From the online retail point of view, LoginRadius offers a number of perks like simplifying the customer registration process, creating unified customer profiles and larger databases, reducing application-related complexities, streamlining customer purchase and interaction data, and ensuring security compliances.
\nLet's dig further into the identity platform to find out more about how it helps retailers protect shoppers' data.
\nPasswordless login: In the retail industry, registering or logging in without a password calls for customer retention and loyalty. By enabling the one-touch login feature, customers can log in with a magic link or OTP sent to their mobile number or email id.
\nProgressive profiling: Through progressive profiling, retailers can collect information about customers with the help of dynamic web forms at different stages during the purchase journey.
\n360-degree view: Retailers can enjoy a complete view of their customer demographics. It will help them understand customer behavior and build better relationships by tweaking their approaches accordingly.
\nSocial sign-on: This form of one-click authentication via the customer's social media accounts reduces the associated hassles of remembering user ids and complex passwords.
\nSecurity and compliance: LoginRadius adds additional layers of protection with two-factor or multi-factor authentication. Not to forget, real-time fraud analysis and data management to prevent hacking attempts. The platform is also compliant with international security standards like the GDPR and CCPA.
\nConclusion
\nRivalry in the retail industry has always been a big deal. Amidst online players and physical stores competing with one another to keep shoppers on the hook, the line between the two entities is gradually blurring.
\nIt is only a matter of time that customer experience in the retail industry will win the war, and nothing else will matter.
\n\n","frontmatter":{"date":"May 05, 2020","updated_date":null,"description":"Not only does a perfect plan for customer experience rely on the product, store, and customers, but also on how companies smartly coordinate the entities listed. They need to integrate customer service through multiple genres of retail.","title":"Enhancing Customer Experience in Retail Industry","tags":["cx","ciam solution","compliance"],"pinned":null,"coverImage":{"childImageSharp":{"fluid":{"aspectRatio":1.5037593984962405,"src":"/static/816a0d2f6905edeb7366d6a582b6c81a/33aa5/retail-cx.jpg","srcSet":"/static/816a0d2f6905edeb7366d6a582b6c81a/f836f/retail-cx.jpg 200w,\n/static/816a0d2f6905edeb7366d6a582b6c81a/2244e/retail-cx.jpg 400w,\n/static/816a0d2f6905edeb7366d6a582b6c81a/33aa5/retail-cx.jpg 768w","sizes":"(max-width: 768px) 100vw, 768px"}}},"author":{"id":"Rakesh Soni","github":"oyesoni","avatar":"rakesh-soni.jpg"}}}},{"node":{"excerpt":"The financial industry has a deep-rooted relationship with its customers. After all, handling mortgages, retirement savings, home, and…","fields":{"slug":"/identity/financial-industry-identity-management/"},"html":"The financial industry has a deep-rooted relationship with its customers. After all, handling mortgages, retirement savings, home, and personal loans require the highest level of trust. It comes from ensuring that the right people have access to the right information.
\nLikewise, a robust identity management system helps financial organizations remain compliant and conduct business in a secure environment.
\nThe COVID-19 outbreak has led to fresh strings of phishing and real-time identity thefts. As countries across the globe are rolling out financial iterations in response to the pandemic like tax due-date extension and new direct stimulus payments, fraudsters are using this as an outright theft opportunity.
\nRecent Cyber Attacks in the Finance Industry
\n- \n
- According to the Federal Trade Commission, Americans alone have lost $13.4 million to coronavirus-related fraud in 2020 so far. \n
- On April 15, 2020, the U.S. Secret Service and the FBI declared that the North Koreans have used cyber attacks to steal some $2 billion over the past decade. \n
- According to VMware Carbon Black analytics, the global financial industry saw a 38% increase in cyberattacks and 148% spike in ransomware attacks between February and March 2020. \n
- As the estimated global cost of cyber attacks stands between $45bn and $654bn, ECB chief Christine Lagarde warns the world of a plausible financial crisis. \n
- In mid-march, hackers silently entered the London-based fintech company, Finastra Group Holdings Ltd., and captured employee passwords. They also installed dozens of backdoors inside Finastra's network. As a result, the company had to shut down its servers. \n
Get the severity now?
\nSo, how do banking and online financial industries safeguard identities in the consumer-centered market?
\nThe answer lies in implementing a modern identity management system that is good at data protection.
\nBut before exploring the growing need for identity management in the online finance sector, let's understand the security challenges in the finance sector first.
\nSecurity Risk and Challenges Faced by Finance Industries
\nFinancial institutions feel the most burn from cyberattacks. After all, that's where all the money is. Attackers can take many forms and spread across a wide range of channels. The widespread ones include:
\n1. Bot Attacks
\nBots are a series of automated online programs designed to conduct repetitive tasks. The majority of modern businesses in the financial sector use bots to enhance customer service.
\nBut, on the downside, if the bad guys operate them, bots can breach cybersecurity defenses and steal customer data.
\nFor example, they can be used to launch brute force attacks and result in corporate account takeover fraud.
\nYou need to implement the right fraud detection solution to stop bot attacks. Also, having a robust device authentication system can keep your customers safe.
\n2. Ransomware Attacks
\nIt is no secret why ransomware hackers are after financial institutions. That includes banks, insurance companies, and any other organization where data is a basic entity for survival.
\nCybercriminals take advantage of this vulnerability because they know companies have both the means and the incentive to pay the ransom and have their data decrypted.
\nThe first line of defense against ransomware attacks is having a secure data backup system. Next, you need to implement disaster recovery solutions and conduct cybersecurity training for employees.
\n3. Phishing Attacks
\nIn the financial service industry, phishing scams are also as common as ransomware attacks. Attackers employ social engineering tricks to break into networks.
\nMost of the time, they are standard email links and attachments. But phishing attacks are also executed via pop-ups, chatbots, media feeds, search engines, and browser extensions.
\nTo counter, get your financial institute advanced endpoint protections and strengthen its payment system. Above all, prepare for how you'll limit damage and recover if you are at the receiving end.
\nAdvantages of Identity Management in Online Finance Sector
\nAn identity management system can improve the security and productivity of a financial institute. It offers numerous benefits to keep customers' sensitive data safe and unharmed from attackers.
\nThe CIAM solution ensures that limited people have access to customer data, and they are the only ones who can view and manage them. This further cuts down the possibility of unintentional data leaks. Other security enhancement features include: In the fight against high-profile data breaches, the identity management system supports global regulatory compliances that are critical to delivering frictionless customer experience. A few of the popular ones include: One of the best examples of meeting international regulations comes from Juhll. This growth-driven digital marketing service acquired Banks.com to provide financial institutions with a trusted source for financial assistance. LoginRadius has helped Juhll to comply with new regulations in terms of where and how customer data is stored. Juhll Case Study LoginRadius adheres to the best practices relating to authentication and access control. With features like multi-factor authentication and role-based data management, the identity management system reduces the risk of financial data theft. The end goal is to keep up with the changing trends and improve customer experience in the financial industry. LoginRadius is a rapidly-expanding platform. And this time, the cloud-based customer identity and access management solution has launched a PIN Login authentication environment for its existing and new customers. The method of authentication is an important aspect of security, and likewise, a PIN strikes just the right balance between security and usability. To be clear, by authentication we mean how we identify and verify users on our platform to make sure 'they are who they say they are.' LoginRadius customers can now avoid time-consuming delays caused by entering long, complex credentials repeatedly within a trusted device. PIN login will also pose an additional challenge for hackers during or after login. In a new generation of end-users, a strong PIN based authentication uptake is a better way to validate their authenticity. Whether it’s PIN based authentication through platform or PIN authenticator, it’s always a reliable way of authentication when it comes to security and convenience. Here are a few more advantages of using PIN login as a method of authentication. We have followed strict authentication protocols to make this launch a success. Likewise, here is an outline of how our threat mitigation model looks like and what it offers: Enhanced usability for end-user: For customers looking for a secure, seamless sign-in to justify the authenticity of end-users, PIN Login will offer a shorter, less time consuming, and more usable experience that simplifies the sign-in process. No third-party integration: We conduct authentication and authorization of end-users inside our identity environment. No other third-party service provider is involved resulting in better response speed and boosted security. Re-authentication upon prolonged inactivity: Long-lived sessions are harmful, especially if the user was inactive for a longer period of time. The new PIN login will require users to re-authenticate after a pre-set time duration. Critical Information Accessibility: End-users will be validated every time when conducting a critical event. This event-based re-authentication flow will work for scenarios like while processing a transaction or deleting an account. Complete configurable solution: Customers can configure the PIN length based on industry standards and set the flow as a mandate or optional for the end-users. Forced account lockouts: The account will be locked automatically upon hitting the configured number of failed PIN attempts. The PIN will act as the protection layer against vulnerabilities like brute force attacks. Our PIN login is another giant step towards achieving better security, usability, and identity management. PIN login is a successful attempt at not just embracing an alternative two factor authentication PIN method or the multi factor authentication PIN method for the LoginRadius identity platform, but using a variety of other factors and combining them contextually for secured access management. All-in-all, we aim to ensure that logins are secure, simple, seamless, and frictionless. And if it can turn customers into loyal advocates, that will serve our purpose even better. As a developer, you should be familiar with StackExchange. There are tons of resources available on there about software development and programming. Out of everything, I have compiled a list of the top 8 resources that I find helpful. These resources cover a wide range of topics such as web development, general programming, and best practices to follow during development. 1. Technical things to remember when doing the live (production) deployment of the web application In this resource, you’ll get a checklist of the things that will make your web application deployment go smoothly as well as how to get good feedback from your users/search engines. It covers many topics such as user interface, user experience, security, SEO, browser compatibility, design, etc. URL : HDPA 2. Why can’t software industry deliver faultless projects quickly? Have you ever compared the software industry with other industries such as retail, telecommunications, etc.? The article above covers many of the differences and gives tips around how, as a developer, you can focus on the issues related to software. URL : HDPE 3. How can I review my own code? Have you ever reviewed your code? It’s always a fun thing to do… Coding standards and code quality are equally important factors that feed into software quality. In this thread, you’ll find best practices for self-code review that will help improve the quality of the overall software or web application. URL : HDPF 4. Must read books for programmers Books are useful for everyone, regardless of your profession. They impart plenty of information into your brain, which you then process and output as a skill. In this thread, you’ll find a list of helpful books to read as a developer. You can choose what to read based on the technology and system you are familiar with, but my personal favourite is “code complete.” URL : HDPJ 5. How to improve programming skills? We, programmers, are always looking to improve our coding skills, but sometimes only writing code is not enough. This thread has some tips and tricks for how you can improve. URL : HDPL 6. Should I become a polyglot programmer? This thread will help you understand the benefits of learning additional programming languages as a way to improve your thought processes. Understanding more language designs makes you a sharper developer. URL : HDSM 7. Selection between “Do it right” and “Do it ASAP” Have you ever been in a tricky situation where you are caught choosing between whether to make the software the right way or to finish it quickly for an upcoming deadline? Well, you are not alone! All developers face the same problem. Go through this thread to understand and choose the right approach for you. URL : HDSX 8. For fun: list of programmers cartoons Developers enjoy writing software and feel a deep sense of satisfaction when the program they've been working on is executed nicely and goes to production. That is the essential part of our life, but sometimes we can afford to take a break from all the coding and enjoy some nerdy cartoons… Here are some that I like. URL : HDPR I’m sure there are lots of other resources available, so please post your recommendations in the comments section. LoginRadius has banned the use of the video-conferencing app Zoom by LoginRadius staff owing to the security concerns centering around fake end-to-end-encryption claims and incomplete privacy policy. The decision came after the wide-scale criticism about its security and privacy lapses surfaced in recent weeks. There were also instances of leaked passwords and conferences being hijacked midway. Zoom shot to unexpected popularity amid the coronavirus pandemic. With countries adopting quarantine measures, more and more people were using the platform for virtual meetings, online education, and even face-timing with friends. However, the video conferencing app came under the scanner when the news of multiple security vulnerabilities began surfacing from around the world. Earlier in April, Taiwan advised government agencies against using Zoom when a group of researchers discovered that some traffic on the con-call was being sent through Beijing when all the participants were in North America. Google, SpaceX, NASA has also reportedly banned the application over data security concerns. Singapore has banned its teachers from using Zoom after gatecrashers interrupted a class and posted obscene images. Even the FBI has warned of Zoom’s hijacking threats. The Cyber Coordination Centre (CyCord) of India’s Ministry of Home Affairs (MHA) has also issued a 16-page advisory related to its security loopholes and poor data privacy practices. LoginRadius has been implementing its business continuity plan to fight the COVID-19 outbreak. We are following stringent privacy regulations and taking every possible measure to protect the confidentiality of our customer data. Therefore, as several countries expressed concern about the flawed security policies of the Zoom app, we decided to pull the plug on this one immediately. There is virtually no alternative to securing customer data than adopting stringent data security measures. At LoginRadius, we offer the highest level of transparency to our customers and stakeholders. We are always on the lookout to counter any disruption rising from potential threats that may affect our customers. We assure that personal assets remain protected, and we respond quickly in the event of a disaster. With the COVID-19 pandemic forcing employees to stay indoors, how do you protect your business from a Corporate Account Takeover (CATO) fraud? The use of stolen workforce identity by cybercriminals has been a popular hacking tactic for many years now. With the current world crisis, it is even easier to exploit coronavirus fears and steal corporate information, especially financial and medical data (which is very sensitive at the moment). So, what do you do? Well, as scary as it may sound, there are capabilities around corporate account takeover risk detection that can help organizations fight back. But first, let’s get to the core. A corporate account takeover (CATO) is a kind of enterprise identity theft where unauthorized users steal employee passwords and other credentials to gain access to highly sensitive information within the organization. The media, finance, hospitality, retail, supply chain, gaming, travel, and hospitality industry are the hotspots for cybercriminals to devise their corporate account takeover attack. Here is how the scam works. The attacker may use phishing tactics, like approaching an employee to discuss an account-related error and then requesting login credentials to fix the issue. They use the credentials to hack into the account and exploit the financial stability and reputation of the account holder – in this case, the employee and the business at large. Corporate account takeover attacks are becoming more sophisticated and consequential with time and are costing millions of dollars every year. According to the 2020 Global Identity and Fraud Report by Experian, 57% of enterprises report higher fraud losses due to account takeover. Corporate account takeover is a big deal. It is one of the most damaging cyber threats that businesses and customers face today. These attacks are difficult to detect as criminals hack into accounts with legitimate credentials. By and large, these attacks hurt businesses’ reputation, scare customers, and can even end up with companies having to pay a heavy penalty. For instance, if the violation is booked under the EU’s GDPR, a fine as much as 4 percent of global annual turnover may be levied. Some recent account takeover attacks: Not all cyber attacks are highly technical. In fact, the majority of them use simple tricks to deceive users into sharing their login credentials. Here are a few authentication attacks that may end up with a corporate account takeover. Perhaps the most common of all attacks, the bad guys during phishing attacks pose themselves as legit organizations and ask for personally identifiable information (PII) from the individual or company. The goal is to trick the recipient (over a phone call, email, or text messages) into taking action, like opening a link or downloading an attachment with malicious code. PII is any data that can be used to identify an individual. For example, name, geographic location, SSN, IP address, passport number, etc. Tips to detect a phishing attack Fraudsters conduct this type of corporate account takeover to target large businesses. They use automated bots to systematically check and identify valid credentials to crack password codes and log in to compromised accounts. Tips to detect brute force attack If your employees have been using the same password for multiple accounts, consider it a treat for cybercriminals. Credential stuffing happens when the attacker uses bot attacks to verify login credentials instead of manually testing credentials one-by-one. Tips to detect credential stuffing The man-in-the-middle attack is a kind of cyber eavesdropping where the attacker intercepts communication between two entities and manipulates the transfer of data in real-time. For example, the attacker will exploit the real-time processing of transactions between a bank and its customer by diverting the customer to a fraudulent account. Tips to detect man-in-the-middle attack Password spraying is also a kind of brute force attack where the attacker feeds in a large database of usernames and password combinations in the hope that a few of those will work. It can be a dictionary attack where fraudsters enter the most commonly-used passwords to hack into accounts. A lot of people still use the same password for multiple sites. Tips to detect password spraying attack Social engineering is a kind of corporate account takeover attack where the cybercriminal manipulates an employee into giving away login credentials or access into sensitive information. Fraudsters conduct social engineering in stages. First, they gather information about the intended victim. Then, they plan to launch and execute an attack by exploiting the victim’s weakness. Finally, they use the acquired data to conduct the attack. Tips to detect social engineering attack As the name suggests, session hijacking happens when the attacker takes complete control of a user session. Note that a session starts when you log in to a service like your banking app and ends when you log out of it. A successful session hijacking results in giving the attacker access to multiple gateways like financial and customer records and to other applications with intellectual properties. Tips to detect session hijacking Start with building a strong relationship with your employees. Make them understand what security measures they need to implement to safeguard their accounts and prevent unauthorized access to corporate data. Here are a few standard practices that you can follow: Customer-facing enterprises deal with large volumes of data every day. And it is their responsibility to protect them. LoginRadius is a cloud-based customer identity and access management (CIAM) platform that gets the much needed extra layer of protection for enterprises to protect customer data. The CIAM solution detects malicious activity before it can cause any harm to organizational reputation. Check out how LoginRadius prevents corporate account takeover attacks for enterprises: To remove the risk of passwords altogether, LoginRadius offers passwordless authentication or instant login. Customers can either login using a magic link or via an OTP delivered to their registered email address or phone number. The best part, this method does not require registration or any preassigned credentials to log in. The secure identity and access management provider also offers two-factor or multi-factor authentication (2FA/MFA). This feature provides an extra layer of security to ensure that the right customer gets access to the correct account. For example, the customer is required to enter an OTP or answer a security question, even after filling in the login credentials. This standard CIAM system also offers risk-based authentication (RBA). This feature verifies a customer's identity by adding a new layer of protection in real-time if any unusual login pattern is identified. For example, an access attempt with a different login device, or from a suspicious geographic location to prevent the risk of a corporate account takeover. Both the EU's GDPR and California's CCPA are examples of global standards that rule the flow of customer data and keep them safe. Most western countries follow similar regulations, and others are catching up. LoginRadius is compliant with the majority of the global standards and you can even tailor it to meet the regulatory requirements depending on the industry and country of business. At LoginRadius, consent management is another feature that is offered along with privacy compliance. It manages customer's consent about data collection, storage, and communication. Customers can alter existing permissions and apply new ones according to their will. LoginRadius also prevents corporate account takeover attacks with customer data management. It provides an overview of individual profiles from its admin console and tracks their activities. Enterprises can manage millions of customers and perform manual actions on behalf of customers, like provisioning new accounts and triggering verification emails. Corporate account takeover can translate into millions of dollars in losses, damaged brand image, and customer trust. As an enterprise, you and your employees are responsible for keeping finances and data safe. Stay informed about evolving threats, understand the warning signs, and practice responses to suspected takeovers. Identity is evolving, and developers are at the forefront of this transformation. Every day brings a new learning—adapting to new standards and refining approaches to building secure, seamless experiences. We’re here to support developers on that journey. We know how important simplicity, efficiency, and well-structured documentation are when working with identity and access management solutions. That’s why we’ve redesigned the LoginRadius website—to be faster, more intuitive, and developer-first in every way. The goal? Having them spend less time searching and more time building. LoginRadius’ vision is to give developers a product that simplifies identity management so they can focus on building, deploying, and scaling their applications. To enhance this experience, we’ve spent the last few months redesigning our interface— making navigation more intuitive and reassuring that essential resources are easily accessible. Here’s a closer look at what’s new and why it’s important: Developers spend long hours working in dark-themed IDEs and terminals, so we’ve designed the LoginRadius experience to be developer-friendly and align with that preference. The new dark mode reduces eye strain, enhances readability, and provides a seamless transition between a coding environment and our platform. Our new design features a clean, modern aesthetic with a consistent color scheme and Barlow typography, ensuring better readability. High-quality graphics and icons are thoughtfully placed to enhance the content without adding visual clutter. So, whether you’re navigating our API docs or configuring authentication into your system, our improved interface will make those extended development hours more comfortable and efficient. We’ve restructured our website to provide a straightforward breakdown of our customer identity and access management platform capabilities, helping you quickly find what you need: This structured layout ensures you can quickly understand each capability and how it integrates into your identity ecosystem. We’ve been analyzing developer workflows to identify how you access key resources. That’s why we redesigned our navigation with one goal in mind: to reduce clicks and make essential resources readily available. The new LoginRadius structure puts APIs, SDKs, and integration guides right at the menu bar under the Developers dropdown so you can get started faster. Our Products, Solutions, and Customer Services are also clearly categorized, helping development teams quickly find the right tools and make informed decisions. Developers now have a clear view of the tech stack available with LoginRadius, designed to support diverse business needs. Our platform offers pre-built SDKs for Node.js, Python, Java, and more, making CIAM integration seamless across popular programming languages and frameworks. Check out our revamped LoginRadius website and see how the improved experience makes it easier to build, scale, and secure your applications. Do not forget to explore the improved navigation and API documentation, and get started with our free trial today. We’re excited to see what you’ll build with LoginRadius!\n
\nUp-to-date security and compliance
\n\n
\nConclusion
\nIntend Behind The Launch
\nThe Benefits of PIN Authentication
\n\n
\nWhat Does the Threat Mitigating Model Look Like
\nA Final Word
\nWhy Is the Ban Imposed
\nPutting Security at the Core
\nA Final Word
\nWhat is Corporate Account Takeover
\nTypes of organization mainly targeted by account takeover (ATO) attacks
\n\n
\nBusiness Impact of Corporate Account Takeover
\n\n
\n7 Common Attacks That Lead To Corporate Account Takeover
\n1. Phishing Attack
\n\n
\n2. Brute Force Attack
\n\n
\n3. Credential Stuffing
\n\n
\n4. Man-in-the-middle attack
\n\n
\n5. Password spraying
\n\n
\n6. Social Engineering
\n\n
\n7. Session Hijacking
\n\n
\nBest Business Practices to Prevent Corporate Account Takeover
\n\n
\nHow LoginRadius Eliminates Account Takeover Attacks for Enterprise Customers?
\nPasswordless Authentication or Instant Login
\nMulti-Factor Authentication
\nRisk-based Authentication
\nSecurity and Compliance
\nConsent Management
\nData Management
\nConclusion
\nWhat’s New and Improved on the LoginRadius Website?
\nA Developer-Friendly Dark Theme
\n![\"This](\"/f46881583c7518a93bb24e94c32320de/a-developer-friendly-dark-theme.webp\")
Clear Categorization for LoginRadius Capabilities
\n![\"This](\"/e5358b82be414940f3fb146013845933/capabilities.webp\")
\n
\nDeveloper-First Navigation
\n![\"This](\"/a8c155c2b6faf3d5f4b4de4e2b14d763/developers-menu.webp\")
Quick Understanding of Integration Benefits
\n![\"This](\"/b2f9a964a2da0ea83e2f8596b833bba7/we-support-your-tech-stack.webp\")
Over to You Now!
\n