Assignment Questions:
1) Explain why it is essential to use multi-factor authentication when banking online.
2) Are there other more secure methods to ensure data security or authenticity?
3) Other than banking, can you list another method that would provide a more secure transaction?

Multi-factor Authentication

Multi-factor

authentication

(MFA) is an authentication method in which a

computer user

is granted access only after successfully presenting two or more pieces of evidence (or factors) to an authentication mechanism: knowledge (something the user and only the user knows), possession (something the user and only the user has), and inherence (something the user and only the user is).

Two-factor authentication (also known as 2FA) is a type, or subset, of multi-factor authentication. It is a method of confirming users’ claimed identities by using a combination of two different factors: 1) something they know, 2) something they have, or 3) something they are.

A good example of two-factor authentication is the withdrawing of money from an

ATM

; only the correct combination of a

bank card

(something the user possesses) and a

PIN

(something the user knows) allows the transaction to be carried out.

Two other examples are to supplement a user-controlled password with a

one-time password

(OTP) or code generated or received by an

authenticator

(e.g. a security token or smartphone) that only the user possesses.

Readings/Reference Materials:

https://searchsecurity.techtarget.com/definition/multifactor-authentication-MFA

https://www.cnet.com/news/two-factor-authentication-what-you-need-to-know-faq/

https://en.wikipedia.org/wiki/Multi-factor_authentication

https://docs.microsoft.com/en-us/azure/active-directory/authentication/concept-mfa-howitworks

Multi-Factor Authentication (MFA) helps safeguard access to data and applications while maintaining simplicity for users. It provides additional security by requiring a second form of authentication and delivers strong authentication via a range of easy to use

authentication methods

. Users may or may not be challenged for MFA based on configuration decisions that an administrator makes.

Assignment Questions:

1) Explain why it is essential to use multi-factor authentication when banking online.

2) Are there other more secure methods to ensure data security or authenticity?

3) Other than banking, can you list another method that would provide a more secure transaction?

Reference Videos: