Multi-Factor Authentication is an added layer of security to make stealing your information much harder for the average criminal.
Multifactor authentication is a subset of traditional multi-factor authentication where additional authentication mechanisms are added to prove identity. This can be anything from a smartcard to a face, fingerprint, voice, and/or location, depending on the business requirement. A business that deploys multi-factor authentication must ensure the following points are adhered to. Use only tamper-resistant smartcards. Configure smartcards to require login to an identity provider application in addition to the organization's enterprise identity management system. Use multiple point of sale devices to authenticate each purchase. Use one additional device for each logon, except for smartphones.
Multi-factor authentication is a means of verifying the user's identity to a Web application, whether by: a password or token-based system, a physical code, a one-time password, or a biometric authentication technique. Furthermore, the user must retrieve a special device (e.g. phone) in order to access the application. Since the user's task is to retrieve a device, it should not be interpreted as an electronic security measure, but as one of data acquisition: the user is authenticated with an ID and a device. In the past few years, different types of Multi-Factor Authentication have been implemented in various systems in which there are different services managed.
You never know who is accessing your financial or data systems, and Multi-Factor Authentication is the best way to protect your finances. Multi-Factor Authentication can help you protect your financial information and online purchases against fraudulent transactions. You can also use Multi-Factor Authentication for your business or personal use. You can also use Multi-Factor Authentication to give a second chance to account users who forget their password or do not have it, without giving them access to the company or device.
Yes and No Passwords are secure, they cannot be bypassed and they are associated with a single user identity. But passwords are still flawed because inherently users will choose easy to remember passwords that can be easily cracked by brute force attacks or even captured via social engineering such as phishing. In this way if a password is compromised they are still unable to obtain access to your data without the additional step.