Multi-Factor Authentication – what is it?

In today’s world of increasing digital crime and internet fraud many people will be highly familiar with the importance of online security, logins, usernames and passwords but if you ask them the question “What is Multi-Factor Authentication?” the likelihood is they will not know what it is or how it works, even though they may use it every single day.

With standard security procedures (especially online) only requiring a simple username and password, it has become increasingly easy for criminals to gain access to a user’s private data such as personal and financial details and then use that information to commit fraudulent acts, generally of a financial nature.
How does it work?

Multi-Factor Authentication, also known as 2FA, is an extra layer of security that requires not only a password and username but also something that only, and only, that user has on them, i.e. a fingerprint or retina pattern or have immediately to hand – such as a physical token, or a key sent to a mobile phone.
Using a username and password together with a piece of information that only the user knows or has makes it harder for potential intruders to gain access and steal that person’s personal data or identity.
Historically, Multi-factor authentication is not a new concept but its use has become far more prevalent in the digital age we now live in.

Many people probably do not know this type of security process and likely do not even think about it when using hardware tokens, issued by their bank to use with their card and a Personal Identification Number when looking to complete Internet Banking transactions. Simply they are utilising the benefits of this type of Multi-factor Authentication – i.e. “what they have” AND “what they know”.

Using a Two Factor Authentication process can help to lower the number of cases of identity theft on the Internet, as well as phishing via email because the criminal would need more than just the users’ name and password details.