With multi-factor authentication (MFA), an application’s users are required to provide more than one method of verification prior to use. Software and mobile application developers rely on multi-factor authentication to prevent unauthorized user access, thereby reducing the risk of account takeovers and fraudulent activity.
Common Forms of Authentication
Applications that utilize multi-factor authentication may ask users to validate their identities through one or more of the following:
Username and password: Often the first form of authentication, the user simply keys in a unique username and password. Users may be given the option to “remember me,” thereby reducing the need to manually re-enter login credentials on specific browsers and devices.
One-time passcode: Some applications send one-time passcodes to users via text message or email. Others require the use of a third-party authenticator app. Regardless of the method, a one-time passcode consists of a unique string of characters, typically numbers and letters. The user retrieves the one-time passcode and keys it into the application, thereby confirming his or her identity.
Biometrics: In recent years, smartphone technology has increased the viability of biometric authentication. Depending on the device and application, users may have the option to verify through facial recognition or fingerprint.
Banking & Multi-Factor Authentication
One financial institution may have thousands of digital banking users, and there’s no guarantee that every user will take appropriate steps to ensure account protection. Multi-factor authentication has become increasingly important as financial institutions seek to enable secure digital banking experiences while continually adding new customers or members.
Technology vendors, including Alogent, rely on MFA to help financial institutions realize their digital strategies.
Continue reading banking definitions.
