Over $1 Trillion Lost to Scams in 2024: Why Multi-Factor Authentication (MFA) is Non-Negotiable for Business Security

 Over $1 Trillion Lost to Scams in 2024: Why Multi-Factor Authentication (MFA) is Non-Negotiable for Business Security

According to the Global Anti-Scam Alliance’s 2024 Global State of Scams Report, more than $1 trillion was stolen by scammers globally in 2024—an amount equivalent to the GDP of several nations. Even more alarming, only 4% of victims were able to recover their losses. These staggering figures highlight an urgent need for heightened digital security, especially for businesses managing high-value international transactions.

As fraudsters grow more sophisticated, the need for proactive, foolproof protection mechanisms is critical. That’s why at Cedar Money, we’re raising the bar on security—starting with Multi-Factor Authentication (MFA).

 What Is Multi-Factor Authentication (MFA) and Why Should You Care?

Multi-Factor Authentication (MFA) is a security protocol that requires users to verify their identity using more than one method before gaining access to an account or platform.

It typically includes:

• Something you know: Your password or PIN

• Something you have: A smartphone, security token, or hardware key

• Something you are: Biometrics like fingerprints, facial recognition, or voice

With MFA, even if your password is compromised, unauthorized access is still nearly impossible without the second or third verification factor. That extra step is what keeps your money, data, and reputation safe.

 The High Cost of Inaction

In just the first half of 2023, the European Central Bank (ECB) and European Banking Authority (EBA) reported that 71% of card fraud in the European Economic Area involved cross-border transactions. This data proves that global payments without strong security measures like MFA are prime targets for fraud.

So, whether you're running a tech startup or an international enterprise, MFA is no longer optional—it’s essential.

 How MFA Works at Cedar Money

We’ve made it easy for you to take control of your account security:

1. Login to your Cedar Money account

2. Go to Settings > Security

3. Select Two-Step Verification

4. Scan the QR code with an app like Google Authenticator or enter the setup key manually

5. Each time you login, enter the unique code generated by the app

That’s it! A simple, quick step that offers maximum protection every time you access your account.

 Business Benefits of Using MFA

• Prevents unauthorized access, even with stolen credentials

• Adds an extra layer of protection against phishing, hacking, and malware

• Boosts customer trust with strong data protection practices

• Minimizes financial losses from potential breaches

• Helps ensure regulatory compliance in cross-border transactions

 Why Cedar Money is Trusted for Secure Global Payments

Sure, we can send up to $30 million across 130 countries in 24 hours, but what makes us truly valuable is our obsession with security.

In addition to MFA, our platform includes:

• End-to-end encryption to secure data in transit

• Real-time monitoring to detect and flag suspicious activity

• Secure API integration for confident platform connectivity

• Regulatory compliance protocols regularly updated for global standards

At Cedar Money, your business is protected not just by speed and technology, but by a commitment to safety that never sleeps.

 Take Action Now

If you’re already a Cedar Money user:
👉 Enable MFA in your settings today. It only takes a minute but could save you millions.

If you’re new:
🚀 Sign up now and experience secure, seamless cross-border payments with a partner that puts your security first.

Don’t let your business be the next billion-dollar headline. Secure it with Cedar Money today.