Over $1 trillion was stolen globally by scammers in 2024, according to the Global Anti-Scam Alliance (GASA) 2024 Global State of Scams Report.
This figure rivals the GDP of some nations and an even more staggering insight from this report is that only 4% of the victims of these scams were able to recover their losses.
Businesses that deal with high-value international payments are prime targets for cyber threats, which are constantly increasing globally.
Fraudsters are becoming more sophisticated, and a single breach could be financially and reputationally devastating.
At Cedar Money, we take security seriously. It’s a combination of deliberate processes aimed at protecting your funds from fraud and other cyber threats. One of these processes is Multi-Factor Authentication.
What is Multi-Factor Authentication (MFA) and Why Does It Matter?
Multi-factor Authentication (MFA) is a security enhancement system that involves users providing more than one verification factor to confirm their identity before they’re granted access to an application or account.
By adding this additional security measure that goes beyond simply entering a password, MFA significantly reduces the risk of security threats like phishing and password breaches—making it harder for unauthorized persons to gain access to a user’s account.
MFA models typically combine several factors which break down authentication into:
- Something the user knows: A password, pin or the answer to a pre-set security question.
- Something the user has: A physical device like your smartphone, security key or hardware token.
- Something the user is: Biometrics like fingerprints, voice patterns, facial recognition or iris scans.
Why does MFA matter?
In only the first half of 2023, the European Central Bank (ECB) and European Banking Authority (EBA) recorded that 71% of card payment fraud in the European Economic Area (EEA) involved cross-border transactions. That’s a huge indicator of the heightened vulnerability of international transactions can be if stronger security protocols like MFA are treated as just a nice-to-have instead of an essential measure for protecting your business.
How Cedar Money’s Multi-Factor Authentication Works
At Cedar Money, your account security is our utmost priority which is why we make it easy for you to add an additional layer of protection on your account with Multi-Factor Authentication (MFA).
Once you’ve enabled MFA on your account, it helps ensure that only you or someone you have authorized can access your account, even if your password somehow falls into the wrong hands. Here’s how it works:
- Log into your Cedar Money account and head to settings on the left navigation bar.
- Select security and add two-step verification.
- Scan the QR code provided using a trusted authenticator app like Google Authenticator.
If you’re using your mobile, copy the setup key into your trusted authentication app like Google Authenticator.
- Each time you log into your account, you’ll be asked to enter a unique code generated by the authenticator app you used.
As quick and easy as this process is, it adds a robust security checkpoint to your account and keeps your information and money safe.
Benefits of Using MFA for Your Business
- Multi-factor authentication (MFA) provides significantly more security than single-authentication methods like passwords or pins.
- With MFA, even if a password is stolen, unauthorized users will be unable to access the account without the second factor.
- MFA reduces the risk of fraud and unauthorized access.
- Enhanced security measures provide greater peace of mind knowing that sensitive information and funds have an additional layer of protection.
Why Cedar Money is the Trusted Choice for Secure Cross-Border Payments
While paying out up to $30,000,000 in 24 hours to over 130 countries is an awesome benefit of making cross-border payments with Cedar, we pride ourselves more in the fact that security is at the core of how we operate. If businesses cannot count on their cross-border payment platform to protect their transactions, data and reputation, all that speed and efficiency becomes redundant.
Beyond MFA, we’ve built multiple layers of infrastructural security to ensure you never have to lose a night’s sleep over the security of your funds. This includes real-time monitoring to detect and prevent any and all suspicious activities, end-to-end encryption to protect your data while in transit, and a secure API integration that allows you to connect your systems with confidence.
Furthermore, to stay ahead of ever-changing regulations and threats, we strictly adhere to compliance standards and regularly review our systems
With Cedar Money, the only thing you ever have to worry about is how to keep up with the vast opportunities for business expansion.
Next Steps
If you are already a Cedar Money user, take a couple of seconds to enable Multi-Factor Authentication in your account settings. It’s a simple step that requires minimal effort but gives maximum rewards— an extra layer of protection to your transactions.
New here? Now is the perfect time to experience secure, seamless cross-border payments with a partner you can trust. Sign up today and choose safety and security for your business transactions!
