Today, more than 60% of the people who use the internet as a medium for communication, banking, or entertainment use almost the same passwords for all their online accounts. The reason for doing this is that it is easier to remember one password for all the accounts compared to memorizing multiple passwords for multiple accounts. However, they put themselves to a higher risk of online fraud or identity theft. According to the security researchers and reports gathered, it revealed that internet users don't think too hard to create a secure password. Therefore, once that login is stolen, it's easy for hackers to grab other accounts of the user.
In the last five years, there has been a steep rise in hacking incidents, and if you read about them, most of them have happened due to password negligence and poor security practices end users/clients follow. The hackers find it easier to identify and breakthrough these unsecured areas rather than hacking a secured network. These significant security concerns have spotlighted the need to improve access security using more than just conventional methods of using Usernames and Passwords. Gone are the days when only passwords based protections were adequate. This is why multifactor authentication, or MFA, has taken center-stage.
Multifactor authentication (MFA) is a process where a user is prompted during a sign-in event for additional identification forms. This could be a prompt to provide a fingerprint scan or a code provided on their mobile phone. When you require a second form of authentication, security is increased as this additional factor isn't something that's easy for an attacker to obtain or duplicate.
Types of multifactor authentication
Depending on the service and computer system, authentication doesn't always work the same way. There are multiple ways to use multifactor authentication, some of which involve a separate offline device. Some methods are more complicated than others, and two-factor authentication requirements might differ depending on the way you use.
Here are the some of the multifactor authentication methods currently used:
Time-based One-time-password
A unique code generally 4 to 6 digit is generated through the system and pushed on to your mobile device. You need to enter this passcode into the system to log in manually. All the Passcodes are valid only for a limited time, expires after the first use, and continuously change to avoid blind guessing.
Email codes
In this method, a code is sent to the registered email ID of the user. Receiving a code through your email is one of the most common types of MFA and can be a good option if your phone is lost or stolen. However, most organizations are getting away from using this method as email hacks are on the rise.
Hardware tokens
A hardware token uses a physical device to generate passcodes. This method is considered one of the most secure ways of MFA. The users will have to insert the passcode generated by the token into the device or computer to access information. The only downside is that you have to carry the hardware device with you every time you need to access your account.
Security questions
You've probably come across security questions when setting up your bank account or email account. Security questions are static and are considered a type of knowledge-based authentication (KBA). As you set up an account, you may be asked to set a security question. Some example security questions are:
- Who was your childhood hero?
- What was the name of your first pet?
Push notification
One can use a third party Authenticator App on their device, which will send notifications whenever a login attempt is made. Push notifications are the fastest and easiest to use but require an internet connection. According to the latest two-factor authentication statistics, this is the most common method.
Biometrics
Biometric verification can be anything from fingerprint identification to facial recognition. Users with smart devices or computers can take advantage of this technology to further strengthen their online protection. Using biometric verification is usually less of a hassle than a one-time password and can make MFA a breeze rather than a burden.
Multifactor authentication has strengthened overall protection against unauthorized users and has certainly eased customers' and companies' minds. It is of high importance that one must take the extra few minutes to set up MFA and protect all of your sensitive data. The art is to create sufficient security with user acceptance during the login process.
Psychz Network offers Multifactor Authentication that includes Two Factor Authentication and IP Access Control, allowing only restricted access to valid users. This feature gives you the flexibility to enable MFA for users during specific sign-in events. To know more on how to enable Multifactor Authentication, please go to the following link https://www.psychz.net/client/kb/en/enabling-multifactor-authentication.html
