
Multi-factor Authentication Benefits: Why It's Important & How to Set It Up
You have passwords for every online store, financial institution and social media website, yet you were still hacked. How is that even possible? Sadly, this is becoming more and more common, which is why multi-factor authentication (MFA) has become more widespread.
LESSON CONTENTS
What is Multi-Factor Authentication?
Multi-factor authentication is a way to verify that someone is who they say they are because two or more means of identification are presented. Usually, there are three methods: something you know (such as your password), something you have (like a mobile phone) and something you are (a fingerprint or some other biometric verification). If only two factors are present, it’s called two-factor authentication (2FA).
The goal is to make it much more difficult for hackers and scammers to gain access to your accounts. You’ve probably received spam emails that require you to click on a link. The way those people get your information is through things like password cracking software and rainbow tables, which is a list of all possible permutations for an encrypted password.
What Are the Benefits of Multi-Factor Authentication?
Multi-factor authentication used to be two-factor authentication, but adding the extra factor adds another layer of security. If just one of these factors has been compromised by a hacker, then you won’t gain access to your account and neither will they. Then you can simply change your password and start over.
If you’re like many people, you use the same password everywhere you go on the internet. That means if hackers get access to one account, they can access all of them. Multi-factor authentication is considered by IT professionals to be one the most effective ways to protect both cloud-based data and online information.
How Does Multi-Factor Authentication Work?
Multi-factor authentication requires additional factors to prove identity. Examples include:
Knowledge
- Security questions
- Passwords
- One-time password or a code
Possession
- Codes sent to you via text
- Calls to your mobile device
- Software certificates
Inherence
- Facial recognition
- Fingerprints
- Voice recognition
- Iris scanning
MFA can also involve location scanning. If you are in Colorado and there’s a log-in attempt from South Korea, you could be on vacation or you could be the victim of a hacking attempt.
For example, you enter your debit card at an ATM. You need to enter something you have (the debit card) and something you know (your PIN). If your ATM also has a fingerprint scan, that would be multifactor authentication.
Another common example is you’ll enter your username and password for an online account, such as your financial institution. The financial institution will then send a code to your phone, which you need to enter in order to gain access. If they send the code via text, this is known as a text token.
Have you ever been asked to enter your zip code when you buy gas? That would be an example of older MFA technology, but it is MFA nonetheless.
With so many people working from home because of the pandemic, security has taken on new importance. A data breach on your account could expose your entire corporation to a cyberattack. Multi-factor authentication helps protect both you and your workplace from hackers, scammers and phishing attempts.
What is an Authenticator App?
Because there is an app for everything, there is one for multi-factor authentication as well. An authenticator app can be downloaded from either the App Store (Apple) or Google Play (Android) and generates a six to eight-digit passcode every few seconds. When you want to log in to an online account, you’ll enter both your password and the verification code the app gives you. This way, there’s another layer of security between you and cybercriminals, and it makes it that much more difficult for them.
Why Can’t I Just Enter My Password?
Ideally, your password should protect your accounts. But computers are getting extremely good at cracking passwords. If your password is weak, they can crack your password in less than 30 seconds. In addition to MFA, make sure to change your passwords every few months or so. Yes, it is a hassle, but getting hacked can result in a lot more frustration.
Conclusion
It’s not possible to prevent all cybercrime, but you can make it much more difficult for criminals to hack into your account by using multi-factor authentication. You can also use strong passwords and change them every three months.
Related Resources
View AllHow to Spot Financial Grooming Scams
Scammers no longer rely on quick-hit phishing scams; instead, they patiently cultivate online relationships — a tactic investigators call financial grooming. This article unpacks how grooming scams unfold and the red flags to watch for. We also detail the practical actions you and your loved ones can take to shut fraudsters out.
How to Protect Yourself from Spear Phishing Attacks
Cyber threats have become increasingly sophisticated, targeting not just large corporations but individuals as well. Among these threats, the spear phishing attack is one of the most deceptive and damaging. So, what is a spear phishing attack, and how do you protect yourself?
Stay Safe in the End Zone: Avoiding Financial Scams During Football Season
Football season is a time for excitement, cheering on your favorite team, and creating lasting memories with friends and family. However, it's also a time when scammers are on the lookout to take advantage of distracted fans. From fake tickets to fraudulent online offers, football season provides scammers with numerous opportunities to trick unsuspecting victims. By staying alert and knowing how to spot common scams, you can protect your finances while enjoying the game.
Protecting Your Finances: Cybersecurity Best Practices
In today's digital world, protecting your finances has become more challenging than ever. With cybercriminals constantly devising new ways to access personal information and compromise accounts, it’s crucial to stay informed and practice good cybersecurity habits. Whether you're managing your finances online or simply browsing the web, knowing how to safeguard your data can prevent financial loss and protect your personal information from falling into the wrong hands.
Chip Card: What is an EMV Card?
Today, most debit and credit cards have multiple ways to transmit data and authenticate a payment. One such way is the small, square computer chips you see on the card. This is called an EMV chip and is used to help protect the user from fraud. Read this article to learn more about how EMV chips work and how they help keep your information safe.
EMV cards, often referred to as chip cards, represent a significant advancement in credit card security technology. The term “EMV” stands for Europay, MasterCard, and Visa, the three organizations that created the standard. These cards are equipped with a small, metallic square chip on the front, which is easily recognizable and distinct from the traditional magnetic stripe on the back of older cards. This chip is a critical component of EMV technology, designed to enhance transaction security and reduce fraud.
Bank Scams: What it is, how to prevent it & the different types
According to the Federal Trade Commission, there were 2.6 million fraud reports in 2023, with $10 billion lost to fraud. It can happen to anyone and is never something to be embarrassed about. It is important to recognize though that the first line of defense is you, so being prepared to safeguard your financial safety is crucial. If something happens, the sooner you reach out for help, the better position you’ll put yourself in.
How Can I Protect My Elderly Parent’s Money?
In today’s digital world, protecting your elderly parents’ assets is essential, as the consequences of financial vulnerability can be devastating. According to the FBI Elderly Fraud Report 2022, total losses reported by elderly victims increased 84% from the previous year to $3.1 billion.
Given the high stakes, you might wonder, “How can I protect my elderly parents’ money?” Navigating the complexities of financial security for elderly parents requires a blend of empathy, strategic planning and legal action. This guide equips you with the knowledge and steps necessary to secure your elderly parents’ financial well-being.
Avoiding Holiday Scams: From Phishing to Travel Frauds
The festive season is a time of joy, giving and celebration. But as you prepare to dive into the celebrations, you must be on guard against scams that could ruin your festivities. From convincing phishing emails decorated with jingle bells to too-good-to-be-true travel deals promising a winter wonderland, the tactics are endless and, sadly, effective.
Generally, financial institutions follow information security guidelines and never request personal or sensitive information. Therefore, any call or information request for your banking information, such as banking username and password, account number, routing number or social security number, should be treated with the utmost suspicion.
As technology evolves, scammers are getting more sophisticated. Some of their rackets appear genuine. Thus, you must be extra vigilant, especially during this holiday season. Here's a detailed overview to equip you against potential pitfalls.
Ensuring Member Data Security: How Credit Unions Safeguard Your Information
In an era marked by rapid technological advancements and the growing significance of data in various sectors, the safety and security of personal information have become paramount. Credit unions, financial institutions that serve their members' financial needs while operating as non-profit organizations, are no exception to this rule.
With the increasing reliance on digital platforms for banking and transactions, credit unions have taken robust measures to keep member data safe and secure. In this article, we explore the strategies employed by credit unions to protect their members' sensitive information.
What is Two-Factor Authentication (2FA)?
Two-factor authentication is a security process that requires two different authentication methods before granting access to an online account or system. Discover the benefits of two-factor-authentication and how to enable it to protect your information.
Navigating the New Normal: Software Updates and Working from Home
In our ever-evolving digital landscape, staying informed about software updates, and remote work safety is essential. As our lives continue to be shaped by technology, members must take proactive steps to ensure their financial well-being and data security. In this article, we'll explore the importance of software updates and discuss the challenges and benefits of working from home.
Guarding Your Finances: A Guide to Shielding Against Social Engineering and Phishing Attacks
In today's interconnected world, safeguarding your financial well-being requires more than just responsible money management; it involves protecting yourself from evolving online threats like social engineering and phishing attacks. This article aims to empower you with knowledge and practical tips to keep your accounts and personal information secure.