Hacking is one of the major digital assets security related problems nowadays. Minimizing identification fake is extremely important to secure the digital assets from various types of security breaches occurring over the internet. Logging the online accounts using just username and password combination is the main cause of the hacking. It is because the password, being a single factor of authentication, is too vulnerable and can be easily compromised by the hackers. In fact, the password alone is not enough to protect your valuable digital assets against malicious attacks. Therefore, it is obvious that the authentication procedure that consists of two or more factors minimizes the risk of getting hacked and provides higher safety level. So, the end users are recommended to use Two Factor Authentication method for better security of their valuable digital assets.
An overview of this method
Two Factor Authentication, or simply 2FA, is a security method in which the user combines two means of identification from different categories of credentials to prove his identity. One factor is the secret password and the other is a unique verification code or OTP (One Time Passcode). The unique verification code is sent to the registered mobile device of the user immediately, as he successfully completes the first step i.e. entering the correct username and password combination, and is valid only for a few seconds. This security method is also known as Two Step Verification.
Two Factor Authentication reduces the online identity theft, phishing attacks, and other online frauds, since the victim’s password alone can’t give an attacker access to the accounts and sensitive data of an authentic end user. By requiring two factors in the login procedure, 2FA gives an assurance that neither the secret password nor a unique verification code alone can provide an intruder access to digital assets of the end users. Both these factors are required to log in to the system successfully.
Types of authentication factors
Possible types of authentication factors are:
Something you know (the knowledge factors) – username, password, PIN.
Something you have (the possession factors) – credit & debit card, mobile phone.
Something you are (the inherence factors) – iris, retina, face scan, voice recognition, fingerprint, and other biometric characteristics of the user.
In short, 2FA process = ‘something you know’ + ‘something you have’ or ‘something you are’.
2FA security method pros
Below are the pros of Two Factor Authentication security method:
- Great security is one of the biggest reasons to use Two Factor Authentication. It makes the online accounts, applications, and data a lot more secure. Guessing the password alone is relatively easy in comparison to guessing both secret password and a unique verification code.
- 2FA is commonly done via a text message or an authenticator app installed in your mobile device.
- 2FA is cost-effective.
- You will be immediately notified with a unique verification code or OTP on your mobile device when someone else has entered the valid login credentials of your online account.
- 2FA is a great deterrent. As a rule, the online account protected with 2FA security method seems less attractive to intruders.
Two Factor Authentication is a great way to keep hackers or the intruders away from the reach of your precious digital assets. This security method adds an additional factor in the login procedure, and makes it necessary for an intruder to have your mobile device with him for gaining complete access to the online account and sensitive data.