Multi-Factor Authentication (MFA) has become a popular term in the cybersecurity sector.
Most, if not all, have used it to secure an email account, perform a bank transaction, and so on. While it’s unclear who first developed MFA, the technology, dating back to the mid-90s, has become essential to enhancing the security of online transactions.
The Popularity of MFA
Since the early 2000s, when Bill Gates predicted that passwords alone wouldn’t be enough for account protection, more businesses have adopted MFA. A 2023 Resmo report showed that 87 per cent of companies with over 10,000 employees were likely to use MFA.
Among the factors that have catalyzed the spread of this technology is the popularity of the internet and smartphones. Smartphones brought in the need for organizations to address the issue of employees using their devices for business purposes. As more personal devices could connect with enterprise networks, IT departments were forced to develop ways of securing these and determining access levels. This was when many organizations like Google began implementing two-factor authentication (2FA).
Other industries, like online entertainment, where players can now access from anywhere, have followed suit. In iGaming, game providers in different countries continually employ sophisticated mechanisms to ensure players participate in secure environments. For example, safe casinos in Canada leverage 2FA to safeguard financial transactions. These companies can strengthen their brand perception and drive success by offering secure financial interactions.
MFA enhances security by requiring users to provide multiple forms of identification, such as biometrics and one-time codes, before granting access to their accounts. Some statistics show that MFA could block up to 100 per cent of automated bots and 99 per cent of phishing attacks. This safeguards sensitive financial data and enhances customer trust and confidence.
Popular MFA Mechanisms
As technology evolves and cyber threats become more sophisticated, behavioural biometrics are gaining traction as a form of MFA. This involves analyzing patterns in user behaviour, such as typing speed, mouse movements, and browsing habits, to verify identities. These metrics provide continuous authentication, allowing systems to adapt to potential threats without disrupting the user experience.
Organizations are significantly enhancing the authentication process with passwordless authentication mechanisms such as token-based authentication and email or SMS-based verification. Through contextual authentication, businesses can leverage factors, such as the user’s location, device, time of access, and behaviour patterns, to determine the risk level associated with a login attempt.
Real-time analysis of such data allows for more informed decisions about granting access or triggering additional authentication measures based on the perceived risk. As shown by the Canadian Centre for Cyber Security, the zero-trust security model assumes that no entity should be trusted by default. Instead, access decisions are based on strict identity verification, device security posture, and authorization policies.
Overall, multi-factor authentication continues to play a critical role in strengthening the security of transactions for online businesses. Companies can enhance transaction security and foster customer trust by adopting passwordless authentication methods.
You May Also Wish To Read
After tax, water, Durham waste facilities user fees being hiked
Traffic Alert: Roadworks planned across Bowmanville, Courtice