Company
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.
Cyber threats are on a constant rise globally and businesses dealing with high value international payments are prime targets. Fraudsters are getting more sophisticated and a single breach could be devastating, both financially and reputation-wise.
This is why at Cedar Money, security isn’t a filler word. It’s a cumulation of intentional processes aimed at safeguarding your funds against fraud and other cyber threats. One of these processes is Multi-Factor Authentication.
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:
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.
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:
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.
MFA is a significantly more secure system than single-authentication (passwords or pins alone):
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 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 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.
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!
Please note: Cedar does not hold or transmit any funds and does not hold MSB or money remittance licenses.
