What Is Multifactor Authentication, and Why Should Businesses Use MFA To Protect Consumers?

Introduction

Multi-factor authentication (MFA) is a feature used by businesses to ensure that the consumers coming to their websites are actually who they say they are It is done by providing at least two pieces of evidence or proof from different categories, such as:

1 Something only they would know

2. Something that only they possess.

3 Something that they are

MFA works by requiring users to use more than one authentication factor so that if one factor is compromised (e g , a password), another will still be required for authentication (e g , a mobile device). This increases the security of identity data by decreasing the chance that attackers can access it

Why is MFA so Important

There is no such thing as a secure password Consumers often make it simple for attackers to steal their credentials by choosing weak passwords or using the same passwords for multiple applications. With a huge number of websites and web, portals come a considerable number of consumer accounts and passwords One of the biggest problems with traditional user IDs and passwords is that they require how to manage email and password login and database maintenance.

It does not matter if they are encrypted or not; once the database is captured, it gives the attacker access to every detail like geographical location, consumer’s interests, transaction patterns, etc That's why it becomes imperative to use multi-factor authentication (MFA), which means even if the attacker gets access to the database, they still need to pass other security checks before gaining access to your account

How Does Multi-Factor Authentication Work

Multi-factor authentication is a form of authentication that requires more than one piece of information to verify identity. One of the most common forms of multi-factor authentication is OTP-based authentication OTP, or one-time passwords, are 4-6 digit codes you will receive via SMS and allow for one-time entry into an account They are generated periodically whenever an authentication request is made.

There are three primary methods on which MFA authentication heavily relies:

1. Knowledge-based Authentication: Knowledge-based authentication involves questions that only you can answer because you are the only one who knows them

2. Possession-based Authentication: Possession-based authentication requires verification from things you possess; this is commonly used by Gmail and Facebook

3. Biometrics: Biometric authentication relies on physical characteristics that are unique to an individual; fingerprints, retinal scans, and facial mapping are common examples of biometric authentication

Types of Multi-Factor Authentication

1. SMS-Token Authentication

A relatively straightforward measure to implement, this check most often consists of a text message containing a PIN number. This PIN is then used as a one-time password (OTP), usually in addition to traditional username-and-password verification If your customers frequently access your services from mobile devices, it's wise to offer them this or another mobile device-based authentication method to help smooth the consumer journey.

2. Email Token Authentication

This method is identical to SMS tokens, but the code is sent via email Since not everyone has their phone with them all the time, it's a good idea to offer this option as a backup if your customer has lost or stolen their mobile device It can also be convenient for accessing an OTP from any platform that can receive email

3. Hardware Token Authentication

One of the most secure authentication methods available is to use a hardware token as long as the key remains in the consumer's possession This method is more expensive than some other options, although it can be cost-effective to provide your high-value consumers with dongles for free.

Business customers tend to be more willing to go the extra mile to use a hardware token, and the adoption of hardware tokens is increasing But it's still not a good idea to make them compulsory for anyone but the most high-value, at-risk customers such as banking, insurance, and investment clients.

4. Software Token Authentication

By using an authentication application on a mobile device, you can get almost the same level of security as with a hardware token. Essentially, the smart device becomes the token. This can be tied in with services like Google Authenticator Getting customers to use a third-party solution can help encourage them to use MFA for more of their services outside of your business, thus increasing their overall security.

5. Biometric Authentication

Using biometric authentication as part of multifactor authentication can be a convenient way to confirm your identity Biometric ID verification tends to be less hassle than typing in an OTP, so customers find it less aggravating to use it frequently. The lower friction makes it an ideal option when extra checks are unavoidable

Benefits Of MFA:

The benefits of multifactor authentication are becoming more widely accepted as an essential part of the modern experience, and consumers expect all well-managed organizations to have it. Multi-factor authentication is quickly becoming a standard offering from the biggest tech companies that we deal with today Failing to meet these expectations leaves you at risk of losing clientele to companies that are using CIAM and MFA to keep their data from harm

1. Better security: Additional layers of security protect consumers and employees

2. Boosted conversion: A streamlined authentication process keeps productivity high, leading to increased conversions.

3. Improved customer trust: Consumers and employees are assured about data because of extra security checks.

4. Reduced operating costs: The more layers there are, the less likely there will be intruders from data breaches

5. Achieve compliance: Specific to your organization to mitigate audit findings and avoid potential fines

6. Increase flexibility and productivity: Removing passwords leads to better productivity

Conclusion

Multi-factor authentication is a popular way to balance customer experience with today's security requirements It's one of the best ways to secure your login process, and it shows your customers that you care about their security by implementing this feature Finally, before adding any functionality to your website, analyze and consider the pros and cons from every possible angle