What exactly is multi-factor authentication (MFA)?
Simply put, it’s a layered approach to securing physical and digital access, where a system requires a user to provide a combination of two or more different authenticators to verify their identity for login.
MFA is an essential security measure because even if one authenticator is compromised, unauthorized users cannot meet the second authentication requirement and thus cannot access the targeted physical space or computer system.
Implementing MFA makes it more difficult to gain access to business premises and information systems, such as remote access technology, email, and billing systems, even if passwords or PINs are compromised through phishing or other methods.
Password cracking techniques are becoming more advanced, and high-powered computing is increasingly affordable. Additionally, adversaries often harvest credentials via phishing emails or by reusing passwords across multiple systems.
The difference between two-factor authentication and multi-factor is pretty simple.
Two-factor authentication involves exactly two different authentication factors, while multi-factor authentication involves two or more factors—though not limited to just two.
Various authentication methods are available for two-factor authentication. Here are some of the most
popular options.
Hardware Tokens
Businesses can give their employees hardware tokens in the form of key fobs that generate codes every few seconds or minutes. This is one of the oldest forms of two-factor authentication.
Push Notifications
Push two-factor authentication methods require no password. This type of 2FA sends a signal to your phone to approve or deny access, or accept or decline, after verifying your identity.
SMS Verification
SMS, or text messaging, can be used as a form of two-factor authentication when a message is sent to a trusted phone number, prompting the user to interact with the message or use a one-time code to verify their identity on a website or app.
Voice-Based Authentication
Voice authentication works in a similar way to push notifications, except that your identity through automation—where your voice may ask you to press a key or state your name to verify yourself. It’s important to set up multi-factor authentication on all your online banking platforms. You can never be too cautious when it comes to protecting your personal finances. Coastal Heritage Bank has a long-standing commitment to providing you with a safe and secure banking experience. If you have any questions or concerns, please reach out to us at 800-695-1300 or visit any of our 11 locations.
