What is multifactor authentication and its benefits 🔎

What is Multi-factor Authentication (MFA)?

Why Is Multifactor Authentication Important?

When Should I use MFA?

How does it work?

Types of Multi-Factor Authentication

Knowledge Factor

  • Entering the information like a pet name or previous address each time one needs to gain access to any particular system.
  • Using a VPN client with a verified digital certification and connecting to it each time you access a network.

Possession Factor

Inherence Factor

Examples of Multi-Factor Authentication

  1. Each time you log in to your internet banking, you provide a username and password, along with sharing of OTP. This is a multi-factor authentication example.
  2. Companies are using retina scans or fingerprint scans for employees before granting access to the database.
  3. Open Banking Limited is a UK-based non-profit organization using Trust framework, identity, and dynamic client registration to initiate a transaction.
  4. Etsy is using a multi-level security solution with the user’s smartphone in place of the unreliable token.

Benefits And Drawbacks of MFA

  • It can safeguard hardware, software, database, and networks with the same ease and excellence.
  • The real-time generated OTPs are hard to decode for the hackers.
  • Its usage with passwords can trim down hacking or data-breaking incidents by 99%.
  • No high-end technical skills are required to set up.
  • Security technologies can be modified as per the need of the hour.
  • It allows organizations to keep unwanted expenses like loss due to data theft at bay and deliver better ROI.
  • For sectors like e-commerce, banking, and financial dealing, the use of MFA builds trust in the customers and gives them the confidence to proceed. This has a direct positive impact on sales and customer retention.
  • Having a phone is a primary prerequisite to bring MFA into action.
  • If hardware tokens are used, the risk of losing them is high. One has to remain highly diligent about it.
  • Once the phone is lost or damaged, the stored MFA-related information can also be lost.
  • Biometric data has a probability of showing false negatives and positives.
  • MFA verification depends on the network connectivity and can fail to help you out when there is an internet outage.
  • Constant update and upgrade are required.

Two Factor Authentication vs Multi-Factor Authentication

The Role of Multifactor Authentication in API Security

  • Add an access token like OAUTH 2.0 for the API
  • Generating an access key
  • Using Factor APIs
  • Using a single Sign-on or mobile sign-in login process

Ending Notes

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CEO at Wallarm. Application security platform to prevent threats and discover vulnerabilities in a real-time.

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Ivan Novikov

Ivan Novikov

CEO at Wallarm. Application security platform to prevent threats and discover vulnerabilities in a real-time.

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