renucoherentmarket

The exponential rise in the volume of online transactions as well as rise in compliance requirements are one of the major drivers contributing to growth of the global out-of-band (OOB) authentication market. A number of consumers depend on internet for the online transactions, which has increased the frequency of cyber-attacks majorly on websites where online transactions are significantly high. Moreover, hackers always target lucrative sectors, which have a huge online customer base. Thus, to counter these cyber-attacks, various organizations are adopting authentication methods such as phone-based authentication, software OTP tokens, hardware one-time passwords (OTP) tokens, and others to make secure online transactions. For instance, in April 2019, Worldpay, Inc., a global payment technology provider, announced the launch of ‘FraudSight’, which is a new solution designed to prevent the fraud and optimize approval rates, potentially boosting revenue across all channels. According to the Worldpay, Inc., FraudSight can make transaction validity decisions for merchants of all sizes.