These days, our daily lives and digital footprint seem to occupy the same spaces. The internet, and your sensitive information, may be accessed on your phone at the tap of a screen.

Think of the different places that might be keeping information you want secured:

• Financial institutions
• Healthcare providers
• Favorite online merchants
• Email and cloud storage providers
  

Many services you use daily require you to keep login credentials. These are generally in the form of a username and a password.

Scammers employ many phishing tactics to trick others into divulging sensitive data, including account login information. That’s why it’s so important to keep these credentials safe.

In an age of data breaches and mass leaks, stolen passwords and accounts are becoming increasingly common. While having a secure password is necessary, it is also essential to have an extra layer of security so that only you can access your account.

That’s where multi-factor authentication (MFA) comes in. Let’s learn about MFA and go over some of its key advantages.

An Introduction to Multi-Factor Authentication

At its core, multi-factor authentication is a security practice that uses two or more methods to verify your identity when logging in or performing certain transactions.

As its name suggests, MFA uses different ways to ensure the user attempting to access an account is who they claim to be. To verify your identity, MFA uses one or more of the following:

• Something you know, like a password.
• Something you own, like your phone.
• Something you are, like your fingerprints or facial recognition.
  

A key feature of MFA is how it verifies your identity before allowing access to an account or data. That way, in case your password gets cracked or stolen, a would-be fraudster would also need something else close to you to access your account. This can stop many unauthorized access attempts in their tracks.

Now that you know the basics of multi-factor authentication, let’s go over some of its benefits.

MFA Is Simple To Use

When many people think of security systems, they think of long or convoluted processes. Thanks to advances in technology, MFA is a relatively simple solution that provides strong security.

You can use MFA through something you already own: your smartphone. The two leading methods to use MFA on your phone include sending an SMS message or getting a ping on an authenticator app.

• SMS messages set up for MFA typically include a one-time passcode that you will enter as part of the login process.

   

• For authenticator apps, your phone will receive a push notification or open the app automatically for you to confirm any login attempts.
  

When you set up your phone for multi-factor authentication, confirming your identity is simple. In fact, many online accounts request that you include a mobile phone number as part of the registration process, allowing the setup of MFA to be that much easier.

MFA Protects Against Common Phishing Attempts

A standout strength of MFA is that it’s an effective countermeasure against phishing attempts and password leaks.

Fraudsters employ a variety of techniques to steal account information. They may try to impersonate someone you know or claim to be from an established organization before trying to take your login credentials.

Organized hacker groups can orchestrate data breaches, which may involve the mass theft of login credentials. In the case of a data breach, you may have your password stolen through no fault of your own.

MFA mitigates the effects of a stolen password significantly. Even if you were to mistakenly divulge your password or have it stolen in a data leak, a password alone isn’t enough to surrender access to an account. Now, the fraudster will need the other piece of your MFA kit to complete the login process.

MFA solutions on your phone, whether through an app or text message, also serve as a record. It informs you if an attempt was made to access your account. If you receive one of these pings and don’t recall starting a login attempt, it’s time to tighten security.

Think of MFA as both your gatekeeper and lookout. It deters unauthorized login attempts while informing your security decisions.

MFA Provides Peace of Mind

In the digital age, data is just as valuable as money. If a stranger has access to your financial records, payment information, email, and personal files, it can trigger a chain reaction of worry and uncertainty.

Multi-factor authentication can do much to uphold your peace of mind. When used correctly, it prevents unauthorized access to items you want secured.

It can also simplify your security in many respects by:

• Granting (or denying) account access at the press of a button.
• Alleviating some aspects of password management and creation.
• Instilling confidence that only you have access to your accounts.
  

Multi-factor authentication is another key that secures your digital life. By enabling MFA on your accounts that support it, you are taking smart steps toward protecting your data and upholding online safety.

There’s no better place to start using MFA than your financial accounts. First Florida provides a primer on this technology as well as a list of authenticator apps. To learn more about multi-factor authentication, check out our page here.