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Authentication and Securing Transactions

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What is meant by authentication? What is its role in securing transactions?
Additionally, what is process that financial and banking institutions utilize to avoid fraudulent transactions that have been verified? In what way does trust play a role?

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Authentication is making sure something is what that thing claims or appears to be.

In our digital world, the user ID and password is a form of authentication, which is built on the assumption that only the person who initially created the user profile knows the password for that profile. As more and more of our lives play out on the internet and social media accounts become linked to as many applications as is possible, the security of one's user profile becomes more important, as do the methodologies online businesses employ to protect those profiles. ...

Solution Summary

This 374 word solution defines the concept of "authentication" and its important role in transactional security and provides information into the process of avoiding fraudulent transactions.