All You Need to Know About Multi-Factor Authentication
Multi-factor authentication (MFA) provides an extra layer of protection for your accounts and sensitive data. Here’s all you need to know about MFA, including how it works and why it’s an important step in protecting your information.
How multi-factor authentication works
Multi-factor authentication requires two or more factors to allow a user to sign into their account. Generally, these consist of something the user knows, like a password or PIN, along with one or both of the following:
Something the user has: a phone, key fob, or smartcard.
Something the user is: an iris or fingerprint scan, or voice or facial recognition.
Accounts using MFA will not allow the user to sign into their account unless both factors check out.
Why multi-factor authentication is crucial
While passwords provide protection against hackers, they’ve proven to be a weak barrier. A recent article from Forbes reported approximately 2.9 billion compromised passwords floating around the dark web. These passwords can provide cybercriminals with access to financial accounts, credit card information, Social Security data and more.
Unfortunately, passwords can be cracked by amateur hackers, even without a data breach. For these reasons, using MFA when available — especially for accounts storing highly sensitive information — is crucial for ongoing security and protection. This way, in the event a compromised password, your info is still protected. Without access to your account’s second authentication factor, the hacker can’t gain entry.
Where you may encounter MFA
You’re most likely to encounter MFA on accounts storing very sensitive data, like banking apps, money management apps, and investment apps. Depending on your line of work, you may also need to use MFA to sign into your personal workplace. Some retailers may also offer MFA as an option.
Using MFA means a longer login process; however, the inconvenience pales in comparison to the time, stress, and money it takes to recover from a potential data breach.
Stay safe!
Your Turn: Which type of MFA is your favorite? Tell us about it in the comments.