Role of Multi-Factor Authentication in eSingnatures for Advanced Security
In the modern digital world, eSignatures are crucial to the effectiveness of business processes. An eSignature is a way of signing and authenticating a digital document. Electronic signatures are a viable legal replacement for handwritten signatures used in many industries. They are a convenient way to sign various documents, including non-disclosure agreements (NDAs), business contracts, and more.
What are the Benefits of Using eSignatures?
With the growth of cloud-based technologies, it has become common for businesses to send and receive documents digitally. Using online solutions, documents can be sent and signed without printing a physical copy. eSingatures help streamline workflows and speed up processes across the business, from talent sourcing to onboarding and purchase orders to contracts.
Electronic signatures provide an additional layer of security compared to wet signatures. Digital documents can be easily tracked throughout their lifecycle, and the validity of eSignatures can be proved more easily than the wet signatures in many cases.
As many organizations are implementing eSingatures today, it is essential to guarantee the security and legitimacy of electronic transactions.
How are eSignatures Authenticated?
There are several ways to authenticate eSingatures, and the best method depends on the business’s specific needs. Below are some common methods to verify eSingatures:
Digital Certificates
Digital certificates comprise information about the signer’s identity and a key that can be used to verify the signature. These certificates are issued by a trusted third party, such as a certification consultant or authority, and can be confirmed using a digital signature verification program.
When a signer signs the document, the signature is created by tagging the document with the signer’s key. The signature is then attached to the document together with the signer’s certificate.
Passwords
This is a simple and easy way to validate eSingatures. It requires the signer to enter a password before the signature can be completed. The password is then verified by the software that receives the signature to ensure that the correct person has signed the document.
Biometrics
Biometric signatures are collected using a biometric device such as a fingerprint scanner. The signature is then verified with biometric data to ensure that the right person has signed the document.
Timestamp
Timestamping is a method of tracking the date and time of the signature. This helps prove that the signature was made at a specific time and prevents the document from being fabricated after it was signed.
Multi-Factor Authentication
Multi-Factor Authentication (MFA) adds an additional layer of security by asking the signer to provide two forms of identification. This could be a password and a fingerprint, or a password and a one-time code that is sent to a phone number.
Benefits of Multi-factor Authentication in eSingatures
Multi-Factor Authentication (MFA) improves security and reliability in eSignatures and has the following benefits:
Higher Security
By asking signers to provide several forms of identification, MFA adds more security and minimizes the risk of identity theft and illegal access.
Less Fraud
By significantly reducing the possibilities of fraudulent activity in eSingatures, the MPA method assures the validity of signed documents.
Compliance
Organizations need stringent authentication procedures to maintain regulatory standards. With MFA, businesses can enhance the legal validity of eSigned documents while maintaining compliance with these standards.
Improves Trust
MFA instills confidence in users during the signing process by assuring them that cutting-edge security features safeguard their eSignatures..
Multi-Factor Authentication (MFA) stands as a crucial element reshaping the security landscape in online eSignature authentication, addressing existing issues and establishing a more dependable approach for digital transactions.
SutiSign: The Trusted Solution in Multi-Factor Authentication
SutiSign offers robust features to meet various signing requirements. The solution guarantees smooth signing experiences by enabling the creation of multiple types of documents involving multiple signers. You can send documents to recipients for signing on their mobile phones, tablets, laptops, or any device of their choice. Sharing documents via WhatsApp significantly boosts transaction speeds, enabling signers to quickly access and sign documents on the go.
The platform offers secure authentication methods, including email, SMS (OTP), biometrics, and ID verification such as driver’s license or passport, ensure documents are safely accessed and signed by the intended individual. SutiSign’s eSingatures hold global recognition for business transactions, adhering to rigorous security standards like the ESIGN Act, UETA, and EU Directives. The online solution is certified with ISO 9001, SOC 1 Type II, and SOC 2 Type II, attesting to its commitment to robust security and operational excellence.
SutiSign prioritizes security with multi-factor authentication, and is highly scalable and effective for managing large volumes of eSignatures.
