In our digital world, passwords are as much a part of our lives as Netflix and Amazon. Keeping information stored in dozens of accounts across the web can make it easier to stay on top of your finances, order a new pair of jeans or even schedule a dentist appointment. Unfortunately, passwords can be relatively easy for scammers to hack, opening the door for identity theft, credit card fraud and more.
As an extra layer of protection for your accounts and sensitive data, here’s where multifactor authentication (MFA) comes into play. Read on to learn more about how it works and why you should use MFA to protect your information.
Multifactor authentication utilizes two or more factors to allow you to sign into an account. Generally, these will consist of something you know, like a password or PIN, along with one or both of the following:
Accounts that use MFA will not allow you to sign into your account unless both factors are verified.
While passwords can provide some protection online, they’re proven to be a weak barrier against hackers. A recent study by Digital Shadows, a digital risk protection company, found evidence of approximately 15 billion passwords and logins floating around the darkweb as a result of 100,000 data breaches. These passwords are up for sale to other cybercriminals, potentially providing access to the victims’ financial accounts, credit card information, Social Security data and more.
In addition to opening the door to sensitive information, a single password can give the hacker entry into a victim’s private life. For example, by hacking into your Google password, the cybercriminal now has access to your:
Passwords can be cracked by amateur and experienced hackers, even without a data breach. Many people make it easy for hackers to break into their accounts by using weak, ineffective passwords that are simple to guess, and by using the same password across multiple accounts.
For these reasons, using MFA when available and for accounts that store sensitive information is crucial for ongoing security and protection. Without access to your account’s second factor for authentication, the hacker has no way to gain entry into your account.
Generally, the more sensitive the data an account stores, the stronger the security measures the company hosting or providing the account will use. Consequently, you’re most likely to encounter MFA on banking apps and accounts, money management apps, investment apps and the like. Depending on your line of work, you may also need to use MFA to sign into your personal workplace account. Finally, some retailers may offer clients the option of using MFA to sign into their accounts.
Under each of these and similar circumstances, using MFA means a login time that’s a bit longer and more complicated than just inputting a password or PIN. However, measuring this inconvenience against the time, stress and money it will take to recover from a potential data breach makes it more than worth the extra few minutes.
Stay safe!