As you know that the hackers use numerous ways or cryptographic techniques to hack your valuable online accounts, therefore it is extremely important to use advanced & proven security methods to protect the online accounts from security breaches. The online services are getting increasingly risky to use. Most of the internet users worldwide store their personal data online. Not only this, their credit cards and bank accounts information are also linked on retail websites. The hackers take the advantage of this, and they get into your personal data to not only steal your identity, but also to cause innumerable problems to you and your finances in the future.
One of the easiest, or the most common, ways that hackers can get access to your personal information is by using login credentials i.e. the combination of username and password. Accessing the online accounts with just password-only authentication is known as One Factor Authentication or Single Step Verification. The 1-step login process requires username and password combination from an end user to login his account. One Factor Authentication is not a secure way to log in to the online accounts. The drawback of this (1FA) login procedure is that if someone gets your login credentials i.e. username and password, then he has the same access that you do.
This drawback of One Factor Authentication has made it a necessary step for the end users to use 2FA (Two Factor Authentication) to secure their online accounts from security breaches.
Two Factor Authentication, also referred to as Two Step Verification, is a security method that requires two different ways or factors of proving your identity. This method adds an extra layer of security in the login procedure. In fact, it is the most prevalent way to secure your online accounts from different types of security threats. With 2FA, you are required to supply not only your password; the first factor (something you know), but also a mobile phone to receive unique verification code or OTP; the second factor (something you have), to gain access to your online account. This unique verification code is sent to your registered mobile device, and is valid only for a few seconds.
Two Factor Authentication is commonly used in everyday life. For example, cash withdrawal through an ATM requires not only your debit card (something you have), but also a 4-digit secret PIN (something you know). 2FA is rapidly gaining importance for logging into online accounts. It is because One Factor Authentication method becoming increasingly unreliable as a security measure.
Possible factors of authentication used for logging
Something you know (the knowledge factor) – username, password, PIN, the answer to a security question.
Something you have (the possession factor) – credit & debit card, mobile phone, a unique verification code.
Something you are (the inherence factor) – biometric characteristics of the user.
Time and Location factors
The end users should use Two Factor Authentication because this method adds an extra security layer in the normal login procedure. 2FA ensures that you and only you can access your online account. No other person won’t be able to log in even after knowing your secret password.