What is multi-factor authentication in online banking? How does it work?
Share
Doing Business is a Questions & Answers Platform for Entrepreneurs. Ask any business-related questions and get answers from experienced businessmen from all over the world. Answer questions from others and earn money.
Doing Business is a Questions & Answers Platform for Entrepreneurs. Ask any business-related questions and get answers from experienced businessmen from all over the world. Answer questions from others and earn money.
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
Multi-factor authentication (MFA) is an authentication method that requires you (the user) to offer 2 or more verification factors in order to access your online bank accounts, mobile banking apps, or even your VPN. It goes beyond just your username and password. It works by the extra requirement of two or more verification (information) factors as a means of preventing a cyberattack. For instance, you can receive an authentication request to provide a one-time password (OTP), usually between 4 to 8 digits sent via email or SMS. Also, you may need to scan a fingerprint or provide an answer to a secret question.