The rise in online transactions has made businesses increasingly vulnerable to cyber threats. The Philippines has seen billions lost to fraudulent online activities, with cybercriminals exploiting weaknesses in traditional authentication methods, such as one-time passwords (OTPs). As organisations shift towards digital platforms, the demand for secure yet user-friendly authentication methods is more critical than ever.
Jointly developed by PLDT Enterprise has partnered with Smart Philippines to launch Silent Authentication, a network-based verification solution that offers a seamless alternative to OTPs. This method significantly reduces the risks associated with phishing, identity fraud, and OTP interception. By enhancing security while improving user experience, Silent Authentication enables faster and more secure digital interactions, which is essential for maintaining customer trust in online transactions.
Benefits
- Banking, finance, and insurance: Financial institutions can replace OTPs with Silent Authentication, thereby protecting users from fraud while ensuring smoother login and transaction experiences.
- E-commerce and retail: Online platforms can leverage this technology to prevent unauthorised access and fraudulent purchases, ultimately reducing chargebacks and enhancing buyer trust.
- Small and regional enterprises: Cybersecurity is increasingly accessible to smaller businesses, allowing them to operate safely in the digital space without the need for extensive resources.
John Gonzales, first vice president and head of Enterprise Consulting Services and Technology Management at PLDT Enterprise, emphasises the importance of integrating secure authentication methods: “As cyber threats continue to evolve, businesses must stay ahead by integrating secure yet seamless authentication methods.”
Implications for CISOs and CSOs
The implementation of GSMA-certified solutions like Silent Authentication and Open Gateway APIs is crucial for organisations aiming to enhance their cybersecurity posture. As businesses increasingly rely on digital transactions, the integration of advanced authentication methods will be vital in building digital trust and safeguarding sensitive information.
