Also known as two-step verification or multi-factor authentication is used to create an extra level of security onto online accounts to keep data secure. The form of 2FA that almost everybody will have come across is the process of entering a password (or in an online transaction, for example, a CVV) and then receiving a text message to make sure that it is you. The second layer in a two-factor authentication process ensures that hackers need another set of information in order to access your data.
There are three types of authentication used in two factor authentication processes:
- Something you know: a password, a PIN, or an answer to a question
- Something you have: a phone, credit card, app, or fob
- Something you are: a biometric factor such as a fingerprint, retina, face, or voice
Multiple businesses such as Amazon, Dropbox, Google, and Microsoft, as well as many banks, such as HSBC or online banks like Monzo already use multi-factor authentication. While some may use an app, others stipulate that the individual has to receive an SMS to verify themselves. However, many outlets recommend authentication apps, as SMS codes may be less secure to hackers, especially if you sync your texts with your computer.
In addition, authentication apps have the advantage of not having to rely on mobile carriers; codes are instantaneously sent to the individual with an expiration times for additional security. If you don’t have phone service, this is an additional advantage.
Two-factor authentication is often a subset of multi-factor authentication procedures. For example, when placing an online order, you have to submit your password for the particular website, then the PIN or CVV for your card, and receive a text or in-app authentication, then you’ve completed a three-step process, which covers all three types of security factors. Multi-factor authentication is a key way of preventing and deterring hackers from targeting your account and information; many hackers will move on and try to find a simpler account to hack.
