with your customers.
Discover 8×8’s Authentication and Fraud Prevention Solutions or reach out to an expert at cpaas-sales@8×8.com to start building a more secure, trusted business today.
