What is two-factor authentication & how does it work?

Two-factor authentication (2FA) is an identity and access management security method that requires two forms of identification to access resources and data. 2FA gives businesses the ability to monitor and help safeguard their most vulnerable information and networks. Businesses use 2FA to help protect their employees’ personal and business assets.

What are authentication factors?

Authentication factors are different classes of identity verification methods. Some commonly used authentication factors for 2FA include: Knowledge: This is a piece of information that only the user should know, such as a password or the answer to a security question.

How secure is 2FA based authentication?

2FA involves two of three potential authentication factors. As far as SFA services go, usernames and passwords are not the most secure. One problem with password-based authentication is it requires knowledge and diligence to create and remember strong passwords.

Why is multi-factor authentication important for online banking?

Multi-factor authentication can be essential to safe online banking. It requires you to prove your identity in 2 or more ways before you’re let into your online bank accounts, and it can be a lot more difficult to hack. A password, PIN or physical card can be used to identify you. And so can biometrics like your fingerprint.